Mar 21 Hundreds of lobbyists pushed government to water down banking regulations By Brian Slodysko, Ken Sweet, Associated Press An unlikely coalition voted in 2018 to roll back portions of a far-reaching 2010 law intended to prevent a future financial crisis. But those changes are now being blamed for contributing to the recent collapse of Silicon Valley Bank and… Continue reading
Mar 21 WATCH: Treasury Secretary Janet Yellen delivers remarks promising further support for banks By Fatima Hussein, Associated Press Treasury Secretary Yellen is trying to project calm after regional bank failures, saying the U.S. banking system is “sound” but additional rescue arrangements “could be warranted” if any new failures at smaller institutions pose a risk to financial stability. Continue reading
Mar 20 Watch 6:06 Can banking takeovers and rescues stabilize the markets? By Geoff Bennett, Dorothy Hastings Ten days after the collapse of Silicon Valley Bank and emergency measures to stabilize the system, key parts of the banking industry are still reeling and anxious. UBS agreed to buy out its rival Credit Suisse for a fraction of… Continue watching
Mar 20 Amazon to cut 9,000 more jobs in second round of layoffs By Haleluya Hadero, Associated Press The job cuts would mark the second largest round of layoffs in the company’s history. Amazon had already cut 18,000 in the past few months. Continue reading
Mar 20 FDIC extends bidding process for Silicon Valley Bank successor By Michelle Chapman, Associated Press The FDIC said Monday that there’s been “substantial interest” from multiple parties for Silicon Valley Bridge Bank. Continue reading
Mar 19 Banking giant UBS announces acquisition of Credit Suisse amid financial turmoil By Jamey Keaten, Ken Sweet, Associated Press Banking giant UBS is buying its smaller rival Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced on Sunday night. Continue reading
Mar 18 Analysis: Who is winning in the high-revenue world of college sports? By Andrew Zimbalist, Econofact The U.S. hyper-commercialized system of college sports, which does not exist anywhere else in the world, is in a period of overarching transition and deep financial crisis. Continue reading
Mar 17 Will Americans end up paying for bank failures? By Christopher Rugaber, Associated Press The government's response to the failure of two large banks has already involved hundreds of billions of dollars. So will ordinary Americans end up paying for it, one way or another? And what will the price tag be?… Continue reading
Mar 17 Trump returns to Facebook, YouTube after reinstatement By Jill Colvin, Associated Press Former President Donald Trump has returned to Facebook after a more than two-year ban. "I'M BACK!" Trump posted on the site weeks after his personal account was reactivated. Continue reading
Mar 17 Watch 5:07 News Wrap: Biden calls for tougher penalties for executives of failed banks In our news wrap Friday, stocks dropped again amid nagging fears in the banking industry, President Biden asked Congress to authorize tougher penalties for executives of failed banks, the International Criminal Court targeted Russian President Putin with an arrest warrant… Continue watching