Jamie Golombek: Ottawa says it’s looking to close tax loopholes that benefit the wealthy and corporations
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We have a date. Finance Minister Chrystia Freeland will deliver Canada’s federal budget plan on
When Silicon Valley Bank failed earlier this month, the Federal Deposit Insurance Corporation stepped in, taking over the bank to protect its depositors.
But with the collapse marking the second-largest bank failure in US history, some consumers may wonder how much the FDIC can handle.
“They have a lot of money at their disposal,” said Ross Levine, a professor and the Willis H. Booth Chair in Banking and Finance at the University of California, Berkeley’s Haas School of Business.
He noted that the federal agency has the option of borrowing money from other parts of the government, and other avenues
Silicon Valley Bank disclosed it had $1.8 billion in paper losses on some bonds by the end of 2022.
And yet the lenders didn’t reduce a key measure of capital strength monitored by regulators. Those losses became existential for the bank once it was forced to sell these assets, triggering a run that ended with the bank’s seizure on March 10.
The US banking system currently has hundreds of billions in unrealized losses lurking in its system that don’t weaken buffers designed to protect banks from future shocks. Why would regulators allow that?
The short answer: Compromise.
Years ago, US
The banking crisis is finished.
That’s a somewhat surprising message from OG banking analyst Dick Bove, who rose to fame with his bold calls at the height of the 2008-2009 crisis.
“I think that the near-term banking crisis is definitely over,” the Odeon Capital Group Financial analyst said on Yahoo Finance Live (video above).
Bove’s call is rooted in his interpretation of recent events to prevent a wider crisis in the financial system.
On Thursday, 11 US banks led by JP Morgan (JPM), Bank of America (BAC), and Citigroup (C) banded together to inject $30 billion in uninsured deposits into
Northern Rock, Bear Stearns, Countrywide Financial and Alliance & Leicester. Back in late 2007 and early 2008, when they all failed or were rescued, none of the above was systemically important. And few observers would have predicted the nightmarish crisis that was to strike within the year, felling behemoths from Wall Street’s venerable Lehman Brothers to Royal Bank of Scotland, then the biggest bank in the world.
Fifteen years later, after a week in which four banks — Silicon Valley Bank, Signature and First Republic in the US, and Credit Suisse in Europe — teetered and were propped up in
After three consecutive weeks of lossesprices turned verdantly green for holders of the two largest cryptocurrencies by market cap this week.
Bitcoin (BTC) blew up 36% over the past seven days and now trades at around $27,515 according to CoinMarketCap data.
Last week, Bitcoin shed around 10% in reaction to news that the industry-servicing Signature Bank and Silicon Valley Bank (SVB) had both failed.
The industry’s No. 2 coins, Ethereum (ETH), is back where it was before the downturn. ETH is up 27% over the seven days and
With the Bank of Canada taking a break on rate hikes, it’s a good time to reflect on whether we’ve seen the worst for rising borrowing costs.
The answer is a hard no for Royal Bank of Canada clients who carry a credit-card balance. Next month, the interest rate on purchases for most RBC credit cards will rise to 20.99 per cent from 19.99 per cent. Other banks have already made this change on at least some of their cards.
Mortgages, credit lines and loans got more expensive in the past 12 months as the Bank of Canada increased rates
Funds tied to the latest Euler Finance exploit are on the move.
According to on-chain data, the attacker sent ten transactions to mixing service Tornado Cash worth 100 Ethereum each from an intermediary address, and still holds 1,500 ETH labeled as “Fake Phishing” at the same address.
The address has sent a total of 1,000 ETH, worth roughly $1.6 million.
Hackers moved part of the stolen funds less than 24 hours after Euler Finance—a borrowing and lending platform—warned that if 90% of the assets were not returned, the company would offer a $1 million bounty to anyone who can provide
