Silicon valley bank

8 Politics & Government Many midsize banks across the country, including 5 in Florida, are asking regulators to fully insure deposits for the next 2 years. Deb Belt , Patch Staff Posted Replies FLORIDA — A coalition of midsize banks across the country, whose members include several in Florida, has asked federal regulators to fully insure all deposits for the next two years, Bloomberg reported. In their letter, seen by Bloomberg, the Mid-Size Bank Coalition of America said guaranteeing FDIC insurance on all deposits will help stabilize the banking system and restore confidence in it to avoid further bank runs. Deposits at FDIC-insured banks are covered up to $250,000. The five member banks in Florida are: City National Bank of Florida, based in Miami SeaCoast Bank, based in Stuart Raymond James Bank, based in St. Petersburg BankUnited, based in Miami Lakes TIAA Bank, based in Jacksonville The … [Read more...] about Midsize Banks Seek 2-Year FDIC Guarantee: What It Means For FL Banks

close Video Former Obama econ adviser confirms 'banking crisis' in wake of First Republic Bank collapse Fox News contributor Robert Wolf reacts to JPMorgan rescuing First Republic Bank after its collapse on 'America Reports.' NEW You can now listen to Fox News articles! In recent years, major banks have come under intense criticism for their business practices. We know them more today for misdeeds than merits. Their lapses have become lead stories in the mainstream media and ready-made content for C-SPAN hearings. We've seen epic failures by First Republic , Signature Bank and Silicon Valley Bank; 19 state AGs alleging discrimination by Chase Bank against conservative and religious groups, and Wells Fargo paying millions to settle class action and CFPB claims for their fake account debacle. These events have left deep fault lines in banks' reputations, going from beneficent to black hat in recent years. The future … [Read more...] about Blaming banks for the environment is not good business

Democratic Massachusetts Sen. Elizabeth Warren and Republican Ohio Sen. J.D. Vance are uniting to introduce legislation announced Thursday to reduce the risks of large bank failures. The Failed Bank Executives Clawback Act would propose harsher penalties for failed bank executives, and is intended to serve as a bipartisan response to the collapse of Silicon Valley Bank (SVB) in early March, according to Warren’s office. The proposed legislation would require the Federal Deposit Insurance Corporation ( FDIC ) to recover some or all of executive payments from the three years prior to their bank’s failure, covering larger banks with more than $10 billion in assets. “Nearly three months after the collapse of Silicon Valley Bank, a bipartisan group of Senators is demonstrating a serious commitment to pass legislation requiring financial regulators to claw back pay from executives when they implode their bank,” Warren said in a statement. “Congress must answer the President’s … [Read more...] about Liz Warren, JD Vance Join Forces To Punish Execs Of Failed Banks

SAN FRANCISCO — When Jeremy Hitchcock raised money for his technology start-up in 2012, he barely had to break a sweat. He was flooded with emails from venture capitalists who wanted in. Two months after meeting an investor over cocktails at a technology conference, he scored $38 million . But last year, as valuations of tech start-ups wobbled and public tech stocks gyrated, Mr. Hitchcock, 34, was faced with a different dynamic. As he tried to garner new capital for his company Dyn, which monitors and reroutes Internet traffic, potential investors peppered him with questions others had once glossed over. How would Dyn produce a return for them? Did Dyn have the size and scale to go public? Dyn announced this month that it had raised $50 million from a private equity firm. But as part of the discussion, Mr. Hitchcock, who has not run a public company, agreed to step down as chief executive so Dyn could find a leader skilled in developing a business. “The talks were much more … [Read more...] about Start-Ups Once Showered With Cash Now Have to Work for It

What’s Up? (May 14-20) Targeting a Social Media Juggernaut The backlash against TikTok, the video app that has come under scrutiny largely because of its Chinese ownership, reached a new level on Wednesday, when Gov. Greg Gianforte of Montana signed a bill banning the app in the state. The legislation seeks to cut off access by targeting mobile app stores, like the Apple Store and Google Play, and prohibit them from offering TikTok in Montana. If the stores continue allowing people to download the app, the companies could face fines, as could TikTok. The ban is set to take effect on Jan. 1, but it is already facing a legal challenge. On Thursday, a group of TikTok users filed a lawsuit contending that the law violated their First Amendment rights and that the ban outstripped Montana’s legal authority as a state. A ‘Truly Sorry’ C.E.O. In his first public remarks since the collapse of Silicon Valley Bank, the bank’s former chief executive, Gregory Becker, told … [Read more...] about The Week in Business: An Attempt to Ban TikTok

Is Icahn on the cusp of a big win? One of the biggest fights in corporate America is coming to a head on Thursday: Shareholders in Illumina, the gene-sequencing giant, are set to vote on whether to back the company’s incumbent directors or candidates nominated by the billionaire Carl Icahn. A board fight involving one of Wall Street’s top activist investors is significant in its own right. But there’s more at play here, including a takeover that has tested antitrust regulators on both sides of the Atlantic and new proxy rules that could reshape American corporate governance. A $7 billion deal for Grail is a major factor in this scuffle. Mr. Icahn has criticized Illumina’s effort to close its takeover of the cancer-detection company, despite European antitrust authorities’ decision to block the deal, and opposition from the F.T.C. He calls it “inexplicable and unforgivable.” Other shareholders may agree, given that Illumina has lost $50 billion in market value since announcing … [Read more...] about Carl Icahn’s Battle with Illumina Comes to a Head