Before last Thursday, Silicon Valley Bank was regarded as being in “sound financial condition.” But on that day it experienced attempted withdrawals of $42 billion, about a third of its U.S. deposits. By close of business, the run on the bank made it incapable of paying its obligations as they came due. On Friday, the California Commissioner of Financial Protection and Innovation took possession of the bank’s property and business.
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The federal takeover has fueled fear among some that the failures are precursors to something akin to the Great Recession, when 450 banks failed between 2008 and 2012.
Just days after Silicon Valley Bank was shut down by regulators, the federal government all of the bank's customers would get their money back. Is taxpayer money being used to cover the deposits at Silicon Valley Bank? On March 12, the heads of the U.S. Treasury Department, Federal Reserve Board and the Federal Deposit Insurance Corporation made it clear in a that…
Tax season is already underway, but it is never too early to start planning for next year's tax filings. Here are five tax planning ideas to consider for this year. One of the most effective ways to reduce your taxable income is to contribute to a retirement account, such as a 401 or traditional IRA.
Consumers' Research, an opponent of environmental, social and corporate governance investing or ESG, launched digital ads and three mobile billboards that will roam the streets of the nation's capital. "Allowing retirement plans to include ESG considerations undercuts the will of the American people by permitting ESG elites, like BlackRock CEO Larry Fink, to…
The collapse of Silicon Valley Bank and two other large banks is fueling economic insecurity and angst among an already rattled American public and is prompting a major damage control effort by President Joe Biden. Throw in Republicans' threats to raise the retirement age and cut Social Security and Medicare and you have a recipe for a very nervous electorate…
Debunking the Top 10 estate planning myths
Estate planning isn’t only for the rich, and it involves more than simply writing a will.
Mar. 12— Investors are traveling through some messy conditions. After recent optimism about the Fed's progress on inflation, some doubts are creeping in. Emotional swings should be expected at this point in the cycle.
If you're going to enjoy a comfortable retirement, you should know, among other things, how much money you'll need. And you may have a much better chance of knowing this if you get some professional help. If you're going to enjoy a comfortable retirement, you should know, among other things, how much money you'll need.
Another bank, Signature Bank in New York, was closed by federal regulators on Sunday, the second bank closure in three days. The deposits and assets of Signature Bank were transferred immediately to Signature Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as "it markets the institution to potential bidders," a separate statement said.
Fed offers $25B to help troubled U.S. banks, FDIC to cover large accounts in SVB, Signature Bank failures
The Federal Reserve is offering $25 billion to help troubled banks after the failures of Silicon Valley Bank in California on Friday and Signature Bank in New York Sunday. The failure of Silicon Valley Bank, which has $309 billion in assets, is the second largest U.S. history behind only Washington Mutual. No losses associated with the resolution of Silicon…
Many people plan to take an early retirement, so when that day arrives, they're ready for it. But what if you were to face an unplanned retirement? Would you be prepared to deal with the financial issues?
QUESTION: I have been taking care of my elderly father for over a year, and it's taking a toll on my finances because I can only work part time. Are there any resources you know about that can help family caregivers get paid? All 50 states and the District of Columbia offer self-directed Medicaid services for long-term care.
7 client acquisition strategies for today’s financial advisor
Two industry experts recently shared some tips and techniques to help advisors acquire the clients they need to take their business to the next level of success.
Silicon Valley Bank collapsed Friday after depositors rushed to pull funds from the tech lender amid jitters about its exposure to the fragile technology sector. While this kind of thing doesn't happen very often, the demise of Silicon Valley Bank serves as an lesson for all bank customers about what can happen if an institution goes under.
Kalb, the CEO and co-founder of Seattle- based food management startup Shelf Engine, had been following news of a bank run at Silicon Valley Bank, with droves attempting to pull out $42 billion from the bank on Thursday alone on fears that it was teetering on the brink. Not only did Silicon Valley Bank help the company process checks and payments, but all of the…
A study found 2022 fines and restitution decreased significantly compared with 2021, in large part because of one record-breaking fine FINRA ordered in 2021 against an online brokerage firm. Additionally, the number of disciplinary actions declined for the third year in a row.
Household net worth climbed nearly $3 trillion, or 2%, in the October-December period to $147.7 trillion after declining the previous two quarters, a Federal Reserve report showed Thursday. The value of equity holdings advanced $2.7 trillion in the fourth quarter, while the value of real estate held by households fell almost $100 billion.
The final datapoint to lock in the market's expectation for the Federal Reserve's next interest rate move comes on Tuesday in the week ahead. February's consumer inflation number will cement predictions regarding how much the Fed will raise its target short-term interest rate when it meets on March 22. The Federal Reserve Bank of Cleveland releases…
Katja Rivera, 64, is a massage therapist and theater director in Berkeley, California, who says she's never earned more than about $30,000 a year. When Rivera retires in a few years, she expects to receive a Social Security check based on her ex's greater earnings. Many divorced people don't realize they can get Social Security benefits derived from their…