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First Republic Bank Plummets as Government Reportedly Considers Receivership
In this issue: First Republic Bank falls on receivership rumor; N. Korea insults Biden, slams defense pact; Fed faults Silicon Valley Bank in failure
First Republic Bank's shares have fallen to an all-time low amid speculation that the bank may be put into receivership by the Federal Deposit Insurance Corporation (FDIC). If it happens, First Republic will be the third US bank to fail since March, following the collapse of Silicon Valley Bank and Signature Bank. On Friday, the FDIC held meetings with financial firms and banks over a potential rescue plan. However, sources say that the bank is now more likely to be taken into receivership. Meanwhile, a new report by the Federal Reserve reveals that the central bank failed to take forceful enough action ahead of Silicon Valley Bank's collapse.
On our radar
ASSOCIATED PRESS — N. Korea insults Biden, slams defense agreement with Seoul
North Korea's leader's sister, Kim Yo Jong, has stated that her country will demonstrate more military might in response to a new U.S.-South Korean agreement aimed at countering North Korea's nuclear threat. The North Korean leader is also expected to increase the pace of his nuclear campaign in the coming weeks and months. The new U.S.-South Korean agreement includes periodically docking U.S. nuclear-armed submarines in South Korea and improving training between the two countries. Kim Yo Jong believes that the agreement will put regional peace and security at risk, while also strengthening the North's conviction to enhance its nuclear arms capabilities. She also insulted U.S. President Joe Biden and South Korean President Yoon Suk Yeol, whom she called "senile" and a "fool," respectively. The Unification Ministry of South Korea has described Kim Yo Jong's comments as "absurd" and conveying the North's "nervousness and frustration" over the U.S.-South Korean efforts to strengthen nuclear deterrence.
WASHINGTON TIMES — Fed faults Silicon Valley Bank execs, itself in bank failure
The Federal Reserve has released a report that blames Silicon Valley Bank's collapse on poor management, weak regulations, and lax government supervision. The report notes that the Federal Reserve missed critical deficiencies in the bank's governance, liquidity, and interest rate risk management, and highlights underlying cultural issues at the Fed that prevented supervisors from being hard on bank management when they saw growing problems. The report also mentions the role of social media and technology in causing a bank run that happened in just hours, compared to days for earlier bank runs. The article notes that the nation's banks are regulated by a troika of regulators and that all have been criticized for potentially missing signs that Silicon Valley Bank and Signature Bank might be in trouble.
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