Bank failures and rescue test Yellen’s decades of experience -
She quickly turned to someone who had been through the fire before, and on a much larger scale: Hank Paulson.
Yellen spent that crucial period two weeks ago assembling Federal Reserve officials; regulators at the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency; lawmakers, including congressional leaders on banking - Sen. Sherrod Brown, D-Ohio, and Rep. Patrick McHenry, R-N.C.; and Wall Street executives such as Jamie Dimon, the chief executive of J.P. Morgan & Chase.
The bank held an unusually high level of uninsured deposits, and many investments in long-term government bonds and mortgage-backed securities had tumbled in value as interest rates rose. That caused depositors on Thursday, March 9, to rush to withdraw their funds en masse. It triggered a bank run. By Sunday evening, March 12, the Treasury, the Federal Reserve, and FDIC sent a joint statement announcing that New York-based Signature Bank had also failed and was being seized. Officials also said that an emergency lending package would ensure that all depositors at Silicon Valley Bank and New York-based Signature Bank would be protected.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Senators call on former Silicon Valley Bank, Signature Bank CEOs to testifySens. Sherrod Brown and Tim Scott said the former CEOs of the fallen banks should 'answer for' their banks' 'downfall' in Senate testimony.
Lire la suite »
Citigroup CEO says banking system ‘pretty sound’ after failures of Silicon Valley Bank, Signature BankCitigroup Inc CEO Jane Fraser on Wednesday expressed optimism in the nation's banking system despite the failures of Silicon Valley Bank and Signature Bank.
Lire la suite »
Deutsche Bank shares slump in latest sign of bank worriesDeutsche Bank shares slumped on Friday, putting the health of another globally systemic important bank in the spotlight heading into the weekend.
Lire la suite »
Did weakening bank regulations in 2018 set up Silicon Valley Bank for collapse?Our San Diego Econometer panel considers how banking regulations rolled back in 2018 might have factored into recent bank failures.
Lire la suite »
Gold climbs for 3rd day as bank jitters spread to Deutsche BankGold futures advanced on Friday for a third straight day, after logging the highest settlement level for a most-active contract in more than a year in the...
Lire la suite »
Deutsche Bank, First Republic weigh on bank stocksDeutsche Bank credit default swaps jitters weigh on big U.S. banks; First Republic stock moves lower as investors await official word of second capital...
Lire la suite »