The collapse of Silicon Valley Bank has sent shockwaves through the financial world, with Senate Republicans denying the bank deregulation bill they passed in 2018 had anything to do with it. The Federal Reserve’s interest-rate hikes have been blamed for the bank run, and the Senate Banking Committee has written a bill that could shape the federal response. Experts suggest the whole debacle could have been avoided if the regulators had stepped in, but the exact cause of the bank’s collapse remains unclear.
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Bobby Caldwell, the legendary singer-songwriter behind the 1978 platinum hit "What You Won't Do For Love," has passed away at the age of 71. His wife, Mary, confirmed the news and attributed his death to "FLOXED," a term used to describe the effects of fluoroquinolone toxicity after he was prescribed an antibiotic in 2017. Mary thanked fans for their prayers over the years and an official cause of death has not been released.
Stormy Daniels, an adult film actor, met with prosecutors from the Manhattan District Attorney's Office to discuss an alleged "hush money" payment made to her on behalf of former President Donald Trump during his 2016 presidential campaign. Michael Cohen, Trump's former lawyer, is giving testimony before a New York grand jury looking into the matter. Daniels is cooperating with the investigation and has expressed appreciation for the thoroughness and professionalism of the prosecutors.
Exiled Chinese billionaire Guo Wengui has been arrested by federal authorities in New York on charges of fraud and money laundering. The U.S. Attorney's Office for the Southern District of New York alleges that Guo and an associate created a series of fraudulent businesses worth $1 billion, and the FBI is currently executing a search warrant at Guo's residence. This case is part of the U.S. government's efforts to combat financial crimes, particularly those committed by Chinese nationals.
This article discusses an incident between the US and Russia, in which a Russian fighter jet harassed and collided with a US MQ-9 Reaper drone, forcing the US to bring it down in international waters. In response, Russia has warned the US to cease “hostile” activity near its border, while the US has called the incident a “brazen violation of international law” and summoned Moscow's envoy to lodge a protest. This is the first known direct confrontation between the two superpowers since the war began last year, and tensions are likely to continue to rise.
Harvey Weinstein, the former movie mogul, will not be retried on rape and sexual assault charges in Los Angeles after a jury failed to reach a unanimous verdict in December. Prosecutors have decided against a new trial and Weinstein is currently serving a 23-year sentence in New York for similar convictions. He has denied all allegations of nonconsensual sex.
Congressman George Santos of New York has filed a statement of candidacy with the Federal Election Commission, signaling his intention to run for reelection in 2024 despite facing ethics and criminal inquiries since his election. He has reportedly told advisers that he hopes to run again and tweeted, “I’m not leaving, I’m not hiding and I’m not backing down.” The filing of the statement of candidacy allows him to raise money for a potential campaign, but it remains to be seen whether he will be able to secure the support of voters in his district and overcome the allegations against him.
The Justice Department has opened an investigation into the collapse of Silicon Valley Bank and Signature Bank. Customers and employees of both banks will have full access to their deposits, including insured and uninsured deposits, and the FDIC is working to ensure that they have access to their money. The outcome of the investigation is still unclear, but customers and employees can rest assured that their deposits are safe.