The family of the Honorable Sheila Y. Oliver, Lieutenant Governor of the State of New Jersey, has announced her passing. Governor Phil Murphy has expressed his grief and said that naming Oliver as his lieutenant governor was “the best decision I ever made.” The Oliver family has asked for privacy as they grieve their beloved Sheila, and the cause of death has not yet been released.
On Friday, authorities believe they have found the body of 2-year-old Matilda Sheils, who was swept away in flash flooding last weekend in Philadelphia. The body was found in the Delaware River near the city’s wastewater treatment plant and the search for her 9-month-old brother, Conrad, is still ongoing. Upper Makefield Police Chief Kenneth Coluzzi expressed his condolences to the Sheils family and all those affected by the tragedy.
SVB Financial Group, the former parent of Silicon Valley Bank, has filed for Chapter 11 bankruptcy protection after the tech-reliant bank was shut down by regulators due to a run on the financial institution. The filing does not include Silicon Valley Bank, SVB Securities, SVB Capital's funds, or its general partner entities. The company, its CEO, and its chief financial officer were targeted this week in a class action lawsuit that claims the company didn’t disclose the risks of future interest rate increases. The FDIC is expected to provide more information in the coming days.
The New York Department of Financial Services has taken possession of Signature Bank, the third-largest bank failure in U.S. history, and appointed the FDIC as its receiver. Sheila Bair, a former banking regulator, has called for the Fed to pause and assess the full impact of its actions before raising short rates further. The FDIC is now working to protect the interests of Signature Bank's customers and ensure their deposits are safe.
