Last week, the California Department of Financial Protection and Innovation shut down Silicon Valley Bank (SVB) and made the FDIC its receiver.
NBC News reports that on March 14,
the U.S. Justice Department opened an investigation into the bank's demise.
According to two sources with knowledge of the matter, part of the DOJ's probe will seek to determine whether bank executives unloaded any stock ahead of the collapse.
According to the FDIC, SVB's collapse marked the second-biggest on record after Washington Mutual.
According to the FDIC, SVB's collapse marked the second-biggest on record after Washington Mutual.
NBC News reports that on March 12, the FDIC, Federal Reserve and Treasury Department said SVB deposits would be backed in excess of the federally-insured cap of $250,000.
The fall of SVB prompted Signature Bank customers to withdraw over $10 billion in deposits out of fear on March 10, ultimately leading to the bank's collapse as well.
The fall of SVB prompted Signature Bank customers to withdraw over $10 billion in deposits out of fear on March 10, ultimately leading to the bank's collapse as well.
President Biden attempted to
reassure the public that America's
banking system is safe on March 13.
Thanks to the quick action of my administration over the past few days, Americans can have confidence that
the banking system is safe.
, President Joe Biden, via statement.
Your deposits will be there
when you need them, President Joe Biden, via statement
Fed Raises Rates , by a Quarter Point.
The Federal Reserve issued its
tenth rate hike since last March on May 3.
The decision to hike interest rates by
a quarter of a point was unanimous. .
The benchmark federal funds
rate is now at 5%-5.25%.
That's the highest it's been
in over 15 years, CNN reports.
The move follows the collapse of
Silicon Valley Bank, Silvergate and Signature Bank.
The move follows the collapse of
Silicon Valley Bank, Silvergate and Signature Bank.
Fed Chair Jerome Powell said the central bank will "approach the question" of a pause in
rate hikes "at the June meeting.".
The Federal Reserve also said that current strict lending standards may slow the economy, helping to ease inflation.
Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring and inflation, Federal Reserve, via statement.
The extent of those effects remains uncertain, Federal Reserve, via statement
Credit: Wibbitz Top Stories Duration: 01:30Published
JPMorgan Chase , See Profits Skyrocket , Despite Banking Crisis.
ABC News reports that JPMorgan Chase posted a 52%
leap in first-quarter profits following the failure of
Silicon Valley Bank and Signature Bank last month.
ABC News reports that JPMorgan Chase posted a 52%
leap in first-quarter profits following the failure of
Silicon Valley Bank and Signature Bank last month.
JPMorgan posted a profit of $12.62 billion,
compared to a profit of just $8.28 billion
at the same time last year.
Following the collapse of the smaller banks,
JPMorgan saw deposits noticeably grow as businesses
and customers flocked to the financial institution.
Higher interest rates also
allowed the banking titan to
charge customers more for loans.
ABC reports that the bank's net interest
income was $20.8 billion, a 49% increase
from the same time last year.
Both Citigroup and Wells Fargo
also showed solid results on April 14.
Both Citigroup and Wells Fargo
also showed solid results on April 14.
ABC reports that the news suggests that the nation's
biggest, most complex financial institutions may be
spared from potential trouble in the banking sector.
These were the most watched bank
earnings announcements in over
a decade, with market participants
scouring the results looking for signs
of cracks in the U.S. banking sector. , Octavio Marenzi, CEO of consulting firm Opimas LLC, via ABC.
These were the most watched bank
earnings announcements in over
a decade, with market participants
scouring the results looking for signs
of cracks in the U.S. banking sector. , Octavio Marenzi, CEO of consulting firm Opimas LLC, via ABC.
Those analysts looking for
signs of the banking crisis were
greatly relieved to not find any, Octavio Marenzi, CEO of consulting firm Opimas LLC, via ABC.
Also exceeding analysts' expectations,
on a per-share basis, the bank earned
$4.10 a share, up from last year's $2.63.
Credit: Wibbitz Top Stories Duration: 01:31Published
JPMorgan Chase Takes Over First Republic Bank.
NBC reports that federal regulators
have taken over First Republic Bank,
which will be sold to JPMorgan. .
NBC reports that federal regulators
have taken over First Republic Bank,
which will be sold to JPMorgan. .
This event marks the third major bank in less than two months to go under.
It is also the largest bank to collapse
since the 2008 financial crisis. .
The Federal Deposit Insurance Corp. made the announcement on Monday morning. .
First Republic had $229.1 billion in total assets at the time of its closure. .
The banking system remains sound and resilient, and Americans should feel confident in the safety of their deposits and the ability of the banking system .., Treasury Department spokesperson, via NBC.
... to fulfill its essential function of providing credit to businesses and families, Treasury Department spokesperson, via NBC.
In the first quarter of this year, First Republic reported a lose of around 40% of it deposits. .
After the fall of Silicon Balley Bank and Signuature bank earlier this year, depositors moved their money to banks they deemed safer. .
After the fall of Silicon Balley Bank and Signuature bank earlier this year, depositors moved their money to banks they deemed safer.
Credit: Wibbitz Top Stories Duration: 01:31Published
Carolyn Bryant Donham, , Woman Whose Accusations Doomed Emmett Till, , Dead at 88.
CNN reports that the white woman,
whose words led to the lynching of Till
in 1955, died on April 25.
14-year-old Till was visiting family in Mississippi
when he allegedly whistled at Donham.
Donham's husband, Roy Bryant, and J.W. Milam abducted Till from his bed several nights later.
They then beat him, shot him in the head
and threw his body in the river.
At the subsequent murder trial, Donham testified that Till had grabbed her and said he'd never been with "white women before.".
An all-white jury acquitted
Bryant and Milam of murder.
In 1956, they admitted to the murder in a 'Look' magazine interview, but no further chargers were ever brought against the two men.
In a 2008 interview with professor Timothy Tyson, Donham reportedly said, "That part's not true,"
when asked about her testimony.
The Department of Justice reopened the case in 2018, but it could never prove that Donham had lied, and the case was closed again in 2021.
In 2022, a Mississippi grand jury
decided against indicting Donham on kidnapping and manslaughter charges.
After hearing every aspect of the investigation and evidence collected regarding Donhamâs involvement, the Grand Jury returned a âNo Billâ to the charges of
both Kidnapping and Manslaughter, District Attorney Dewayne Richardson, via statement.
The murder of Emmett Till remains an unforgettable tragedy in this country and the thoughts and prayers of this nation continue to be with the family of Emmett Till, District Attorney Dewayne Richardson, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
$6 Billion Student Loan Debt Settlement , Allowed by Supreme Court.
NBC News reports that on April 13, the
Supreme Court rejected a request made by three colleges to challenge the class-action settlement.
The schools that made the request are
Everglades College, Lincoln Educational Service Corp. and American National University. .
The secretaryâs claimed authority amounts to nothing less than the power to cancel, en masse, every student loan in the country, Challenging schools, via court papers.
But the Justice Department determined
that the settlement "neither adjudicates
any rights or imposes any duties or
liabilities upon the relevant schools.".
The settlement, which is
unrelated to President Biden's efforts
to eliminate student loan debt, .
The settlement, which is
unrelated to President Biden's efforts
to eliminate student loan debt, .
stems from loans borrowers say were taken out after being misled by the schools.
The settlement could be worth over $6 billion, allowing thousands of loans to be canceled.
It was approved by U.S. District Judge
William Alsup in November.
The colleges were previously placed on a list by the federal government linked to "substantial misconduct.".
According to the Justice Department, approximately 3,800 of the loans were affiliated with the three colleges.
400 of them have been discharged so far
Credit: Wibbitz Top Stories Duration: 01:31Published
EU foreign policy chief Josep Borrell said that the training of Ukrainian pilots to fly F-16 jets has begun in Poland. The move comes after US President Joe Biden last week gave the go-ahead for Ukrainian pilots to be trained on the American-made jets that Ukraine says it needs to fight off Russia's invasion.
#F16Jets #RussiaUkraineWar #F16Falcons
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Biden and McCarthy , Still Havenât Made a Debt Limit Deal.
June 1 is the deadline for America's
debt limit to be raised before the country defaults for the first time ever.
The House speaker and U.S. president ended
their current round of talks regarding the
situation on the evening of May 22, CNN reports.
The House speaker and U.S. president ended
their current round of talks regarding the
situation on the evening of May 22, CNN reports.
While no deal was reached,
the two leaders are optimistic. .
I felt we had a productive discussion. We donât have an agreement yet,
but I did feel the discussion was productive in areas that we have differences of opinion, Kevin McCarthy, House speaker, via statement.
We reiterated once again that
default is off the table and the only way to move forward is in good faith toward a bipartisan agreement, Joe Biden, U.S. president, via statement.
While there are areas of disagreement, the Speaker and I, and his lead negotiatorsâŠ
and our staffs will continue to discuss the path forward, Joe Biden, U.S. president, via statement.
McCarthy also said that once an agreement is reached, he will uphold the House's three-day rule to make sure legislators have enough time to examine the deal before voting.
But not everyone is so optimistic
about the discussions thus far. .
Democrat Hakeem Jeffries said
things are moving in the "wrong direction.".
Theyâve rejected the fact that
President Biden is willing to consider freezing spending. It will reduce
the deficit by a trillion dollars. , Hakeem Jeffries, House Democratic leader, via statement.
This is what the extreme MAGA Republicans say that they want. They rejected. They rejected an unwillingness to not put the country through this again, Hakeem Jeffries, House Democratic leader, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
Chevron to Acquire , PDC Energy.
Chevron made the announcement on May 22.
It will acquire the shale producer
in a deal worth $7.6 billion.
Chevron is currently the
second-largest oil company in America.
The acquisition will help the company to bolster "production, capital expenditures
and cash flow," Reuters reports.
As geopolitical tensions remain prominent amid Russia's war on Ukraine.
Chevron Chief Executive Michael Wirth said,
"It's a strong investment in our business in the U.S.".
Last year, Chevron and other oil companies were criticized by President Biden for not ramping up output as fuel prices skyrocketed.
Chevron also recently announced that it is seeking to "reduce its cash stockpile" to benefit shareholders, Reuters reports. .
We're repurchasing shares at a rate of $17.5 billion per year. So we'd buy those shares back very quickly, Michael Wirth, Chevron Chief Executive, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
Speaking before leaving the G7 summit in Japan, Rishi Sunak has praised the 'historic' attendance of President Zelenskyy and reinforced the unity and determination of the G7 allies to stand with Ukraine. Mr Sunak hailed President Biden's provision of F-16 fighter jets to Ukraine and said that the UK will help train Ukrainian pilots starting this summer. Report by Etemadil. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
US President Joe Biden and Indian Prime Minister Narendra Modi displayed their bromance during the G7 summit in Japanâs Hiroshima.
#JoeBiden #PMModi #BidenModihug
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IRS to Launch Free , E-Filing Pilot Program in 2024.
The IRS made the announcement on May 16 as it released a study, which was required by the Inflation Reduction Act, exploring the impact of a free e-filing system. .
The IRS was given $15 million to assemble a task force and conduct the study.
According to various surveys, "72% of taxpayers would be interested" in a free e-filing system provided by the IRS, CNN reports. .
The report shows that a majority of taxpayers are interested in using an IRS-provided tool to prepare and file their taxes, Danny Werfel, IRS Commissioner, via statement.
It also shows that the IRS is technically capable of delivering Direct File, but that doing so would require additional resources and add complexity to IRS operations, Danny Werfel, IRS Commissioner, via statement.
The agency's report indicates that the program could cost the IRS $64 million
to $249 million each year.
The IRS has yet to determine pilot program eligibility requirements. .
Once the pilot program is over,
the Treasury Department will decide
whether to implement a larger-scale program.
The pilot program arrives as private tax-filing companies have come under fire for making it difficult to access their free options.
TurboTax is currently sending settlement checks to 4.4 million people for deceiving taxpayers into paying to do their taxes
Credit: Wibbitz Top Stories Duration: 01:30Published
US House Passes , Debt Limit Bill , As Default Looms.
On April 26, House Speaker Kevin McCarthy passed
his debt ceiling bill by a narrow margin of 217 to 215. .
NBC reports that the passage of the bill
throws into question whether the United States
will be able to avoid a looming default.
Both the Democratic-controlled
Senate and the Biden administration have
said that they would not approve the bill. .
Both the Democratic-controlled
Senate and the Biden administration have
said that they would not approve the bill. .
However, Republicans believe that
the passage of the bill in the House opens
the door for further negotiation. .
Now he should sit down and negotiate.
We are the only party to take fiscal
action... that would lift the debt limit
so we wouldnât have economic damage, Kevin McCarthy, Republican House Speaker, via NBC.
NBC reports that the White House has
said it will not compromise on raising
the debt limit with policy strings attached.
According to the Treasury Department, economic
calamity from the U.S. defaulting on its debts could
happen as early as June 5 if Congress fails to act in time.
According to the Treasury Department, economic
calamity from the U.S. defaulting on its debts could
happen as early as June 5 if Congress fails to act in time.
Our plan has always been the same:
to avoid default, to pass a clean
debt ceiling â no brinksmanship,
no hostage-taking. , Chuck Schumer, Democratic Senate Majority Leader, via NBC.
However, Senate Minority Leader Mitch McConnell
suggests that a compromise between both
parties is the only way forward.
The agreement needs to be
reached between the speaker
and the president. Until he and
the speaker of the House reach
an agreement, weâll be at a standoff, Mitch McConnell, Republican Senate Minority Leader, via NBC
Credit: Wibbitz Top Stories Duration: 01:30Published
Inflation and Interest Rate Hikes , Cornering Many U.S. Households.
On May 9, inflation data is expected
to strike a familiar note with people
living in the United States. .
NBC reports the data is expected to show that people in
the U.S. are feeling cornered by the increased cost
of goods and services amid the current economy.
According to the Labor Department,
March saw an annual increase in prices of 5%. .
NBC reports that Wall Street analysts
expect another 5% increase in April.
Weâre in a robust
demand environment, Neil Dutta, Head of economic research
at Renaissance Macro Research group, via NBC.
And one reason for that is that
labor markets are very tight, Neil Dutta, Head of economic research
at Renaissance Macro Research group, via NBC.
NBC reports that recent job data shows that
the U.S. unemployment rate has dropped
back to a post-pandemic low of 3.4%.
Meanwhile, 10 straight interest rate hikes by
the Federal Reserve has brought key federal
funding rates to the highest level in over 15 years. .
Last week, while speaking at the central bank's
summer meeting, Fed Chair Jerome Powell
failed to rule out continued rate hikes in 2023.
Last week, while speaking at the central bank's
summer meeting, Fed Chair Jerome Powell
failed to rule out continued rate hikes in 2023.
Between the spikes in gasoline,
food and shelter prices, there has
been no shortage of sources of
aggravation associated with
inflation for many months now, Neil Dutta, Head of economic research
at Renaissance Macro Research group, via NBC.
Between the spikes in gasoline,
food and shelter prices, there has
been no shortage of sources of
aggravation associated with
inflation for many months now, Neil Dutta, Head of economic research
at Renaissance Macro Research group, via NBC
Credit: Wibbitz Top Stories Duration: 01:31Published
US Adds 253,000 Jobs , in April.
The added jobs exceeded analysts' expectations
of 180,000 for the month, reports 'The Hill.'.
The unemployment rate dropped from 3.5% the previous month to 3.4%, according to Labor Department data.
The report indicates that although the economy
is slowing, the labor market is still strong.
Once again, the job market has turned heads with its resilience, Mark Hamrick, Bankrate senior economic analyst, via note.
Wage gains also exceeded expectations.
Hourly wages increased 0.5% for the
month and 4.4% year-over-year.
Interest rates were recently raised
by another quarter of a point. .
Markets have been hoping for slower economic data, in the hope that it will give the Fed space to cut rates. Todayâs jobs report has delivered the exact opposite, Seema Shah, chief global strategist at Principal
Asset Management, via research note.
Federal Reserve Chairman Jerome Powell
said, "excess demand in the labor market" could help to avoid a recession.
Avoiding a recession is, in my view, more likely than having a recession. But I donât rule that out either. Itâs possible that we have a mild recession, Jerome Powell, Federal Reserve Chairman, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
The European Central Bank has slowed the pace of its interest rate increases, stepping back like the US Federal Reserve from a string of jumbo hikes aimed at snuffing out inflation.
Credit: euronews (in English) Duration: 01:02Published
US Economic Growth Slows, , Jobless Claims Fall.
The Commerce Department released
its Q1 gross domestic product report
on April 27, Reuters reports. .
Economic growth slowed more than anticipated, increasing only at a 1.1% annualized rate.
Increased consumer spending was offset by a $1.6 billion decline in inventory investments.
Businesses anticipated weaker demand
due to higher borrowing costs.
Reuters reports that disregarding "inventories, government and trade," economic growth reached 2.9%.
Next week, the Federal Reserve is expected to hike interest rates by 25 more basis points. .
Since March of last year, the Fed has
raised rates by 475 basis points.
A separate Labor Department report
showed initial unemployment claims fell by 16,000 for the week ending April 22.
Continuing claims remained low, as Reuters reports there were 1.7 new jobs per each unemployed person in February.
The current unemployment
rate is at 3.5%
Credit: Wibbitz Top Stories Duration: 01:30Published
Easy Remedies, to Help, Relieve Allergies.
Spring is officially here, meaning trees,
flowers and grass are ready to bloom.
But for 50 million
Americans, that also
means seasonal allergies. .
24/7 Tempo has compiled 10 easy
remedies to help relieve your allergy symptoms. .
1. Drink Peppermint Tea.
2. Steam.
3. Donât
Exercise Outside
in the Morning.
4. Take Probiotics.
5. Eat Ginger.
6. Use Saline Spray.
7. Donât Wear Contact Lenses.
8. Eat Pineapple.
9. Wash Your Hair Daily.
10. Clean Your A/C Filter
Credit: Wibbitz Top Stories Duration: 01:30Published
A majority of Americans say they have a family member who has experienced gun violence, such as witnessing a shooting, being threatened by a person with a gun, or being shot, according to a new survey.
Credit: euronews (in English) Duration: 02:36Published
Rochelle Walensky , to Step Down As CDC Director.
Walensky's departure was announced on
May 5 by the CDC and President Biden, CNN reports.
The president thanked Walensky for guiding âa complex organization on the frontlines of a once-in-a-generation pandemic with honesty and integrity.â.
Dr. Walensky leaves CDC a stronger institution, better positioned to confront health threats and protect Americans. , President Joe Biden, via statement.
We have all benefited from her service and dedication to public health, and I wish her the best in her next chapter, President Joe Biden, via statement.
In a letter, Walensky said that the CDC
âsaved and improved lives and protected the country
and the world from the greatest infectious disease
threat we have seen in over 100 years.â.
The end of the COVID-19 public health emergency marks a tremendous transition for our country, for public health, and in my tenure as CDC Director, Rochelle Walensky, CDC director, via statement.
I took on this role, at your request, with the goal of leaving behind the dark days of the pandemic and moving CDC â and public health â forward into a much better and more trusted place, Rochelle Walensky, CDC director, via statement.
Walensky's last day as
CDC director will be June 30
Credit: Wibbitz Top Stories Duration: 01:31Published
TurboTax Customers , to Begin Receiving Settlement Checks.
Last year, Intuit Inc., which owns TurboTax, was ordered to compensate about 4.4 million people to the tune of $141 million.
The company was found guilty of deceiving customers into paying for their tax returns when they qualified for free services. .
New York Attorney General
Letitia James issued a statement.
TurboTaxâs predatory and deceptive marketing cheated millions of low-income Americans who were trying to fulfill their legal duties to file their taxes, Letitia James, New York Attorney General, via statement.
Today we are righting that wrong and putting money back into the pockets of hardworking taxpayers who should have never paid to file their taxes, Letitia James, New York Attorney General, via statement.
To qualify, customers must have been eligible for free services but instead paid TurboTax to do their taxes in 2016, 2017 and 2018.
If you meet the criteria,
there is no need to file a claim.
Instead, you'll "receive an email
from Rust Consulting" and be
issued a check, Associated Press reports.
Checks ranging from $29 to $85
will start going out next week.
Intuit also issued a statement.
Intuit is pleased to have reached a
resolution with the state attorneys general that will ensure the company can return our focus to providing vital services to American taxpayers today and in the future, Kerry McLean, Intuitâs executive vice president
and general counsel, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
Sugar Alternatives Helpful , in Losing Weight, Study Says.
CNN reports it's no secret -
Americans love sugar.
CNN reports it's no secret -
Americans love sugar.
Per the American Heart Association,
on average, Americans consume
nearly 60 pounds of sugar every year.
Nearly half of Americans' sugar
intake comes from drinks.
Nearly half of Americans' sugar
intake comes from drinks.
For those with diabetes,
artificial sweeteners could be a
helpful alternative, a new study says.
An analysis published in JAMA Network Open found replacing sugar with a low-calorie alternative correlates to weight loss and reduced cardiometabolic risks.
An analysis published in JAMA Network Open found replacing sugar with a low-calorie alternative correlates to weight loss and reduced cardiometabolic risks.
Though the study displays a more
positive look at alternatives to
sugar-based beverages, their effect
on overall health is up for debate.
Though the study displays a more
positive look at alternatives to
sugar-based beverages, their effect
on overall health is up for debate.
A 2019 study found two or more
diet beverages a day resulted in
higher risks of strokes and heart
attacks in women over 50 years old.
A 2019 study found two or more
diet beverages a day resulted in
higher risks of strokes and heart
attacks in women over 50 years old.
Experts say the safest way to quench your thirst is to drink water, though abstaining from sweet drinks may be challenging.
Cut back by one serving per day until you're down to one drink per day. , Lisa Drayer, registered dietician, via CNN.
Cut back by one serving per day until you're down to one drink per day. , Lisa Drayer, registered dietician, via CNN.
Then aim for one every other day until you can phase out soft drinks entirely. , Lisa Drayer, registered dietician, via CNN
Credit: Wibbitz Top Stories Duration: 01:30Published
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