The Federal Reserve’s top bank cop blamed Silicon Valley Bank’s leaders, while previewing the cental bank’s review of its faulty oversight.
Category: Deposit Insurance
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Fed Vice Chair Calls Silicon Valley Bank a ‘Textbook Case of Mismanagement’
The New York Times – Business: -
Powell and Yellen Suggest Need to Review Regulations After Bank Failures
The New York Times – Business:Proposals for more scrutiny of the financial sector are meeting resistance from industry and Congress.
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Regional Banks and Regulators Try to Soothe Depositors’ Fears
The New York Times – Business:While some executives said money wasn’t being pulled from their small and midsize banks, the “too big to fail” giants attracted business customers.
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Push to Insure Big Deposits Percolates on Capitol Hill
The New York Times – Business:The government only insures deposits of less than $250,000, but there is precedent for lifting that cap amid turmoil. It could happen again.
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Was This a Bailout? Skeptics Descend on Silicon Valley Bank Response.
The New York Times – Business:The government took drastic action to shore up the banking system and make depositors of two failed banks whole. It quickly drew blowback.
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Is My Money Safe After the SVB Collapse? How Banks Protect Your Money.
The New York Times – Business:The F.D.I.C. and other entities will protect most people’s bank and brokerage balances. But it’s as good a time as any for consumers to create other backstops.