Federal Government Has 48 Hours to Fix
‘Irreversible Mistake,’ Billionaire Says
Posted By: earlybird, 3/12/2023 5:25:29 PM
Several billionaires issued warnings over the weekend after the Silicon Valley Bank suddenly collapsed late last week and forced the federal government to step in. Billionaire investor Bill Ackman wrote Saturday that the federal government had about two days to fix the problem—by Monday morning. He noted that a number of depositors may not see their money because it wasn’t insured; the Federal Deposit Insurance Corporation (FDIC) notes it insures $250,000 per depositor, per insured bank for each account.
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earlybird"
Major Metro Fooled in Sister City Scam
- Would You Have Been Fooled by Something
So Obvious? 11 replies
- Would You Have Been Fooled by Something
So Obvious? 11 replies
In its dash in the fast lane to embrace diversity, the city of Newark, New Jersey, drove into a pothole.
On Jan. 12, Newark officials signed a “sister city” agreement with the United States of Kailasa that was going to support trade and other activities that would allow Newark to cite a connection with a Hindu nation.
“I pray that our relationship helps us to understand cultural, social and political development and improves the lives of everybody in both places that helps us to understand where we are and who we are and our connectivity to one another and helps us to become better people in this process, better people individually
A key COVID-19 vaccine case is moving to the discovery phase after a U.S. judge rejected a bid by Moderna to dismiss some of the patent infringement claims against it.
Moderna and the U.S. government, which backed the company, failed to prove that claims involving the company’s COVID-19 vaccine contract with the government should be dismissed, U.S. District Judge Mitchell Goldberg ruled on March 10.
Goldberg in late 2022 rejected a similar effort but Moderna revived its bid after the government filed a statement asserting it, not the company, should face the claims relating to the contract.
The parties, though, have failed to prove that the government’s interpretation “trumps a court’s analysis
Biden killed SVB. We're next.
9 replies
The blame game over SVB’s collapse is a diversion. The media have rounded up the usual suspects: Trump, greed, bad law, blah, blah, blah. When Captain Renault did that in Casablanca, he knew who the real culprits were. The media is not that bright.
James Hickman is. He is the founder of Sovereign Research. He looked at the numbers and he found the culprit.
Biden. He made government bonds worth less which has banks dropping like cockroaches in a Raid commercial.
(snip)Hickman wrote, “Silicon Valley Bank was no Lehman Brothers. Whereas Lehman bet almost all of its balance sheet on risky mortgage bonds, SVB actually had a surprisingly conservative balance sheet.
Investigators score big win as Treasury
turns over secret bank records flagging
Hunter Biden deals 9 replies
turns over secret bank records flagging
Hunter Biden deals 9 replies
The Biden Treasury Department ended weeks of foot dragging Tuesday by agreeing to provide congressional investigators with access to secret bank records that flagged suspicious overseas financial transactions involving Hunter Biden and the first family.
House Oversight and Accountability Committee Chairman James Comer announced the deal to let his investigators access the so-called Suspicious Activity Reports in a secure reading room.(snip)The deal comes just a few short weeks after Comer secured the cooperation of longtime Hunter Biden business partner Eric Schwerin, a development described as a major breakthrough in the probe to determine if Hunter Biden's overseas business dealings with controversial figures in China, Russia, Ukraine and other countries
It Had to Be Su
6 replies
Joe Biden’s pick to head the Department of Labor is current Deputy Secretary Julie Su, who is, according to a White House statement, “a tested and experienced leader.” As confirmation hearings await, senators might test her experience during an unemployment scandal in California.
Su headed California’s Labor and Workforce Development Agency (LWDA) which oversees the Employment Development Department (EDD) responsible for unemployment claims. On Su’s watch, the EDD sent more than $31 billion in fraudulent unemployment claims to California, out of state, and even out of the country. In 2020 alone, Su confirmed, fraudsters stole at least $11.4 billion in California unemployment benefits. As it happens, fraud was not a new
Prince Andrew has been left “bewildered” that he has not yet received any inheritance from Queen Elizabeth II, royal sources have claimed. After the Queen’s death last September, her £650 million Duchy of Lancaster estate was automatically left to King Charles. However, Prince Andrew, 63, is said to have told friends he feels “despair” that the King has not shared any of his new wealth among his siblings. According to the Daily Mail, Prince Andrew feels an amount of “resentment” at the situation.
Several billionaires issued warnings over the weekend after the Silicon Valley Bank suddenly collapsed late last week and forced the federal government to step in.
Billionaire investor Bill Ackman wrote Saturday that the federal government had about two days to fix the problem—by Monday morning. He noted that a number of depositors may not see their money because it wasn’t insured; the Federal Deposit Insurance Corporation (FDIC) notes it insures $250,000 per depositor, per insured bank for each account.
EXCLUSIVE: Dramatic New Video Shows Efforts
to Revive Lifeless Rosanne Boyland on
Jan. 6, 2021 12 replies
to Revive Lifeless Rosanne Boyland on
Jan. 6, 2021 12 replies
A dramatic new Metropolitan Police Department bodycam video shows how officers and medics from three police agencies worked for 15 minutes to try to revive a lifeless Rosanne Boyland after she was dragged feet-first through the Lower West Terrace tunnel on Jan. 6, 2021.
The urgent efforts to restart Boyland’s heart were a stark contrast to the previous 10 minutes outside the tunnel, where protesters begged police for medical help, but their pleas were ignored. Boyland, 34, of Kennesaw, Georgia, was the last of four people who died at the U.S. Capitol that day.
Treasury Secretary Janet Yellen appeared to hint on Sunday that the government might step in to fund uninsured deposits at Silicon Valley Bank, the tech-sector-focused bank that collapsed last week when panicked customers suddenly withdrew tens of billions of dollars.
The Federal Deposit Insurance Corporation, which took the bank into receivership on Friday, insures deposits up to $250,000. On Friday, the FDIC said all insured deposits would be available on Monday morning.
Most Silicon Valley Bank deposits, however, are above the insured limit. The FDIC said on Friday that it had not determined the amount of uninsured deposits but said depositors with amounts in excess of $250,000 would get
This week, the go-to bank for US tech startups came rapidly unglued, leaving its high-powered customers and investors in limbo.
Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators.
It was the largest failure of a US bank since Washington Mutual in 2008.
(Snip)
Founded in 1983, SVB specialized in banking for tech startups. It provided financing for almost half of US venture-backed technology and health care companies.
While relatively unknown outside of Silicon Valley, SVB was among the top 20 American commercial banks, with $209 billion in total assets at the end of last year, according to the FDIC.
SANTA CLARA, Calif.—Silicon Valley Bank collapsed Friday in the second-biggest bank failure in U.S. history after a run on deposits doomed the tech-focused lender’s plans to raise fresh capital.
The Federal Deposit Insurance Corp. said it has taken control of the bank via a new entity it created called the Deposit Insurance National Bank of Santa Clara. All of the bank’s deposits have been transferred to the new bank, (snip)
Insured depositors will have access to their funds by Monday morning,(snip)Depositors with funds exceeding insurance caps will get receivership certificates for their uninsured balances, meaning businesses with big deposits stuck at the bank are unlikely
A class action suit filed in California alleges LG Electronics USA, Inc. sold gas range stoves in the United States without properly notifying customers of toxic emissions prior to their purchases.
The suit comes as the industry faces attacks and efficiency proposals by the Biden administration that would remove up to half the current gas range ovens on the U.S. market.
A California woman who purchased an LG gas stove from Costco in October 2022 claims in the suit that she was unaware of the “risks” associated with the product before purchasing.
“Ms. Sherzai relied on the representations on the marketing materials disclosing risks,” read the lawsuit.
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Former President Donald Trump is intensifying his attacks on Florida Gov. Ron DeSantis, calling him disloyal and saying that his political career would have been over had he not endorsed his ultimately successful 2018 campaign.
“He was dead as a dog, he was a dead politician. He would have been working perhaps for a law firm or doing something else,” Trump told a small group of reporters aboard his plane on Monday afternoon en route to Iowa, where he was to make an appearance that evening.
Asked if he regretted endorsing DeSantis for governor in 2018, Trump responded: “Yeah maybe, this guy was dead. He was dead as a doornail.
Joe Biden is making his first appearance on The Daily Show since taking office as the president of the United States — and weighing in on attacks against LGBTQ+ Americans — sitting down with actor and former Obama administration staffer Kal Penn for a segment airing Monday night. (Snip) The president continues: "I turned and looked at my dad, and he said, 'Joey, it's simple, they love each other.' ... It's just that simple. It doesn't matter whether it's same-sex or a heterosexual couple, you should be able to be married. What is the problem?" Biden made history as the vice president in
Girls Basketball Team That Refused to
Play Against a Transgender Athlete Banned
From Sporting Events 35 replies
Play Against a Transgender Athlete Banned
From Sporting Events 35 replies
A private Christian school in Vermont that forfeited a girls’ basketball game against a team with a biological male “transgender” player has been banned from participating in upcoming sporting events. The Vermont Principals’ Association, which oversees school sporting events, announced on Monday that Mid Vermont Christian School would be ineligible to participate in sporting events and other activities done through the organization.
“The VPA again reiterates its ongoing support of transgender student-athletes as not only a part of building an inclusive community for each student to grow and thrive.
In his characteristically clumsy fashion, Old Joe Biden has revealed that former President Jimmy Carter has bestowed upon him a singular honor: “He asked me to do his eulogy — excuse me, I shouldn’t say that,” Biden said at a fundraiser in Rancho Santa Fe, California on Tuesday. When that day arrives, no matter how poorly Old Joe delivers what is certain to be a farrago of lies, half-truths, historical revisionism, and self-serving distortion, there will be a certain fitting aspect to the entire occasion: the previous holder of the title of Worst President in American History will be eulogized by the current holder of the title.
There has been some recent media buzz, as well as hope, about the possibility that former First Lady Michelle Obama might be persuaded to enter the 2024 presidential race. While that prospect is very unlikely – she has always rebuffed any notion that she might run for office – the enthusiasm is understandable. As the Democratic presidential nominee, or even the vice-presidential nominee, she would give Democrats their best chance at retaining the White House. (Snip) The majority of voters don’t want the 80-year-old Biden to run again, including a solid majority (57 percent) of Democratic voters. And that majority
The US State Department has summoned Moscow's ambassador after a Russian fighter jet collided with an American Reaper drone over the Black Sea, downing and destroying the unmanned aerial vehicle (UAV). (Snip) Pentagon officials said the Russian fighters harassed the drone by dumping fuel on it and flying in front of it, before one Su-27 clipped the propeller of the $32 million drone, forcing it down over the Black Sea in a total loss of the unmanned aircraft.
Until a few months ago, Rep. Maxine Waters, (D-CA) was the chair of the House Financial Services Committee, and currently is the ranking member (snip) One would think that any sentient consumer of information – both from media and from Congressional sources – would understand the difference between silicon and silicone. (snip) Silicone... is a manmade... polymer, useful in many applications, including caulk and boob-enhancement, but is useless for manufacturing semiconductors. (snip) But somehow, I don't see her recaulking the bathrooms in her multi-million dollar Hancock Park mansion that's not even in her congresional district.
Senate Minority Leader Mitch McConnell (R-KY) was discharged from the hospital after a nasty fall last week. The incident occurred at a private dinner, and he was briefly hospitalized for a concussion. Based on reports from his staff, the leader for Senate Republicans was eager to get out of the facility. He will need to undergo physical therapy, which draws questions about the severity of his injuries, given his age (via NBC News):Senate Minority Leader Mitch McConnell, R-Ky., was "discharged from the hospital today," his communications director, David Popp, said in a statement Monday
Ron DeSantis Causes a Great Triggering
With Must-Read Comments on Ukraine-Russia Conflict 23 replies
With Must-Read Comments on Ukraine-Russia Conflict 23 replies
Ron DeSantis is causing waves after answering a questionnaire on the conflict between Ukraine and Russia.
Fox News host Tucker Carlson sent the inquiry to all of the announced and presumed 2024 Republican presidential candidates, asking them what their views on the current war are. DeSantis bucked the establishment trend on both sides of the aisle and didn’t spew proclamations about defending democracy (which is definitively not why we are involved in Ukraine). Instead, he pointedly said it is not in US interests to become “further entangled” in the fight, which he described as a “territorial dispute.”
President Joe Biden apparently revealed a detail about Jimmy Carter’s funeral Monday, saying the former president asked him to “do his eulogy.” “I spent time with Jimmy Carter and it’s finally caught up with him, but they found a way to keep him going for a lot longer than they anticipated because they found a breakthrough,” Biden said during remarks at a reception for the Democratic National Committee (DNC) in California. “He asked me to do his eulogy. Excuse me, I shouldn’t say that,” Biden added. Carter, who is 98-years-old, decided to enter hospice care in mid February after a
Facebook-parent Meta plans to lay off another 10,000 workers, marking the second round of significant job cuts announced by the tech giant in four months.
The latest layoffs, announced on Tuesday, come after Meta said in November that it was eliminating approximately 13% of its workforce, or 11,000 jobs, in the single largest round of cuts in the company's history.
In a Facebook post Tuesday, CEO Mark Zuckerberg said the job cuts will take place "over the next couple of months."
Students at an all-female college attended by Nora Ephron and Hillary Clinton will vote on whether it can admit trans male students who were born female in a tense referendum on Tuesday.
Wellesley College in Massachusetts - which also counts Madeleine Albright among its alumni - already accepts admissions from 'anybody who lives and consistently identifies as a woman' including transgender females who were born male.
But now a landmark referendum, which has polarized students, will ask whether its application process should be open to individuals who were born women but now identify as transgender men.
Comments:
Predicting disaster if Monday brings a run on many community or regional banks due to unabated panic.