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BILL Hinson
Mar 19, 2023 8:56AM ET
Tead the opposite, BANKS ARE IN DEEP SH!T
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💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
Biden says banking crisis has calmed down
© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank (SVB) and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., U.S. March 13, 2023. REUTERS/Evelyn Hockstein
By Jeff Mason and Kanishka Singh
WASHINGTON (Reuters) -U.S. President Joe Biden said on Friday the banking crisis has calmed down after the recent collapse of Silicon Valley Bank (SVB) and Signature Bank (NASDAQ:SBNY).
Biden has sought to reassure investors and depositors that the global banking system is safe as financial stocks have lost billions of dollars in value since the collapse of the two mid-size U.S. lenders over the past week. Biden, earlier this week, promised Americans that their deposits are safe.
"Yes," Biden told reporters at the White House on Friday when asked if the banking crisis had calmed down.
Californian regulators shuttered Silicon Valley Bank last Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. It was the largest collapse since Washington Mutual failed during the financial crisis of 2008.
On Friday, the bank's parent, SVB Financial Group, said it had filed for reorganization under Chapter 11 bankruptcy protection.
Large U.S. banks injected $30 billion in deposits into First Republic Bank (NYSE:FRC) a day earlier, swooping in to rescue the mid-sized lender caught up in the crisis triggered by the collapse of SVB and Signature Bank.
The deal was put together by power brokers including U.S. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon.
Earlier on Friday, Biden had called on Congress to give regulators greater power over the banking sector, including leveraging higher fines for managers, clawing back executives' compensation and barring officials from failed banks.
Specifically, Biden is asking Congress to give the FDIC greater authority to claw back compensation, "including gains from stock sales – from executives at failed banks like Silicon Valley Bank and Signature Bank," the White House said on Friday.
Democrats who have been calling for tougher banking regulation were quick to hail Biden's statement, but it is unclear whether it has bipartisan support in Congress.
Silicon Valley Bank CEO Greg Becker sold $3.6 million worth of shares in late February, about two weeks before the bank entered FDIC receivership, Bloomberg and CNBC reported.
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Comments (14)
Shurik Abramov
Mar 18, 2023 9:16PM ET
We are safe!
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Hayden Hoggard
Mar 18, 2023 12:37PM ET
Phew and at least inflation is just transitory! Good thing the best and brightest have got the economy so well planned!
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BILL Hinson
Mar 18, 2023 8:10AM ET
Its more profitable to be a criminal democrat that doesn’t get investigated
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Robert La Fontaine
Mar 18, 2023 2:38AM ET
No one in his right mind believes this sen🖕🏼le anymore,…..
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Erikke
Mar 17, 2023 11:33PM ET
No one with any brains takes Joe seriously.
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Maximus Maximus
Mar 17, 2023 11:33PM ET
not taking the leader of the world's most powerful country seriously is not a sign of intellect..
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Robert La Fontaine
Mar 17, 2023 11:33PM ET
Hahahahaha; senile gramps!
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Tyrone Jackson
Mar 17, 2023 9:10PM ET
Banks will be blowing up for months.
Okay Joe- most of his voters don’t own stocks
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Maximus Maximus
Mar 17, 2023 9:10PM ET
your predictions are based on what exactly?
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Jeff Gordon
Mar 17, 2023 9:04PM ET
This massive drop in bank stocks is the market opportunity of a lifetime for the very brave. It's scary and feels wrong to buy. There's blood in the streets.
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Maximus Maximus
Mar 17, 2023 9:04PM ET
agreed. started buying on Friday, don’t think I will regret it 6 months from now..
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Benjamin USA
Mar 17, 2023 8:58PM ET
Bought calls on FRC. Way oversold, lmao. Short squeeze will come.
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Jeff Gordon
Mar 17, 2023 8:58PM ET
yep, I bought in a few minutes before after-hours closed. Lock and load, roll the dice
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Tyrone Jackson
Mar 17, 2023 8:58PM ET
Closed below 20-
Dilution coming to wipe out 50% share price
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Maximus Maximus
Mar 17, 2023 8:43PM ET
this is not like 2008. the major banks are nore solid now. that some niche and venture banks fall over with raising interest rates is a result if poor management in said banks.. the healthy survive the unhealthy perish..
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JIM VETTER
Mar 17, 2023 8:43PM ET
totally agree
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