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The Latest Breaking News from Signature Bank

A famous market watcher who called the subprime mortgage crisis is warning that stocks are about to crash: 'It's the highest probability since COVID'

Larry McDonald developed a framework for analyzing stock market risk after his experience during the subprime mortgage crisis, and he says all his indicators are flashing warning signs.

Fortune

Banking System Is Sound, Regulators Say In The Face Of Flurry Of Questions From Senate Banking Committee

Regulators faced the U.S. Senate Committee in the collapse of Silicon Valley Bank and Signature Bank as the banks to address risk

Zenger

One Of The Best Traders In Congress Sells Shares Of Distressed Regional Bank On Day Of Stock Crash

Several banks have collapsed in 2023, including Silvergate Capital, Signature Bank and Silicon Valley Bank, unit of SVB Financial

Zenger

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SVB Failure Due To Mismanagement, Regulators Say; First Republic No Longer For Sale

Lawmakers grilled U.S. financial regulators Tuesday on the Silicon Valley Bank and Signature Bank failures during a Senate hearing.

Investors Business Daily

Fed’s Barr: SVB ignored ‘bread and butter’ banking issues - Roll Call

The Fed official in charge of bank supervision said SVB was warned about its risks and that it ignored “bread and butter” banking issues.

Roll Call

US senators grill banking regulators in first Silicon Valley Bank hearing

Lawmakers aim to determine how Silicon Valley Bank and Signature Bank failed, sparking fears of financial crisis

The Guardian - US

Stocks Slip, Barr Testimony, Lyft Leaps, Occidental Buffett Boost, Alibaba Plans Split - Five Things To Know

Stock futures slip lower as bank sector worries clip sentiment; Fed supervisor Barr to face Senate lawmakers on SVB collapse; Lyft shares leap as founders step aside for new CEO David Risher; Occidental shares jump as Warren Buffett adds more shares to holding and Alibaba shares spike on plans to…

The Street

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Banking crisis has ‘definitely’ tipped the U.S. closer to recession, warns top Fed official who was at the center of the 2008 bailout

“Not all of these stresses are behind us," warns Minneapolis Fed President Neel Kashkari, the former administrator of the Troubled Asset Relief Program.

Fortune

Elon Musk Warns a New Financial Crisis Is Knocking at the Door

Commercial real estate debt and mortgages are a 'serious' threat to the economy, warns the serial entrepreneur and billionaire.

The Street

Lawmakers open to Biden’s call to claw back SVB executive pay

WASHINGTON — President Joe Biden’s call for legislation that would allow regulators to claw back executive bonuses and stock sale proceeds in the lead up to the Silicon Valley Bank collapse has found a receptive audience on Capitol Hill.

Tribune News Service

Will US consumers have to bail out struggling banks?

WASHINGTON — Could taxpayers wind up bailing out wealthy customers at banks such as Silicon Valley Bank, Signature Bank and others that are struggling?

McClatchy Washington Bureau

Lawmakers open to Biden’s call to claw back SVB executive pay - Roll Call

Lawmakers from both parties are open to executive compensation clawback legislation after the failure of SVB and Signature Bank.

Roll Call

The FDIC says First Citizens Bank will acquire Silicon Valley Bank

First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world.

WEKU

Bank failures and rescue test Yellen's decades of experience

Treasury Secretary Janet Yellen worked against the clock with other regulators, lawmakers and business leaders to come up with a plan that would prevent a full blown banking crisis

The Independent UK

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The Street

Four Banks Collapsed. Worries About Two Others Persist. Will They Fall?

Pressure mounts on First Republic Bank, while in Europe, worries surrounding Deutsche Bank are new signals of the banking crisis.

Fortune

A legal scholar says the Dodd-Frank act put in place after the Great Recession proved to be useless amid SVB's collapse

“Dodd-Frank is still on the books, but its...as good as dead. What good does it do to have a massive set of regulations...if they aren't enforced?” Adam Levitin, a Georgetown University law professor wrote Thursday.

Miami Herald

The Week Ahead: Congressional hearings on bank failures should also ask about credit conditions

First came the spectacularly quick bank failure. Then came the fears of a financial contagion. Now get ready for the congressional hearings.

Axios

How "too big to fail" banks became a symbol of safety

Not that long ago, these banks were the villains that nearly cratered the economy.

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The Independent UK

Lawmakers tell ex-CEOs 'you must answer' for bank failures

Leaders of the Senate’s banking committee are telling former chief executive officers at the failed Silicon Valley Bank and Signature Bank they “must answer” for their banks' "downfall.”

Investors Business Daily

Coinbase Stock Collapses As SEC Gets Aggressive

The SEC sent a Wells Notice to Coinbase, warning enforcement action may be coming. COIN stock dives. Tron Foundation, eight celebrities charged.

The New Daily

European bank shares fall as crisis leaves mark

Banking shares have slipped in Europe as investors adjust to more challenging economic and lending conditions ahead.

Investors Business Daily

If More Banks Crash — Here's How To Avoid Losing Money

Worried more banks will fall apart like Silicon Valley Bank and Signature Bank? ETFs can help protect you from risk in the S&P 500.

Chicago Sun-Times

Federal Reserve raises key rate by quarter-point despite banking industry turmoil

Fed Chairman Jerome Powell seeks to reassure Americans that their money was safe after the failure of Silicon Valley Bank, Signature Bank as the Fed continues to fight inflation.

Zenger

Inflation Rate Goes Up By A Quarter Percent Despite A Strong Job Market

The Federal Reserve has increased the interest rate by a quarter percent as the job market remains strong.

ABC News

ASX finishes lower after Federal Reserve hikes interest rates by 0.25 percentage points, Brickworks reports record half-year profit — as it happened

The ASX finishes lower at market close, off the back of the US Federal Reserve lifting interest rates for the ninth consecutive time. Look back at the day's events and insights as they happened with our business reporters on the ABC News markets blog.

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