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News & Articles By Arsenio Toledo
03/14/2023
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By Arsenio Toledo
Bank collapse contagion? Customers line up to take their money out of First Republic Bank
Customers of First Republic Bank in Southern California are lining up outside bank branches, eager to withdraw their funds in the wake of the collapse of Silicon Valley Bank (SVB). SVB’s collapse has raised fears that First Republic could suffer a similar bank run that could lead to its own demise. Analysts have even pointed […]
03/14/2023
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By Arsenio Toledo
CLAIM: Signature Bank shut down and seized by feds to send warning message to crypto industry
Federal regulators on Sunday, March 12, announced that they were intervening to shut down Signature Bank. The bank’s director claims it was seized to send banks a message to stay away from cryptocurrencies. This decision was made two days after Signature Bank customers, spooked by the overnight collapse of Silicon Valley Bank, withdrew more than […]
03/14/2023
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By Arsenio Toledo
SHUTTING DOWN: General Motors offers buyout to 35k salaried workers in Michigan in an attempt to reach $2B in cost savings
The majority of General Motors’ salaried workers were offered voluntary buyouts as the automotive company struggles to cut $2 billion from its costs. GM has approximately 58,000 salaried employees in the United States, around 60 percent of whom work in Michigan across 25 facilities and offices in the state, including GM’s global headquarters at the […]
03/14/2023
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By Arsenio Toledo
Shareholders file class action suit against Silicon Valley Bank over alleged securities fraud
The recently collapsed Silicon Valley Bank (SVB) is now facing a lawsuit filed by its shareholders, who are alleging that the bank is in violation of federal securities laws. The class action suit of shareholders led by Chandra Vanipenta is directed against SVB Financial Group, the bank’s parent company, and its Chief Executive Officer Greg Becker and […]
03/14/2023
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By Arsenio Toledo
Silicon Valley Bank didn’t have a risk assessment chief for 9 months as it focused on WOKE diversity policies
Silicon Valley Bank operated without a chief risk officer between April 2022 and January 2023 as the company instead chose to focus resources on “woke” diversity initiatives. SVB’s former head of risk, Laura Izurieta, who formerly performed a similar role for bank holding company Capital One, left the bank in April 2022. SVB didn’t hire […]
03/13/2023
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By Arsenio Toledo
Jobless claims soar to five-month high as recession signals blare
Signs of a recession are once again blaring as the number of Americans filing new claims for unemployment benefits increased by the biggest margin in five months. Initial weekly claims for state unemployment benefits rose by 21,000 to a seasonally adjusted 211,000 for the week that ended on March 4. This is the largest recorded […]
03/13/2023
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By Arsenio Toledo
Study finds IQ scores in the US have dropped for first time in nearly a century
New research shows the average intelligence quotient (IQ) of people in the United States has dropped for the first time in nearly 100 years. This is according to a study from scientists at Northwestern University and the University of Oregon published in the journal Intelligence, which indicates that IQ levels, especially for those with less education in the […]
03/10/2023
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By Arsenio Toledo
Silicon Valley Bank has now collapsed, and 95% of deposits were uninsured
Silicon Valley Bank, a commercial bank that prefers to cater to Big Tech companies and Silicon Valley startups, is on the verge of collapse. Its stocks have plunged amid a cash burn, and investors are now advising tech firms to pull all of their money out before it’s too late. (UPDATE: The bank has now […]
03/09/2023
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By Arsenio Toledo
India, Sri Lanka moving toward using Indian rupee for international transactions (while ditching the dollar)
India and Sri Lanka are currently negotiating the possibility of using the Indian rupee, instead of the United States dollar, for international transactions as the two South Asian nations look to strengthen their economic ties through trade and investments. Three state-owned and public banks from India and Sri Lanka recently participated in a trial using […]
03/03/2023
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By Arsenio Toledo
Central banks continue to stockpile gold as recession looms
Despite claims from central banks and governments that they have avoided a greater global economic meltdown, inflation is still on the rise and recession is still on its way – and central banks are preparing for it by stockpiling even more gold. This is according to Lynette Zang, chief market analyst of ITM trading, who warned […]
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