what happened at silicone valley bank is the reason for what happened at signature. when you think about what happened at silicon valley bank, they were all essentially accounts larger than the $250,000 fdic insurance. so after people watched the news on the svb collapse, they said, if i have more than $250,000 in any bank, i m going to start to move my money. signature bank is among those who have a high proportion of accounts and clients who have more than that amount in there. they started to move their money, started to pull the money out. if enough people pull enough money fast enough, that s a bank run and sends the bank under. that s what happens with signature. there were issues at first republic, a downgrade over the weekend. prior to that we did see 11 of the larger banks, their competitors put in $30 billion of deposits into the bank. maybe that stopped the bleeding. we ll have to see. if people are watching and say i ve got my money at one of the big banks and i know th
bret: 10 days before the collapse of signature bank, house financial services committee chairman patrick mchenry, who is overseeing an inquiry into that bank s failure was inside its board room to raise thousands of dollars from executives according to bloomberg tonight. the report notes signature bank s board has connections to both democrats and republicans. bipartisan hearings into the collapse of signature and silicone valley bank will begin next week. mchenry said today, quote, when people contribute to me it s an endorsement of my agenda not the other way around. in this circumstance we had not processed the contributions and we returned them all. multiple states and cities across the country are considering reparation programs now. the price tag for some could be in the hundreds of billions of
The US Dollar climbed as First Republic Bank was poised to receive aid and market volatility cooled. Meanwhile, the Fed’s balance sheet ballooned, but not because of quantitative easing.
Georgia Congresswoman Marjorie Taylor Greene has become infamous for her outrageous conspiracy theories from Jewish space lasers to the 9/11 attack on the Pentagon being fake. Now, she is saying that bombs are being smuggled across the border and then she gets fact-checked by Border Patrol.
great to have you with us. there s plenty of discussion among lawmakers, lawmakers asked questions as they should be. and questions as to how specifically regulations that were rolled back, some of the dodd frank regulations in 2010 that in 2018 were rolled back. did they or did they not contribute to what we saw at silicone valley bank. what s most fascinating is it brought back to the forefront the clear divisions that exist among democrats. there are some who say this is fine, it worked the way it was supposed to. we should be looking at the boards, the ceos. and then you have others saying we need more regulation, we need more oversight. how does that play out? well, what i ve been hearing a lot on capitol hill is that a lot of people are re-examining the 2018 bill and asking themselves whether that led to the collapse of silicone valley bank. when i talk to some senate democrats who previously