FEDERAL DEPOSIT INSURANCE CORPORATION

Photo: Ian Dyball (Getty Images)Can’t we all just get along? Not if you’re an employee of the federal government. The Internal Revenue Service (IRS) just filed a lawsuit against the Federal Deposit Insurance Corporation (FDIC) over a $1.45 billion tax bill stemming from the bailout of Silicon Valley Bank.Why Bitcoin won’t reach $1,000,000In other words, the US government filed a lawsuit against the US government. May the best bureaucracy win.Back in 2023, Silicon Valley Bank collapsed overnight. It threatened to take the…

Silicon Valley Bank, once triumphantly dubbed the “financial partner of the innovation economy,” before its recent historic collapse, is being acquired by First Citizens, a legacy banking institution founded in 1898. The new deal will see First Citizens take on the entirety of SVB’s loans and deposits just two weeks after the bank sent shockwaves through the financial industry with its sudden implosion. First Citizen announced the deal on Monday in partnership with the Federal Deposit Insurance Corporation (FDIC), which…

SVB Financial Group said on Friday it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators.The move to seek bankruptcy protection comes after the company said on March 13 it was planning to explore strategic alternatives for its businesses.Shares of big U.S. banks fell more than 1.5% in premarket trading. Regional banks including PacWest Bancorp and First Republic Bank were down…

A bank run conjures images of “It's a Wonderful Life,” with anxious customers crammed shoulder to shoulder, desperately pleading with a harried George Bailey to hand over their money.The failure of Silicon Valley Bank last week had the panic but few other similarities, instead taking place on Twitter, message boards, cell phones and bank websites.Tw What made the failure of Silicon Valley Bank unique compared to past failures of large banks was how quickly it collapsed. Last Wednesday afternoon, the $200 billion bank…

The Federal Deposit Insurance Corporation on Monday named former Fannie Mae head Tim Mayopoulos as the chief executive officer of Silicon Valley Bank, a subsidiary of the defunct SVB Financial Group.He steps in after regulators shuttered the startup-focused lender on Friday after a run on its deposits that left it with a dearth of capital.Mayopoulos served as the chief executive officer of mortgage financier Fannie Mae for more than six years before he joined fintech Blend. The collapse of SVB, the biggest bank to fail…

To protect all depositors of Silicon Valley Bank, the US Federal Deposit Insurance Corporation (FDIC) today transferred all deposits—both insured and uninsured—and a substantial part of all all assets of the now-shut to a newly created ‘bridge bank’, which will be operated by the US agency. The FDIC also named Tim Mayopoulos as CEO of Silicon Valley Bank, N.A, the bridge bank. Mr. Mayopoulos is former president and CEO of the Federal National Mortgage Association and most recently served as president of Blend Labs, Inc.A…

Photo: Justin Sullivan (Getty Images)The U.S. government swooped in on Sunday to save the tech industry from a problem of its own making, announcing that it would ensure all depositors in Silicon Valley Bank had full access to their money by Monday. In an extraordinary move, U.S. regulators classified Silicon Valley Bank—which claims it serves nearly half of all venture capital-backed startups in the country—as a systemic risk to the financial system, a designation that allows it to guarantee all deposits and not just the…

A California regulator shut Silicon Valley Bank on Friday and appointed the Federal Deposit Insurance Corporation as receiver, according to the agency's statement.Silicon Valley Bank had about $209 billion in total assets and about $175.4 billion in total deposits, as of Dec. 31, 2022, a Reuters report said.The main office and all branches of Silicon Valley Bank will reopen on March 13 and all insured depositors will have full access to their insured deposits no later than Monday morning, according to the…

The foothills of Steptoe Butte in Whitman County, Washington, left, was home to a fledgling enterprise by members of Sam Bankman-Fried’s circle of crypto bros to turn a small bank into a haven for digital assets and marijuana industries.Photo: Emily Marie Wilson/Shutterstock - Michael M. Santiago/Getty ImagesSam Bankman-Fried’s failed crypto empire included dozens of companies under its ragged umbrella, all headlined under the FTX brand. Now that the whole enterprise has gone into bankruptcy, entities both big and small…