Keyword: bailout
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House Speaker Kevin McCarthy, R-Calif., said Sunday that he’s “hopeful” federal officials will make an announcement on the collapse of Silicon Valley Bank before the market opens. McCarthy said in an appearance on Fox News’ “Sunday Morning Futures" that he's spoken with Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen after regulators shutdown SVB, one of the leading lenders to the tech sector. “They do have the tools to handle the current situation, they do know the seriousness of this and they are working to try to come forward with some announcement before the markets open,” McCarthy said....
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Financial regulators are discussing two different facilities to manage the fallout from the closure of Silicon Valley Bank if no buyer materializes, according to a source close to the situation. One way that the regulators would step in would be to create a backstop for uninsured deposits at Silicon Valley Bank, using an authority from the Federal Deposit Insurance Act -snip- Another option would be a “general banking facility” from the Federal Reserve that would support other financials with exposure to SVB.
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-snip- SVB would reopen on Monday morning, under the control of the newly created Deposit Insurance National Bank of Santa Clara. Once that happens, insured depositors with up to $250,000 in their accounts will be able to access their money. But the majority of deposits at SVB were not insured, and it is unclear when those customers will be able to access their money -snip- One potential option could be to use the FDIC’s systemic risk exception tool to backstop the uninsured deposits at SVB. Under the Dodd-Frank Act, that move would need to be made in concert with the...
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Federal regulators are conducting an auction for Silicon Valley Bank, with final bids due Sunday, according to a report from Bloomberg News. The bank was closed by regulators on Friday after massive withdrawals a day earlier created a bank run. The Federal Deposit Insurance Corporation took control of the bank on Friday, and started an auction process on Saturday night, according to the report. It is still possible that no deal is reached, the report said.
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Billionaire hedge fund manager Bill Ackman is forecasting 'economic meltdown' within hours of the banks opening up on Monday morning following the failure of Silicon Valley Bank. Ackman is urging for the U.S. government to finally step in and protect all of the bank's depositors, warning inaction could lead to a ripple effect across other smaller banks within the industry. The worry is that customers will rush to withdraw cash from their accounts fearing instability across the banking system with the very real possibility of a domino effect.
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U.S. Treasury Secretary Janet Yellen on Sunday said she was working closely with banking regulators to respond to the collapse of Silicon Valley Bank and protect depositors, but said a major bailout was not being considered. -snip- "But we are concerned about depositors and are focused on trying to meet their needs," Yellen said.
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Billionaire investor Bill Ackman says the US government should consider a "highly dilutive" bailout of Silicon Valley Bank amid jitters about its financial position. The bank's failure "could destroy an important long-term driver of the economy as VC-backed companies rely on SVB for loans and holding their operating cash," Ackman said in a series of tweets on Thursday. "If private capital can't provide a solution, a highly dilutive gov't preferred bailout should be considered," he said.
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Billionaire investor Bill Ackman says the US government should consider a "highly dilutive" bailout of Silicon Valley Bank amid jitters about its financial position. The bank's failure "could destroy an important long-term driver of the economy as VC-backed companies rely on SVB for loans and holding their operating cash," Ackman said in a series of tweets on Thursday. "If private capital can't provide a solution, a highly dilutive gov't preferred bailout should be considered," he said.
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- President Joe Biden on Thursday is announcing the infusion of nearly $36 billion to prevent severe cuts to the retirement incomes of more than 350,000 Teamster workers and retirees across the United States. - The money for the Central States Pension Fund is the largest amount of federal aid provided for a pension plan. - The funds come from the American Rescue Plan, a $1.9 trillion coronavirus relief package signed into law in 2021. - Biden traveled to Ohio in July to highlight the final rules for the pension relief program. Before Thursday, the program had awarded aid to...
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President Joe Biden on Thursday is announcing the infusion of nearly 36 billion dollars to prevent severe cuts to the retirement incomes of more than 350,000 teamster retirees and workers across the United States.
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The White House said the Central States bailout would help 40,000 workers and retirees in Michigan, 40,000 in Ohio and 22,000 in Wisconsin...
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President Joe Biden on Thursday is announcing the infusion of nearly $36 billion to shore up a financially troubled union pension plan, preventing severe cuts to the retirement incomes of more than 350,000 Teamster workers and retirees across the United States. The money for the Central States Pension Fund is the largest amount of federal aid provided for a pension plan, the Biden administration said, and comes from the American Rescue Plan, a $1.9 trillion coronavirus relief package that he signed into law in 2021. Many union retirement plans have been under financial pressure because of underfunding and other issues....
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Video: BIDEN on his student loan debt bailout: "It's passed. I got it passed by a vote or two." What is he talking about? Congress never voted on it.
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The Bank of England took emergency action on Wednesday to avoid a meltdown in the UK pensions sector, unleashing a £65bn bond-buying programme to stem a crisis in government debt markets. In a nutshell what happened is that a whole lot of UK pensions (technically called liability-driven investment, or LDI funds) failed to appropriately hedge their rate risk - despite it being telegraphed months in advance - and got margin called on billions in gilt securities, forcing them to sell treasuries into a thin market that suddenly froze and turned bidless, creating a "death spiral", and then realizing they were...
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We’ve seen Joe Biden and the Democrats throwing a lot of desperate things out there trying to move the needle to help them in the midterms. One of those was the despicable tactic of demonizing millions of MAGA Americans. Biden did it hoping to jazz up the leftist Trump-hating base, hoping that would get them out to vote because of the “threat to democracy.” But, as I reported, that effort to juice the vote may have backfired. A new Trafalgar poll done in partnership with the Convention of States shows what a huge blunder it was. The majority of Americans...
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J.D. Vance makes an appearance I searched for "Tucker" in keywords and titles and didn't see this. Hope it's in the right place because this bailout is in the news.
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Sen. John Thune (R-SD), the Senate GOP whip and a likely contender in any future battle to replace Mitch McConnell as GOP leader, is backing a bill that is effectively a bailout for the discredited corporate media. The bill is called the Journalism Competition and Preservation Act (JCPA), and has been extensively covered by Breitbart News in the past. It is unclear if Thune notified his GOP colleagues before he decided to co-sponsor the controversial Democrat-pushed bill. His office did not answer that question.
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(The Center Square) â President Joe Biden on Wednesday touted a federal program to delay insolvency for private unionsâ pension funds, but critics say taxpayer dollars should not be used to âbail outâ pensions negotiated by unions. Biden spoke in Cleveland, Ohio, about the American Rescue Planâs Special Financial Assistance program, which will protect more than 10 million Americans in multi-employer plans from seeing their benefits slashed when their plan becomes insolvent, which many are projected to do in the next few years. Biden called the plan "historic." âThis was $90 billion, O.K.?â Biden said in his remarks. "But it...
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Nearly 9 out of 10 recent student debt borrowers say Joe Biden's campaign pledge to cancel at least $10,000 of college debt affected their decision-making. And a big majority think he'll do more than that. The survey results come as Biden is reportedly considering $10,000 cancellations for federal college borrowers earning under $150,000 a year.At the same time, Biden faces a decision over whether to allow student debt repayments to resume after several pandemic-era pauses, but at a time when surging inflation gives postponement advocates more ammo. Absent signing off on his fifth extension, borrowers would resume payments after August...
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