Mar 28 Vice President Harris confronts painful past, envisions future during visit to Africa By Chris Megerian, Colleen Long, Associated Press Harris on Tuesday stepped through the black doors of a colonial-era seaside fort and down into the dungeons, touring a site where millions of enslaved Africans were held captive before they were loaded onto ships bound for the Americas. Continue reading
Mar 28 Watch 6:04 The factors behind Silicon Valley Bank's collapse By Paul Solman, Diane Lincoln Estes, Ryan Connelly Holmes As lawmakers hold hearings about the collapse of Silicon Valley Bank, Economics Correspondent Paul Solman takes a look at what factors were behind the second-largest bank failure in U.S. History. Continue watching
Mar 28 Watch 3:16 Congress investigates why bank failures were not prevented despite warning signs By Lisa Desjardins, Alexis Cox, Eliot Barnhart Tuesday started two days of hearings about the failure of Silicon Valley Bank and the role of federal regulators both before the bank's collapse and since then. Lawmakers from both parties criticized top officials and dug into what went wrong. Continue watching
Mar 28 Federal Reserve considering stronger bank rules after SVB failure, official says By Christopher Rugaber, Associated Press The Federal Reserve’s bank supervisors informed Silicon Valley Bank’s management as early as the fall of 2021 of risks stemming from its unusual business model, a top Fed official said, but the bank’s managers failed to take the steps necessary… Continue reading
Mar 28 FTX founder Bankman-Fried charged with paying $40M bribe to Chinese officials By Larry Neumeister, Associated Press FTX founder Sam Bankman-Fried was charged with directing $40 million in bribes to one or more Chinese officials to unfreeze assets relating to his cryptocurrency business in a newly rewritten indictment unsealed Tuesday. Continue reading
Mar 28 WATCH: Senate panel holds hearing on recent bank failures and the federal response By Christopher Rugaber, Associated Press The Federal Reserve’s bank supervisors warned Silicon Valley Bank’s management as early as the fall of 2021 of risks stemming from its unusual business model, a top Fed official said Tuesday, but its managers failed to take the steps necessary… Continue reading
Mar 27 Louvre staff block entrances as part of France's pension change protest By Associated Press The Louvre Museum in Paris has been closed to the public because its workers took part in the wave of French protest strikes against the government's unpopular pension reform plans. Continue reading
Mar 27 Train derails in rural North Dakota and spills chemical By Associated Press A Canadian Pacific train derailed in rural North Dakota Sunday night and spilled hazardous materials. But local authorities and the railroad said there is no threat to public safety. Continue reading
Mar 27 First Citizens strikes deal to acquire troubled Silicon Valley Bank By Associated Press While more than half of Silicon Valley’s assets will remain in U.S. receivership, the First Citizens deal announced late Sunday, at least initially, seemed to achieve what regulators have sought: a shoring up of trust in U.S. regional banks. Continue reading
Mar 24 Michigan becomes 1st state in decades to repeal 'right-to-work' law By Joey Cappelletti, Associated Press Michigan Gov. Gretchen Whitmer has signed legislation to repeal the state's decade-old "right-to-work" law, which was passed by a Republican-controlled Legislature. Continue reading