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DARK SECRETS: 4 - The Real Truth

US banks are failing, and the authorities seem unlikely to intervene

Regional lenders such as PacWest and Western Alliance are not seen as systemically important and more consolidation is ahead

The Guardian - UK

Billionaire investing royalty is scared about more bank failures: ‘We are running out of time to fix this problem’

Bill Ackman, Nelson Peltz, and Jeffrey Gundlach all think the Fed is wrong about the banking system.

Fortune

Digital bank runs: social media played a role in recent financial failures but could also help investors avoid panic

A crisis of confidence in the US banking sector led people to pull their money from banks including Silicon Valley Bank and Credit Suisse, and more recently, First Republic Bank and California-based PacWest Bancorp. The way these events have unfolded have created a new term in the vocabulary of finance:…

The Conversation

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Bill Ackman: 'No regional bank can survive bad news'

The hedge fund manager has called for stronger government intervention, including full depositor protection, since turmoil began in early March.

Fortune

The U.S. has more banks than anywhere on Earth. That shapes the economy in many ways

The U.S. has more than 4,500 banks — more banks than any other country. That huge number of lenders has shaped the economy in countless ways, but it also can pose risks.

WEKU

First Republic: will UK banks survive unscathed?

The Treasury has sought to reassure the public that the British banking system is safe after First Republic became the third major US bank to fail in two months.

The Week

The Fed raises interest rates again in what could be its final attack on inflation

The Federal Reserve raised interest rates by a quarter percentage point Wednesday in an effort to curb persistent inflation. It was the tenth rate hike in 14 months, and possibly the last for a while.

WEKU

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Elizabeth Warren says U.S. taxpayers will have to foot the bill if JPMorgan ‘stumbles’ after First Republic buyout

The Democratic senator raised concerns about the deal reigniting the “too big to fail” problem.

Fortune

Former CEOs of failed banks to testify before Senate panel

The former top executives of two failed banks will testify before Congress this month

The Independent UK

Is the banking crisis coming to an end? As JP Morgan CEO notes, risks linger

Jamie Dimon says this phase of bank collapses is over, but ‘other cracks in the system’ could still be revealed

The Guardian - UK

Charlie Munger Warns That The Fall Of Property Values With Banks Full Of Bad Loans

Berkshire Hathaway distanced itself from Silicon Valley Bank and Signature Bank with history supporting instable banks.

Zenger

Twitter played a role in the collapse of Silicon Valley Bank – new research

The Research Brief is a short take about interesting academic work.

The Conversation

VCs aren’t convinced JPMorgan’s acquisition of First Republic stems the crisis

“I think people will remain skittish for quite some time” after the collapse of First Republic, Cake Ventures’s Monique Woodward says.

Fortune

Where’s your money? Your bank should be able to tell you

The recent bank failures may have felt like 2008 deja vu because they similarly expose the weak spots in the system that have not been resolved.

Fortune

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The Guardian - UK

HSBC rules out banking crisis as profits triple after Silicon Valley Bank deal

Failure of four banks in six weeks is purely a sign of poor risk management, says chief executive

The Hindu

Asia-Pacific to grow 4.6% in 2023; India, China to contribute half of global growth: IMF

India and China, the two largest emerging market economies of the region, are expected to contribute around half of global growth.

Chicago Sun-Times

First Republic Bank seized, sold in fire sale to JPMorgan

In the second-largest bank failure in U.S. history, officials seize First Republic Bank, selling its deposits and most of its assets. It’s the third midsize bank to fail in two months.

Zenger

Elon Musk Fires Off A Warning Of A Financial Crisis As First Republic Bank Falls

The Federal Reserve is poised to for another hike in the interest rate as Musk warns of a possible recession in the coming future.

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Bangkok Post

SVB's collapse shows Fed failure to supervise banks

The aftershocks of the collapse of Silicon Valley Bank (SVB), while seemingly fading, are still reverberating around the world. Although Federal Reserve officials have taken pains to assure the public that the US banking system is sound, it is unclear why anyone should believe them. After all, Fed Chair Jerome…

The Independent UK

Why First Republic failed. Are other banks to follow?

First Republic Bank has become the second large regional bank with assets over $200 billion to fail in just a few weeks

Salon

First Republic Bank collapses, seized

"Ultimately taxpayers will be on the hook," Sen. Elizabeth Warren warned

Reason

Regulators Seize First Republic Bank and Sell It to JPMorgan Chase

Plus: Twitter complies with a greater portion of government censorship requests, a judge allows an antitrust suit against Google to go forward, and more...

Kiplinger

Five Places to Put Cash Rather Than in the Bank

FDIC sweep programs, money market funds, Treasuries and more could be alternative places to stash cash instead of keeping it in the bank.

Axios

JPMorgan Chase to acquire First Republic Bank

The bank's been on shaky ground since the failure of Silicon Valley Bank.

WEKU

JPMorgan Chase buys troubled First Republic Bank after U.S. government takeover

JPMorgan Chase is taking over First Republic after the troubled bank was placed in the FDIC's receivership in the latest failure in the banking system.

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