The FDIC created a new entity, called Silicon Valley Bank N.A., and transferred all of SVB's deposits there, where depositors can access their money. It guaranteed that insured deposits, up to the statutory limit of $250,000, would be made available by Monday. The FDIC said in a statement that SVB had $209 billion in assets and $175.4 billion in deposits at the end of 2022. The Zacks Consensus Estimate has changed -5 over the last. Regulators stepped in on Friday, when the Federal Deposit Insurance Corporation took control of the bank. For the current quarter, Assertio is expected to post earnings of 0.13 per share, indicating a change of -35 from the year-ago quarter. SILICON VALLEY BANK COLLAPSE: HERE'S WHO BENEFITTED FROM THEIR EXECUTIVE, PAC DONATIONS The move backfired – in just 24 hours, SVB lost over $160 billion in value and spooked depositors, who rushed to withdraw their money before the situation got worse. On Wednesday, SVB suffered a $1.8 billion after-tax loss and attempted to address its liquidity crisis by selling equity. "When interest rates went up, the assets lost their value and put the institution in a problematic situation," Summers explained on Twitter. MORTGAGE RATES POST BIG DECLINE AMID SILICON VALLEY BANK FALLOUT But as the Federal Reserve increased interest rates to combat inflation, the price of those bonds cratered, taking SVB with it. What happened is fairly simple: when interest rates were at historic lows, SVB invested depositors' funds in long-term Treasury bonds. history and the largest since Washington Mutual went under in 2008. It was the second-biggest bank failure in U.S. SVB collapsed Friday after depositors ran on the bank, which didn't have cash on hand to cover their withdrawals. Summers, a Harvard University professor who served in both the Clinton and Obama administrations, said Monday the bank "committed one of the most elementary errors in banking: borrowing money in the short term and investing in the long term."
“He said, ‘Russia wants to see deeds, not words’,” Mortimer reports.Silicon Valley Bank, the nation's 16th-largest bank, failed because its managers made a textbook mistake, according to former Treasury Secretary Larry Summers.
Two projectiles were fired five minutes apart at around 4:45 pm (1445 GMT) on a road at the southern edge of Chasiv Yar leading to nearby Bakhmut, the centre of the longest and bloodiest battle of Russia's year-long invasion. White phosphorus munitions were fired on Tuesday from Russian positions on an uninhabited area by the town of Chasiv Yar in eastern Ukraine, AFP journalists saw. 11:19pm: White phosphorus munitions fired in eastern Ukraine, reports AFP "We view this incident as a provocation," Antonov told Russian agencies on Tuesday after being summoned by the US State Department. "The American UAV deliberately and provocatively was moving towards Russian territory with transponders turned off," Antonov said in remarks posted on his embassy's website, referring to the drone as an unmanned aerial vehicle (UAV). Russia views the incident involving one of its Su-27 fighter jet and a US military drone over the Black Sea as provocation, its ambassador to the United States, Anatoly Antonov, said in remarks published early on Wednesday.
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