Elizabeth Warren, AOC Ask SVB Depositors to Detail Ties to Bank
source link: https://finance.yahoo.com/news/warren-ocasio-cortez-write-letters-110135897.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Elizabeth Warren, AOC Ask SVB Depositors to Detail Ties to Bank
(Bloomberg) -- Senator Elizabeth Warren of Massachusetts and Representative Alexandria Ocasio-Cortez of New York sent letters Sunday to 14 of the largest depositors with Silicon Valley Bank that raised concerns over the failed bank’s relationship with some of the venture capitalists and tech founders who made up much of its customer base.
Most Read from Bloomberg
In letters reviewed by Bloomberg that were sent to companies including Circle Internet Financial, BILL Holdings Inc., BlockFi Inc. and Eiger BioPharmaceuticals Inc., Warren and Ocasio-Cortez asked questions about the nature of their connections with SVB. Those included the length of their relationship and the amount of money they had deposited with the bank, which collapsed in March after investors and depositors tried to pull out $42 billion in a single day.
The two Democrats, who have been vocal critics of SVB and its executives, also want to know whether board members, executives or investors had received special benefits, such as lines of credits, from SVB.
In particular, the lawmakers are interested in reports that said SVB coddled some of its largest venture capitalists and showered them with special perks, and in return the VC firms gave the bank access to huge unsecured sources of short-term funding, the letters said. The lawmakers asked for the answers to these questions to be provided by April 24.
“Silicon Valley Bank’s unusually cozy relationship with its clients increased the threat of contagion when the bank went under,” Warren said in a statement to Bloomberg. “The American people deserve to know how these mutual backscratching arrangements developed, who benefitted from them, and what role they played in Silicon Valley Bank's failure.”
- AP Finance
California storms hit beekeepers, but honey outlook's sweet
During California's prolonged, wet winter, beekeeper Gene Brandi said he had to spend twice as much money on a sugary syrup to feed his honeybees and keep them alive. Since the bees weren't out gathering nectar and pollen for nourishment, the 71-year-old beekeeper provided sustenance for them. “We probably fed twice as much than we’ve fed in a normal year,” said Brandi, of the Central Valley community of Los Banos.
2h ago - Benzinga
Biden's 2024 Ambition: President Announces Intent to Pursue Second Term
On Monday, U.S. President Joe Biden said he plans to run for Presidency in 2024 but was not prepared to announce it yet. "I plan on running ... but we're not prepared to announce it yet," Biden said in an interview with NBC's "Today" show before the White House Easter Egg Roll. Biden is 80 and would be 86 at the end of a second four-year term. The self-help author Marianne Williamson has formally announced an intent to run for the Democratic party's nomination, as has Robert Kennedy Jr, the neph
1h ago - Fortune
Billionaire investor Barry Sternlicht says inflation is going to ‘drop hard’—just look at rents
Starwood Capital CEO Barry Sternlicht says rents tells us inflation is about to plummet.
4h ago - Investor's Business Daily
Companies Are Dropping Like Flies (And 10 Are Most At Risk Now)
Bankruptcy is a real and rising risk again — retraining investors to look for warning signs a company is about to collapse. Failing to spot a bankruptcy can be catastrophic.
6h ago - Zacks
Are Options Traders Betting on a Big Move in Schwab (SCHW) Stock?
Investors need to pay close attention to Schwab (SCHW) stock based on the movements in the options market lately.
5h ago - TipRanks
Goldman Sachs Says Buy These 2 High-Yield Dividend Stocks — Including One With 9% Yield
Market indicators have been sending conflicting signals lately, creating uncertainty among investors. While year-to-date gains are certainly better than last year’s bear, and volatility, while a concern, has run lower than last year, plenty of risk factors still remain, both in the broader economy and in the stock market. Taking a wider view of the markets, Christian Mueller-Glissman, head of asset allocation research for Goldman Sachs, gives investors a nudge toward a more defensive posture. Ex
3h ago - The Telegraph
Putin’s plundered aircraft not our problem, insurance chief says
Insurers will go bust if they are forced to cover the cost of Vladimir Putin’s war in Ukraine, the founder of one of the world’s biggest brokers has warned. David Howden, who has built an £11bn eponymous insurance empire, said his industry cannot be expected to cover the cost of war, amid a row over Mr Putin’s seizure of hundreds of commercial aircraft. Mr Howden said: “The insurance market cannot be a systemic backstop for a war between the UK and Russia. And it's not designed to be. No policie
2d ago - Barrons.com
Taiwan Semi Had a Big Sales Miss. Why the Drop Is So Ominous for Chip Stocks.
STOCK ALERT Taiwan Semiconductor Manufacturing is missing the mark on sales by a lot. But its big drop, reported Monday, isn’t only a red flag for the world’s most important chip maker. It spells trouble for the entire industry, too.
41m ago - Barrons.com
EV Startup Canoo Is Raising Cash. The Stock Is Up.
The company announced a lease agreement for a manufacturing facility in Oklahoma. It also updated plans to sell 34 million more common shares.
5h ago - Zacks
ARMOUR Residential REIT, Inc. (ARR) is Attracting Investor Attention: Here is What You Should Know
Recently, Zacks.com users have been paying close attention to Armour Residential REIT (ARR). This makes it worthwhile to examine what the stock has in store.
4h ago - Zacks
The Zacks Analyst Blog Highlights The Procter & Gamble, PepsiCo, Bank of America, Medtronic and Blackstone
The Procter & Gamble, PepsiCo, Bank of America, Medtronic and Blackstone are part of the Zacks Top Analyst Blog.
5h ago - Barrons.com
These Stocks Are Moving the Most Today: Micron, Pioneer Natural, Tesla, Apple, Emergent Bio, and More
Micron stock rises after Samsung Electronics says it will make 'meaningful' cuts to production of memory chips, a report says Exxon Mobil has had preliminary acquisition talks with Pioneer Natural, and Tesla stock falls after the EV maker slashes prices across it U.S. electric-vehicle lineup.
28m ago - SmartAsset
Want to Buy More than $10,000 in I Bonds? Try This Loophole
In a world where the stock market is unpredictable and interest rates are rising, many investors are looking for someplace to put their money that is as close to risk-free as possible - even if it means forgoing the chance … Continue reading → The post How to Buy More than $10,000 in I Bonds Through This Loophole appeared first on SmartAsset Blog.
1d ago - Zacks
Caterpillar Inc. (CAT) Is a Trending Stock: Facts to Know Before Betting on It
Recently, Zacks.com users have been paying close attention to Caterpillar (CAT). This makes it worthwhile to examine what the stock has in store.
4h ago - SmartAsset
Almost a Quarter of Americans Bomb This Financial Quiz. Can You Do Better?
Despite the vast depth of information and education available today, financial literacy isn't improving among adults in the U.S. A financial advisor can help you improve your financial literacy to better understand your money. Find a fiduciary advisor today. On average, … Continue reading → The post 23% of Adults Got Three-Quarters of Financial Literacy Questions Wrong: Can You Get Them Right? appeared first on SmartAsset Blog.
1d ago - Investor's Business Daily
When To Sell Stocks Amid Insider Trading: The Case of Schwab, Palantir And SEC Rules
Insider trading can give some critical information for investors. But you do not need to perform an exhaustive analysis of such trades in order to decide when a stock should get sold. Using both daily and weekly charts of stocks will help you discover a true change in the character of a stock, then make the best decision on when to exit.
5h ago - Investor's Business Daily
Dow Jones Falls On March Jobs Report; Tesla Skids On Price Cuts; Apple Sells Off As PC Shipments Drop 40% In Q1
The Dow Jones dropped after the March jobs report. Tesla stock skidded on more price cuts, while Apple PC shipments dropped 40% in Q1.
4h ago - Zacks
Petrobras (PBR) Denies Proposed Fuel Pricing Policy Change
Petrobras (PBR) denies government's proposal to change its fuel pricing policy but remains committed to competitive fuel prices.
5h ago - Investor's Business Daily
Cheap Stocks To Buy: Should You Watch These 5 Growth Stocks?
Regardless of what stage of the market cycle we're in, some folks never tire of searching for cheap stocks to buy. If it has thin trading volume, the fund manager will have an awfully tough time accumulating shares — without making a big impact on the stock price. IBD research also finds that dozens, if not hundreds, of great stocks each year do not start out as penny shares.
14h ago - Barrons.com
Walmart Sues Capital One to End Credit-Card Agreement
The move could involve the loss of $8 billion in credit-card balances for Capital One, but Wall Street seems unbothered.
2h ago
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK