by Alexandra Digby, Dollie Davis and Robson Hiroshi Hatsukami Morgan First Republic Bank became the second-biggest bank failure in U.S. history after the lender was seized by the Federal Deposit Insurance Corp. and sold to JPMorgan Chase on Monday. First Republic is the latest victim ...
What do you want your bank to be? I want mine to be nearby. I want it to have nice tellers. I want my deposits to be government insured in the event of a failure. Check, check, check. Should I worry that my bank is too woke, whatever anyone means by “woke” these days? ...
by Simon Johnson Do we have a banking crisis in the United States or don’t we? We certainly have some of the symptoms, including two prominent banks that just failed and downward pressure this week on the share prices of other midsize banks. Yet on Wednesday, the Federal ...
One of the benefits of being a Washington insider, from the president of the United States to the lowliest bureaucrat, is never having to admit your policies are wrong. In the case of Silicon Valley Bank (SVB) — the nation’s 10th largest — the financial policy chickens of this, ...
Back in 2017, when Congress and the Trump administration were pushing a bill to weaken hard-fought banking regulations, we warned that they were playing with fire. Barely a decade had passed since the 2007-08 economic meltdown. Blatant abuses in the financial industry had more than merited ...
by Simon Johnson Before last Thursday, Silicon Valley Bank was regarded as being in “sound financial condition.” But on that day, it experienced attempted withdrawals of $42 billion, about a third of its U.S. deposits. By close of business, the run on the bank made it incapable of ...