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In a deal with the Federal Deposit Insurance Corporation (FDIC), First Citizens BancShares Inc. snapped up a bulk of collapsed Silicon Valley Bank, just two weeks after a panic-induced run of deposits destroyed the lender’s finances in the second biggest U.S. bank failure since the 2008 financial crisis.
Silicon Valley Bank collapsed Friday with financial regulators rushing in to seize control over the tech-focused lender’s assets and liabilities following a frenetic week that saw an unsuccessful attempt to raise capital triggering a depositor exodus.
President Biden will renew his plan for a “billionaire minimum tax” and will also call for quadrupling the 1% surcharge on corporate stock buybacks during the State of the Union address on Tuesday.
President Biden refused to take any responsibility for the high levels of inflation, claiming the elevated prices were a problem he inherited from his predecessor and that he is not to one to blame for the ongoing inflation crisis hitting Americans under his watch.
The U.S. economy added over half a million jobs in January, blowing expectations out of the water in the first month of the year — revealing that the labor market continues to remain strong despite the Federal Reserve’s aggressive monetary tightening in its fight to tame inflation.
The U.S. government hit its statutory $31.4 trillion debt limit Thursday, Treasury Secretary Janet Yellen announced, prompting the Treasury to start taking “extraordinary measures” in order for the nation to avoid a catastrophic default for at least the next few months.
