The US government has intervened to ensure that customers of Silicon Valley Bank and Signature Bank, which both failed this week, will have access to all of their money starting Monday, March 13. The Federal Deposit Insurance Corporation has created a “bridge bank” for SVB deposits and another for Signature Bank deposits, allowing customers to access both their insured and uninsured deposits. Questions have been raised about the stability of the banking system, but the US government has assured that losses related to SVB's collapse will not be borne by taxpayers.
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A powerful nor'easter is set to bring heavy snow, winds, and coastal flooding to the US Northeast on Tuesday, causing power outages and making travel difficult. Over 20 million people are under winter weather alerts as the storm is expected to strengthen rapidly and significantly impact the Northeast through Wednesday. The National Weather Service is urging people to take precautions and prepare for the storm, including staying informed of the latest weather updates and avoiding unnecessary travel.
Dick Fosbury, an Olympic gold medalist and high jumper, passed away on March 7th after a short battle with lymphoma. He is best known for revolutionizing the high jump event with his signature technique, the "Fosbury Flop", which earned him the gold medal and set an Olympic record at the 1968 Mexico City Olympics. His success at the Olympics and collegiate level cemented his place in track and field history.
Patricia Schroeder, a pioneering US Representative for women's and family rights, has passed away at 87. She was known for her outspokenness on issues such as reproductive rights and arms control, and was an icon of the feminist movement. Her legacy lives on in the many women she inspired to pursue public office.
The US banking sector is facing uncertainty following the collapse of Signature Bank, the second and third largest bank failure in US history. Investors are worried that a relentless rise in interest rates meant to get inflation under control are approaching a tipping point, and stocks have dropped as a result. The US federal government has stepped in to guarantee customer deposits, but the repercussions of Signature Bank's failure continue to reverberate across global financial markets, causing investors to worry about a potential banking meltdown.
Federal prosecutors have pushed back against claims that a video of "QAnon Shaman" Jacob Chansley exonerated anyone in the Capitol mob on January 6, 2021, arguing that the video lacked context and that Tucker Carlson's portrayal of the rioter's activities was misleading. The Justice Department also argued that the seditious conspiracy trial against the five Proud Boys leaders should not be dismissed based on the footage.
Key takeaways: First Republic Bank’s stock price fell more than 70% in early trading on Monday after the company said it had added more cash…
Key takeaways: The Biden administration is taking steps to protect the economy and prevent a financial crisis similar to the one in 2008. The Treasury…