XPost: alt.fan.rush-limbaugh, ca.politics, sac.politics   
   XPost: talk.politics.guns   
   From: failures@democrats.org   
      
   On 28 Jul 2021, "13% = 6x the crimes!"  posted   
   some news:sdr1a9$vqe$2@news.dns-netz.com:   
      
   > Phil Omdahl wrote   
   >   
   > Trump had nothing to do with this.  It's all a Biden fuckup   
      
   The bidding process for the successor of Silicon Valley Bank is being   
   extended by the Federal Deposit Insurance Corporation to give more time to   
   work out a potential deal.   
      
   The FDIC said Monday that there's been "substantial interest" from   
   multiple parties for Silicon Valley Bridge Bank. The agency said it's   
   going to allow parties to submit separate bids for Silicon Valley Bridge   
   Bank and its subsidiary Silicon Valley Private Bank in order to simplify   
   the bidding process and expand the pool of possible bidders.   
      
   Qualified insured banks and qualified insured banks working with non-bank   
   partners will be able to submit whole-bank bids or bids on the deposits or   
   assets of the institutions. Bank and non-bank financial firms will be   
   allowed to bid on asset portfolios.   
      
   Bids for Silicon Valley Bridge Bank must be submitted by by 8 p.m. ET on   
   Friday, while bids for Silicon Valley Private Bank are due by 8 p.m. ET on   
   Wednesday.   
      
   On Friday the parent of Silicon Valley Bank filed for Chapter 11   
   bankruptcy protection.   
      
   SVB Financial Group is no longer affiliated with Silicon Valley Bank after   
   its seizure by the FDIC. Its collapse was the second biggest bank failure   
   in U.S. history after the demise of Washington Mutual in 2008.   
      
   Silicon Valley Bridge Bank was not included in the Chapter 11 filing.   
      
   The shuttering of Silicon Valley Bank and of New York-based Signature Bank   
   has revived bad memories of the financial crisis that plunged the United   
   States into the Great Recession of 2007-2009.   
      
   Along with those two, First Republic Bank received a $30 billion rescue   
   package from 11 of the biggest U.S. banks in an effort to prevent its   
   collapse. First Republic Bank has since been downgraded by S&P Global   
   Ratings which said that the rescue package should ease near-term liquidity   
   pressures, but it may not solve the substantial business, liquidity,   
   funding and profitability challenges that it believes the bank is now   
   likely facing.   
      
   READ MORE: Latest Debt Downgrade Worsens First Republic Bank’s Already-   
   Fragile State   
      
   The federal government, determined to restore public confidence in the   
   banking system, moved to protect all the banks' deposits, even those that   
   exceeded the FDIC's $250,000 limit per individual account.   
      
   But on Monday shares of Credit Suisse plunged by more than half after   
   banking giant UBS said it would buy its troubled Swiss rival for almost   
   $3.25 billion in a deal orchestrated by regulators to try to stave off   
   further turmoil in the global banking system.   
      
   The FDIC said late Sunday that New York Community Bank agreed to buy a   
   significant chunk of the failed Signature Bank in a $2.7 billion deal.   
      
   Despite all of the concerns swirling around the banking sector, Wall   
   Street is opening mostly higher on Monday.   
      
      
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)