Shares of regional banks in the US slumped on Monday, as investors sold off their stocks in response to the collapse of SVB Financial Group and Signature Bank. This has raised fears of possible bank contagion, despite the additional funding from JPMorgan Chase to help First Republic Bank meet withdrawal demands. SVB catered to tech startups, internet and software companies, as well as firms in the life science and health care space, and had $210 billion in assets.
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Former President Donald Trump has declined an invitation to testify before a grand jury convened by the Manhattan District Attorney's Office investigating a "hush money" payment allegedly made on his behalf days before the 2016 election. Trump's attorney Joe Tacopina has stated that the former president has “no plans” to appear before the grand jury. The payment in question was made by Trump’s former personal lawyer Michael Cohen to porn star Stormy Daniels, and the grand jury is expected to continue its investigation despite Trump's refusal to testify.
Key takeaways: Signature Bank was one of the largest banks in the United States, and its sudden collapse has caused shockwaves throughout the banking industry.…
Michael Cohen, former lawyer of Donald Trump, is set to testify before a New York grand jury in connection with an alleged "hush money" payment to Stormy Daniels in 2016. Trump's current attorney, Joe Tacopina, has called for an investigation into the Manhattan district attorney's office and has stated that Trump has no plans to participate in the grand jury investigation. Cohen is expected to provide testimony regarding the payment and the cover-up, with the grand jury yet to make a decision on the matter.
Donald Trump has declined an invitation to appear before a grand jury convened by the Manhattan District Attorney's Office, which is investigating a hush-money payment made to Stormy Daniels during his 2016 presidential campaign. A number of former Trump employees and White House staffers have been seen entering the district attorney's offices, and it is unclear whether Trump will face an indictment in the case. If he does, he would become the first former president in American history to be charged with a crime.
Key takeaways: The U.S. government is deploying emergency measures to backstop deposits at Silicon Valley Bank and Signature Bank. The FDIC has granted a systemic…
Treasury Secretary Janet Yellen Rules Out Federal Bailout for Silicon Valley Bank Following Collapse
Treasury Secretary Janet Yellen Rules Out Federal Bailout for Silicon Valley Bank Following Collapse
Treasury Secretary Janet Yellen has ruled out a federal bailout for Silicon Valley Bank following its collapse, and Shalanda Young, the director of the White House Office of Management and Budget, has stressed that the US banking system is more resilient now due to reforms. Rep. Ro Khanna of California has urged the Biden administration to take "decisive action" to protect depositors and ensure access to accounts Monday morning.
Camp, a venture-backed retailer based in New York, is facing financial difficulties due to the collapse of Silicon Valley Bank on Friday. In response, Camp has sent an email to customers offering a 40% discount on all merchandise with the code “BANKRUN”, while Etsy has sent an email to sellers warning of delays in processing payments. Other companies are also affected by the bank failure, and are relying on customers to help them stay afloat.