Roku says 26% of its cash reserves are
stuck in Silicon Valley Bank
Posted By: Dreadnought, 3/11/2023 12:39:02 AM
Roku has $487 million of cash and cash equivalents in uninsured deposits at failed Silicon Valley Bank, the streaming media company said in an filing on Friday with the Securities and Exchange Commission. About 26% of Roku's $1.9 billion in cash was deposited with SVB, which was placed into receivership by the Federal Deposit Insurance Corp. midday Friday. Roku shares fell over 4% in extended trading on the news. "At this time, the Company does not know to what extent the Company will be able to recover its cash on deposit at SVB," Roku said in a press release. Nonetheless, Roku said it believed it would be
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Biden will announce sweeping protections
preventing new Arctic drilling ahead of
Willow decision 4 replies
preventing new Arctic drilling ahead of
Willow decision 4 replies
President Joe Biden on Monday is expected to announce sweeping new protections for federal lands and waters in Alaska, according to an administration official, as the administration is poised to soon approve a major oil drilling project in the state.
Biden will declare the entire US Arctic Ocean off limits to future oil and gas leasing and will announce new rules to protect over 13 million acres in the federal National Petroleum Reserve in Alaska from drilling. In all, the administration will move to protect up to 16 million acres from future fossil fuel leasing.
The announcement comes as the administration is preparing to green-light the ConocoPhillips' Willow project,
Banking regulators devised a plan Sunday to backstop depositors with money at Silicon Valley Bank, a critical step in stemming a feared panic over the collapsed tech-focused institution.
Regulators said depositors at both SVB and Signature Bank in New York, which also has been closed, will have full access to their deposits. The Treasury Department said it approved of plans that would unwind both institutions "in a manner that fully protects all depositors." Those with money at the bank will have full access starting Monday.
The Federal Reserve also said it is creating a new Bank Term Funding Program aimed at safeguarding institutions impacted by the market instability of the SVB failure.
U.S. regulators said Sunday it shut down New York-based Signature Bank, a second financial institution they shuttered after Silicon Valley Bank's collapse.
"We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority," Treasury, Federal Reserve, and FDIC said in a joint statement Sunday evening. The banking regulators said depositors at Signature Bank will have full access to their deposits.
"All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer," the regulators said.
Signature is one of the main banks to the cryptocurrency industry.
First Republic Bank sought to reassure customers that their deposits were safe as regional lenders scramble to dampen contagion fears sparked by the collapse of Silicon Valley Bank.
SVB was shut down by California regulators Friday and taken over by the Federal Deposit Insurance Corporation (FDIC) after its share price collapsed following a failed $2.3 billion capital raise.
With $209 billion in assets and about $175 billion in deposits as of the end of last year, it was the biggest bank collapse since Washington Mutual in 2008, and the second-biggest failure on record.
A significant proportion of its deposits are uninsured, leaving customers liable to big losses
For the past 20-odd years, Silicon Valley Bank was a great banking partner for CADE Estate Winery, a Napa Valley-based company with four wineries, multiple vineyards, and California Gov. Gavin Newsom as one of its investors, founder John Conover told Insider.
The bank seemed to understand the unique demands and challenges of the industry, offering low-interest rate loans, "seasonal crop lines of credit" and "equipment loans and debt restructuring," according to SVB's website.
So when the bank collapsed this week after a run of $42 billion in withdrawals, tech start-up founders and VCs weren't the only cohorts shocked by SVB's demise.
"I think it surprised everybody,"
NEW YORK — Can Washington come to the rescue of the depositors of failed Silicon Valley Bank? Is it even politically possible?
That was one of the growing questions in Washington Sunday as policymakers tried to figure out whether the U.S. government — and its taxpayers — should bail out a failed bank that largely served Silicon Valley, with all its wealth and power.
Prominent Silicon Valley personalities and executives have been hitting the giant red “panic” button, saying that if Washington does not come to the rescue of Silicon Valley bank’s depositors, more bank runs are likely this week.
“Either deposits in the U.S. are safe or they’re not.
Federal regulators are conducting an auction for Silicon Valley Bank, with final bids due Sunday, according to a report from Bloomberg News.
The bank was closed by regulators on Friday after massive withdrawals a day earlier created a bank run. The Federal Deposit Insurance Corporation took control of the bank on Friday, and started an auction process on Saturday night, according to the report. It is still possible that no deal is reached, the report said.
The collapse of SVB, which was a key player in the technology start-up world, is the largest U.S. bank failure since Washington Mutual in 2008. That bank was then purchased by JPMorgan Chase
Like during the late 1970s and early ’80s, the country is currently experiencing an energy crisis. The similarities are striking, especially the fact that Democrats also controlled the executive branch then. But one part of it that’s different today is the way Joe Biden and his administration are acting in ways that can only make the problem worse.
The most recent example came about a week ago, when a stunning, internal Department of the Interior (DOI) memo leaked. The injury here was self-inflicted; someone in the department accidentally posted the memo on their website. As my colleague Nick Arama wrote:
Former Bureau of Ocean Energy Management (BOEM) Director Amanda Lefton acknowledged
Silicon Valley Bank, which was closed by U.S. regulators Friday after massive withdrawals and the collapse of its share price, was the bank of choice for the Israeli high-tech sector. The California-based bank, which in 2008 opened an Israeli branch on Tel Aviv’s Ha’arba’a Street, held billions of dollars in deposits of Israeli high-tech companies, invested in many local startups and – no less important – extended credit to dozens of Israeli technology companies.
The U.S. Federal Deposit Insurance Corporation seized $175 million of the bank’s deposits, making this the biggest bank failure since the global financial crisis in 2008.
Etsy is warning sellers that the collapse of Silicon Valley Bank on Friday is causing delays in processing payments, according to an email from the company shared with NBC News.
The online do-it-yourself goods mega shop said it used SVB to facilitate disbursement to some sellers, and that it was working with other payment partners to issue deposits. "We wanted to let you know that there is a delay with your deposit that was scheduled for today," the email from Etsy said.
"We know that you count on us to help run your business and we understand how important it is for you to receive your funds when you need them,"
Dem. Rep. Dan Goldman Has an Added Interest
in Sinking Oversight Investigations Into Biden 4 replies
in Sinking Oversight Investigations Into Biden 4 replies
For those who watched Thursday’s Select Subcommittee on the Weaponization of the Federal Government hearing regarding the Twitter Files, the arrogant, dismissive, (and hilariously ignorant) attitude on display by the subcommittee’s Democrat members was hard to stomach. While most hearings are dog and pony shows to some degree, the Dems’ seek-and-destroy mission aimed at undermining the credibility of witnesses Matt Taibbi and Michael Shellenberger and muddying the waters was blatant.
As a former Democrat (of the “classical liberal” variety) the disdain for journalistic ethics and best practices and utter indifference to the gross governmental overreach
Stablecoin USDC breaks dollar peg after
revealing $3.3 billion Silicon Valley
Bank exposure 12 replies
revealing $3.3 billion Silicon Valley
Bank exposure 12 replies
Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on Saturday after Circle, the U.S. firm behind the coin, revealed that some of the reserves backing it were held at Silicon Valley Bank.
Circle has $3.3 billion of its $40 billion of USDC reserves at collapsed lender Silicon Valley Bank, the company said in a tweet on Friday.
The coin broke its 1:1 dollar peg and fell as low as $0.88 shortly after 0800 GMT on Saturday according to market tracker CoinGecko. It recovered slightly to trade around $0.90 by 1120 GMT.
Silicon Valley Bank collapsed on Friday
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I love a good conspiracy theory. (Snip) Michelle Obama hates politics, hates voters, and hates Washington D.C., and not necessarily in that order.
She emerged from her privileged Martha’s Vineyard cocoon recently to recount in a podcast (about herself, naturally) that she cried uncontrollably for a half an hour on Air Force One when she left Washington, D.C., after Donald Trump’s inauguration. “Just straight, uncontrollable sobbing” from “holding it together for eight years” under the enormous, horrible, crushing burden of being the First Lady of the United States. Her story was one of struggle where living in the White House with staff to cater to her every need,
Tucker pulled his punches
40 replies
I watched what I thought was a serious journalist blow the first night of the supposed big J6 tape release. But I couldn't help noticing that he picked stuff we already knew -- and he was WEAK.
Where was the video of fed provocateurs and violence coordinators?
Capitol Police flash bang and rubber bullet/baton attacks on an unarmed citizen crowd?
The deceptions about the barricades?
The beatings of unarmed women and lots of unarmed mem, one, Roseann Boyland who died?
What was so hard about demonstrating to the public that the J6 was a Reichstag Fire scam?
Former Vice President Mike Pence, who was President of the Senate that presided over the Electoral College on January 6, unloaded on former President Donald Trump at the Gridiron Dinner on Saturday.
Pence slammed his former boss Trump in his strongest criticism to date of his former running mate. “History will hold Donald Trump accountable for Jan. 6,” Pence said. “Make no mistake about it: What happened that day was a disgrace, and it mocks decency to portray it in any other way. President Trump was wrong. His reckless words endangered my family and everyone at the Capitol that day.”
Every July, Minot Air Force Base, the only one to contain two ‘legs’ of the nuclear triad, celebrates ‘Diversity Day’. Held at the Jimmy Doolittle Center, named after the hard-charging Air Force pioneer who led the first air raid into Japan after Pearl Harbor, Diversity Day showcases “many different cultures along with other diversities such as religion and disabilities” representing the various cultures at Minot Air Force Base.” Jimmy would not approve.
A culture notably absent from the Diversity Day festivities at Minot is a culture of competence.
Two Air Force commanders have been fired after their units failed nuclear surety inspections.
Military aid provided by the United States and its NATO allies to Ukraine is being found in the hands of Iranians, according to a new CNN report.
“Russia has been capturing some of the US and NATO-provided weapons and equipment left on the battlefield in Ukraine and sending them to Iran, where the US believes Tehran will try to reverse-engineer the systems,” four sources familiar with the matter told CNN.
“Over the last year, US, NATO and other Western officials have seen several instances of Russian forces seizing smaller, shoulder-fired weapons equipment including Javelin anti-tank and Stinger anti-aircraft systems
It was all a joke, she says. After igniting a firestorm by calling for the murder of pro-lifers on The View Friday, Hanoi Jane Fonda issued a statement: “While women’s reproductive rights are a very serious issue and extremely important to me, my comment on The View was obviously made in jest. My body language and tone made it clear to those in the room – and to anyone watching – that I was using hyperbole to make a point.” Except that it obviously wasn’t clear to anyone present. Fonda was speaking seriously; her declaration only became a joke when it became clear to her that she had crossed
Officials with the United States Navy have renamed two ships whose names have ties to the Confederacy. The U.S. guided-missile cruiser Chancellorsville, which was homeported in San Diego for many years, has been renamed Robert Smalls, honoring a Civil War-era maritime pilot who commandeered a Confederate ship in 1862 and turned it over to the Union forces.
Smalls was born a slave and went on to become a mariner, a businessman, a publisher and a congressman who represented South Carolina, the state where he was born.
The decision to make the change was due to its former name, which was
PORTLAND, Ore. – In the last decade, gender pronouns have become a much more common sight to see and hear – both in social media profiles, in their email signatures, on patches and pins, and when they introduce themselves. As the fight for LGBTQ+ equality and rights continues, many people, including celebrities like Sam Smith and Demi Lovato, have publicly announced that they’re non-binary and use they/them pronouns. (Snip) People can also use non-gendered or gender-neutral pronouns such as they/them, ze/zir, ze/hir, xe/xem, fe/fem, ey/em, co/co, or per/per. Some of these, such as ze/sem and fe/fem, are known as neo
If you haven’t seen the story yet, down in Fort Lauderdale there’s an LGBT-focused area called Sebastian St. where a large modern LGBT flag has been painted on the street. Footage has been coming out of it being vandalized by a truck that decided to peel out while sitting on top of the flag, leaving it scuffed and blackened. [Tweet] On Wednesday, more footage emerged that showed some cyclists doing their best to scuff up the flag as well. According to WSVN-TV, the cleanup process has begun to repair the flag and police are now trying to track down the vandals. The station began interviewing people
Dr. Susan Bradley, a Canadian psychiatrist and pioneer in child gender dysphoria treatment, came out against the popular model of affirming children’s transgender identities and putting them on puberty blockers — a practice she was once involved in — in an interview with the Daily Caller News Foundation.
Bradley started a pediatric gender clinic in 1975 aimed at treating children with gender dysphoria — a deep sense of discomfort with one’s body and biological sex — in which she offered a therapy-focused approach; most patients outgrew their feelings of being transgender over time, she told the DCNF. Around 2005, the clinic began prescribing puberty blockers to gender-dysphoric children as a way
The American Red Cross has maps and guides for migrants to make the dangerous journeys to the U.S.-Mexico border, according to documents exclusively obtained by the Daily Caller News Foundation.
The map, which is part of a packet stamped with the International Committee of the Red Cross and American Red Cross logos, shows a list of resources, including hotels, clinics and shelters where migrants can get support in Mexico and Central America. The maps include clearly defined lines leading to cities along the U.S. border. The organization also has a guide to “self care” along the journey, which includes tips on how to survive the desert and disease,
Shocking footage has revealed the moment a South Carolina student was 'slammed against a wall' and screamed at by her teacher for refusing to recite the Pledge of Allegiance.
The parents of Marissa Barnwell, 15, have launched a lawsuit following the episode, which erupted on the ninth-grader's birthday last November.
The incident occurred at River Bluff High School in Lexington, where honor roll student Barnwell claims she was accosted while quietly walking to class. She says her teacher, named Nicole Livingstone, became enraged after seeing the 15-year-old had not stood still as the pledge rang out across the campus' intercom system.
'I was just in disbelief,' said Barnwell