-
Blackstone Leads The Pack In Signature Bank's Massive Property Loan Sale
Sunday, November 19, 2023 - 4:45pm | 427Blackstone Inc. (NYSE: BX) is reportedly the lead contender in the purchase of a $17 billion portfolio of commercial-property loans from the Federal Deposit Insurance Corporation’s sale of Signature Bank's debt. This comes as regulators attempt to offload the fallen bank's debts....
-
Basel Committee Pushes Banks To Unmask Cryptocurrency Activities Amid Rising Concerns
Tuesday, October 17, 2023 - 9:42am | 414The Basel Committee on Banking Supervision has released draft guidelines stipulating that financial institutions should offer numerical and descriptive data concerning their cryptocurrency dealings. This directive complements the substantial capital prerequisites the committee previously instituted...
-
Sam Bankman-Fried's Crypto Trial Advances With Juror Dismissals
Wednesday, October 4, 2023 - 4:25pm | 572The trial of Sam Bankman-Fried, the controversial co-founder of the now-defunct crypto exchange FTX (CRYPTO: FTT), is underway with the initial phase of juror selection and assessment. This process, overseen by U.S. District Judge Lewis Kaplan, continued into its second day after some...
-
FDIC Launches Mega Sale: Signature Bank's $18.5B Loan Portfolio On The Market
Friday, July 28, 2023 - 5:04pm | 380The Federal Deposit Insurance Corp. (FDIC) has kickstarted the sale of a loan portfolio valued at $18.5 billion held by Signature Bank. This portfolio is a collection of debt linked to prominent private equity and investment firms. As Bloomberg’s Natalie Wong reported on Friday, the portfolio...
-
'Shark Tank' Fame Kevin O'Leary On Fed Rate Hikes Spurring Regional Bank Failures: 'Things Are Going To Break'
Friday, July 28, 2023 - 12:31am | 394Renowned “Shark Tank” investor Kevin O’Leary has expressed concerns that the current cycle of U.S. Federal Reserve rate hikes could lead to an increase in regional U.S. bank failures, CNBC reports. Fed’s Rate Hike Cycle: O’Leary, who heads his own early-stage venture...
-
Steve Cohen-Backed 24 Exchange Pulls The Plug On Spot Crypto Trading As Regulatory Pressure Intensifies
Friday, June 23, 2023 - 10:12am | 47424 Exchange, a trading platform that secured $14 million in funding in late 2021, which included support from Point72 Ventures led by Steve Cohen, has decided to discontinue its spot cryptocurrency product. This comes as global regulators intensify their scrutiny of cryptocurrencies. The Bermuda-...
-
New York Community Aided by High Margins Amid Cost Woes
Monday, May 22, 2023 - 5:00pm | 686New York Community Bancorp, Inc. (NYSE: NYCB) strategic acquisitions, solid loan and deposit balances, manageable debt level, and robust liquidity are likely to keep supporting financials. Yet, increasing expenses, deteriorating asset quality and geographic concentration are headwinds. New...
-
Booker And Warnock Want SNAP For Convicted Drug Felons, Fetterman Uses Issue To Bash Silicon Valley Bank Execs
Friday, May 19, 2023 - 12:55pm | 576Senators Cory Booker (D-NJ) and Raphael Warnock (D-GA), both members of the Senate Agriculture Committee, along with U.S. Rep. Steve Cohen (D-TN), introduced the bicameral Re-Entry Support Through Opportunities for Resources and Essentials (RESTORE) Act, legislation that would...
-
Failed US Bank CEOs Claim To US Senate Committee That Banks Were Highly Liquid, Risk Management Was In Place
Tuesday, May 16, 2023 - 12:56pm | 559Former executives from bankrupt Silicon Valley Bank and Signature Bank sought to explain the sequence of events that led to the two banks' failures in March before the Senate Banking, Housing and Urban Affairs Committee on Tuesday. “We took risk management seriously,...
-
Former SVB Chief Blames Fed, Media Hype For Bank's Devastating Collapse
Tuesday, May 16, 2023 - 6:09am | 392Greg Becker, the former CEO of SVB Financial Group, the parent company of Silicon Valley Bank, attributed the bank’s collapse to a combination of factors, including rapid rate hikes by the Federal Reserve and negative sentiment amplified by social media. ...
-
FDIC Proposes Large Banks Fork Out $15.8B For Clean-Up Of SVB, Signature Bank
Thursday, May 11, 2023 - 11:38pm | 434The Federal Deposit Insurance Corporation said on Thursday that of the total cost of the failures of Silicon Valley Bank and Signature Bank, approximately $15.8 billion was attributable to the protection of uninsured depositors. FDIC stated that banking organizations with total assets over $50...
-
FDIC Set To Hit Big Lenders With Fees To Refill Deposit Insurance Fund: Report
Thursday, May 4, 2023 - 10:42pm | 406The U.S. is reportedly set to exempt smaller banks from kicking in extra money to refill the government's deposit insurance fund and instead saddle the biggest lenders with bulk of the bill. What Happened: The Federal Deposit Insurance Corporation is likely to release a highly anticipated proposal...
-
Senate Committee Confronts Surge Of Bank Failures - Demands Swift Action, Stricter Regulations
Thursday, May 4, 2023 - 12:18pm | 427The Senate Banking Committee on Thursday held a hearing on the recent spate of bank failures. Senator Sherrod Brown (D-OH), the Committee Chairman, underscored the importance of heightened accountability for banking executives. He advocated for legislation that would enhance the authority of...
-
Fed's John Williams Says Pace Of Rate Hikes Didn't Trigger Banking Crisis: 'Haven't Seen Clear Signs Yet Of Credit Conditions Tightening'
Monday, April 10, 2023 - 11:45pm | 441Federal Reserve Bank of New York President John Williams reportedly said on Monday that he doesn't think the pace of rate hikes caused the crisis at the two banks back in March. What Happened: The vice-chairman of the Federal Open Market Committee was referring to the failures of Silicon Valley...
-
Linking Signature Bank Collapse To Crypto Exposure 'Ludicrous,' Says NY Finance Regulator
Thursday, April 6, 2023 - 7:52am | 355Adrienne Harris, superintendent of the New York Department of Financial Services, on Wednesday, said that the closure of Signature Bank in March was not due to its exposure to cryptocurrency. What Happened: Harris made the statement at the Chainalysis Links conference in New York City....