On Wednesday morning, a boiler explosion at the Oak Grove Power Plant in Franklin, Texas resulted in the death of one contractor. There was no fire and no danger to the public, and the cause of the explosion is under investigation. The plant is still in operation and generating power, and Luminant, the plant's owner, has not released any further details about the incident.
Posts tagged as “Cohn”
Former Goldman Sachs CEO Lloyd Blankfein and former top economic adviser in the Trump White House Gary Cohn have both recently discussed the banking industry and the potential for a systemic emergency. They both agree that the Federal Reserve, FDIC, and Treasury Department have the power to guarantee deposits bank by bank in such an event, making Americans' money "kind of safe with an ellipsis."
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.