US government moves to stop potential banking crisis: Monday, March 13
The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down. The announcement came amid fears that the factors that caused the Santa Clara, California-based bank to fail could spread. Regulators had worked all weekend to try to find a buyer for the bank, which was the second-largest bank failure in history. Those efforts appeared to have failed Sunday. In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed and was being seized on Sunday. At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history. The near-financial crisis that U.S. regulators had to intervene to prevent left Asian markets jittery as trading began Monday. Japan’s benchmark Nikkei 225 sank 1.8% in morning trading, Australia’s S&P/ASX 200 lost 0.7% and South Korea’s Kospi shed 0.8%. But Hong Kong’s Hang Seng rose 0.5% and the Shanghai Composite increased 0.4%. In an effort to shore up confidence in the banking system, the Treasury Department, Federal Reserve and FDIC said Sunday that all Silicon Valley Bank clients would be protected and able to access their money. They also announced steps that are intended to protect the bank’s customers and prevent additional bank runs. “This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the agencies said in a joint statement. READ MORE: https://www.wcnc.com/article/news/nation-world/yellen-no-federal-bailout-silicon-valley-bank-collapse/507-e549942f-8b87-457c-b4a5-fc2730a38442 One man is in custody after a shooting in Lowell left one person dead on Sunday. According to the Lowell Police Department, officers were called to a home on South Church Street near West 3rd Street on Sunday around 4:26 p.m. in reference to a shooting. At the home, officers found one man dead from a gunshot wound. After speaking with three other men at the home, police determined that one of them was responsible for the shooting. This man was taken into custody. The names of the victim and suspect are not being released at this time. READ MORE: https://www.wcnc.com/article/news/local/man-killed-in-shooting-at-home-suspect-arrested-lowell-gaston-county-north-carolina/275-dd6a1771-8b0a-4fc7-a5c3-b3ca10bf8db2 And on this edition of #WakeUpCLT To Go, we're recapping the Academy Awards! Indie comedy "Everything Everywhere All At Once" stole the show, bringing home seven Oscars, including best picture! Watch Wake Up Charlotte each weekday morning from 4:30 to 7 a.m. on WCNC Charlotte, and as always, join the conversation on social media using #WakeUpCLT!
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Show Notes
The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down.
The announcement came amid fears that the factors that caused the Santa Clara, California-based bank to fail could spread. Regulators had worked all weekend to try to find a buyer for the bank, which was the second-largest bank failure in history. Those efforts appeared to have failed Sunday.
In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed and was being seized on Sunday. At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history.
The near-financial crisis that U.S. regulators had to intervene to prevent left Asian markets jittery as trading began Monday. Japan’s benchmark Nikkei 225 sank 1.8% in morning trading, Australia’s S&P/ASX 200 lost 0.7% and South Korea’s Kospi shed 0.8%. But Hong Kong’s Hang Seng rose 0.5% and the Shanghai Composite increased 0.4%.
In an effort to shore up confidence in the banking system, the Treasury Department, Federal Reserve and FDIC said Sunday that all Silicon Valley Bank clients would be protected and able to access their money. They also announced steps that are intended to protect the bank’s customers and prevent additional bank runs.
“This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the agencies said in a joint statement.
READ MORE: https://www.wcnc.com/article/news/nation-world/yellen-no-federal-bailout-silicon-valley-bank-collapse/507-e549942f-8b87-457c-b4a5-fc2730a38442
One man is in custody after a shooting in Lowell left one person dead on Sunday.
According to the Lowell Police Department, officers were called to a home on South Church Street near West 3rd Street on Sunday around 4:26 p.m. in reference to a shooting.
At the home, officers found one man dead from a gunshot wound. After speaking with three other men at the home, police determined that one of them was responsible for the shooting.
This man was taken into custody. The names of the victim and suspect are not being released at this time.
READ MORE: https://www.wcnc.com/article/news/local/man-killed-in-shooting-at-home-suspect-arrested-lowell-gaston-county-north-carolina/275-dd6a1771-8b0a-4fc7-a5c3-b3ca10bf8db2
And on this edition of #WakeUpCLT To Go, we're recapping the Academy Awards! Indie comedy "Everything Everywhere All At Once" stole the show, bringing home seven Oscars, including best picture!
Watch Wake Up Charlotte each weekday morning from 4:30 to 7 a.m. on WCNC Charlotte, and as always, join the conversation on social media using #WakeUpCLT!