2023-05-02
FDIC just approved a $13B hit via a transaction that allows the largest bank in the country to grow substantially larger. It's not a great time to gloat. https://twitter.com/...
Financial Times
The FDIC and California regulators say JPMorgan Chase plans to acquire most of First Republic Bank, which was a tad bigger than SVB and had $100B+ in outflows
now JPMorgan Chase's — uninsured depositors is Sen. Dianne Feinstein who, according to her latest financial disclosure, had between $1,000,001 and $5,000,000 in a First Republic ac...
Framing by FDIC is telling here. Would be interesting to see the other bids and really interesting to know if any of them proposed assuming less than all of the deposits. FDIC had formal obligation to minimize cost but also had reasons to want all depositors to be made whole. https://twitter.com/...
Financial Times
The FDIC and California regulators say JPMorgan Chase plans to acquire most of First Republic Bank, which was a tad bigger than SVB and had $100B+ in outflows
now JPMorgan Chase's — uninsured depositors is Sen. Dianne Feinstein who, according to her latest financial disclosure, had between $1,000,001 and $5,000,000 in a First Republic ac...
2023-03-15
SVB has become the ultimate Rorschach test. Its messy demise has been blamed on woke boards, excessive government spending (motivating the Fed's tightening), VC Bros, and now Twitter. Just pick your pet peeve and get creative in your storytelling. https://www.wsj.com/...
Wall Street Journal
As SVB collapsed, prominent investors, internet provocateurs, and others helped fuel concerns over the US banking system, creating a “Twitter-fueled bank run”
Rapid spread of concerns prompts lawmaker to call it ‘Twitter-fueled bank run’ — The Collapse of Silicon Valley Bank: What You Need to Know
SVB has become the ultimate Rorschach test. Its messy demise has been blamed on woke boards, excessive government spending (motivating the Fed's tightening), VC Bros, and now Twitter. Just pick your pet peeve and get creative in your storytelling. https://www.wsj.com/...
Washington Post
Interviews with 20 people detail the Biden admin's response to SVB's and Signature's collapse, as tech executives and investors lobbied to protect all deposits
It seemed like a simple question: Did the treasury secretary have any concerns about the economic risks posed by Silicon Valley Bank?
2021-09-23
Exactly right. The OCC has a long track record of being overly beholden to the banks it is tasked with regulating. @STOmarova has been an outspoken critic of the way banks have been allowed into domain after domain, from derivatives to commodities. This is a sea change. https://twitter.com/...
Bloomberg
Sources: Biden plans to nominate Cornell law professor and cryptocurrency critic Saule Omarova to run the Office of the Comptroller of the Currency
Bloomberg :
2021-08-26
It's great to see Biden making cybersecurity a priority, and bringing together an appropriately diverse group to address it. It's too big and multi-faceted a challenge for the government or private sector or any single industry to tackle on its own. https://www.wsj.com/...
CNBC
After White House meeting, Google will spend $10B over five years and train 100K IT and data workers, Apple pledges supply chain security improvements, and more
- The White House hosted a cybersecurity summit with CEOs in sectors ranging from tech to insurance.
It's great to see Biden making cybersecurity a priority, and bringing together an appropriately diverse group to address it. It's too big and multi-faceted a challenge for the government or private sector or any single industry to tackle on its own. https://www.wsj.com/...
Washington Post
Biden meets with CEOs from Apple, Microsoft, Alphabet, Amazon, and others to discuss cybersecurity, says private sector must do more to protect infrastructure
Washington Post :