The chairman of Switzerland’s largest bank received an urgent call last week. On the other end were three top Swiss officials who delivered an ultimatum dressed up as a proposal. UBS Group AG needed to rescue its failing rival, Credit Suisse Group AG.
Banks borrowed a combined $164.8 billion from two Federal Reserve backstop facilities in the most recent week, a sign of escalated funding strains in the aftermath of Silicon Valley Bank’s failure.
In the hours after Silicon Valley Bank collapsed on March 10, Pentagon officials who work directly with startups that develop national-security technologies grew increasingly concerned.
While Silicon Valley Bank execs may have failed to hedge against interest rate risk, they did signal $73.45 million in virtue donating to Black Lives Matter and related entities, according to a database maintained by the Claremont Institute which lists nearly $83 billion in donations to the Marxist organization.
Multimillionaire California Governor Gavin Newsom failed to disclose his ties to Silicon Valley Bank while lobbying the White House and the Treasury Department over a pending bailout, The Intercept reported on Tuesday.
Credit Suisse shares fell five percent to an all-time low in early trading and in Europe on Tuesday after the bank confirmed material weaknesses and an $8billion loss in 2022, just hours after a financial expert claimed it would be the next institution to fall following SVB.
In a tweet, a 116-year-old Mumbai bank called SVC Bank, which was in trouble after SVB’s collapse clarified that it had no relation to SVB.
The Bank of England has started consultations on trying to implement a Central Bank Digital Currency (CBDC), which could lead the way in the globalist vision of a cashless economy where all transactions are easily detectable by the government, according to an announcement made this week by the de facto
Based on estimates, the BOE’s yearly loss may surpass £20 billion as early as next year. Furthermore, the UK treasury is set to bail-out the Bank Of England’s £11 billion QE losses.