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Bank Rescue

All articles tagged with #bank rescue

finance1 year ago

Vietnam's Billion-Dollar Fraud Crisis: Rescues and Death Sentences

Vietnam has undertaken an "unprecedented" $24 billion rescue of Saigon Joint Stock Commercial Bank (SCB) following the nation's largest financial fraud, triggered by the arrest of real estate tycoon Truong My Lan. The central bank's cash injections into SCB amount to 5.6% of the nation's annual economic output and one-fourth of Vietnam's foreign-exchange reserves. SCB's deposits have plummeted, bad loans have surged, and the bank continues to face liquidity problems despite official support. The government is seeking private sector help and foreign investment to restructure SCB, which is crucial for the stability of Vietnam's financial system.

via Reuters|
#bank-rescue#finance#financial-fraud
finance1 year ago

"Steven Mnuchin's Firm Leads $1 Billion Rescue of NYCB"

Former Treasury Secretary Steven Mnuchin led a $1 billion rescue attempt for New York Community Bank (NYCB), which saw its stock plummet by 45%. The infusion, including Mnuchin's firm Liberty Strategic Capital, aims to restore investor confidence and will result in a change in leadership with former Comptroller of the Currency Joseph Otting becoming the new CEO. The deal is set to close by March 11 and is subject to regulatory approvals, as NYCB grapples with increased loan losses and weaknesses in internal controls amid concerns about commercial real estate exposures.

via Yahoo Finance|
#bank-rescue#ceo-change#dollar1-billion-infusion
finance2 years ago

JPMorgan's First Republic Deal and the Ongoing Banking Crisis.

JPMorgan Chase & Co's $10 billion financing of First Republic Bank in March was the start of a series of events that put JPMorgan and its CEO, Jamie Dimon, in a pivotal role in one of the most extraordinary US bank rescues of recent years. JPMorgan bought First Republic on Monday in a government auction, culminating weeks of failed rescue attempts and aborted discussions involving some of the most powerful Wall Street executives and US officials. The deal also raised fresh questions about the dangers of having banks that are too big to fail, the quality of regulatory oversight of the banking industry, and the Biden administration's resolve to keep corporations from becoming too powerful through deals.

via Reuters|
#bank-rescue#fdic#finance
finance2 years ago

The contrasting fate of First Republic and Silicon Valley Bank.

Eleven of the biggest US banks announced a $30bn rescue package for First Republic Bank, a competitor, to prevent it from becoming the third bank to fail in less than a week. The rescue package was pitched as a bulwark against future bank runs. Silicon Valley Bank failed last week after depositors withdrew about $40bn in a matter of hours. The rescue package brought back memories of the 2008 financial crisis when banks collectively came to the aid of weaker banks in the early days of the crisis.

via MarketWatch|
#bank-rescue#banking-system#deposit-insurance
politics2 years ago

Biden's Bank Rescue Sparks Controversy and Twitter Outrage.

President Biden's rescue of Silicon Valley Bank has sparked criticism from GOP senators who argue that taxpayers will ultimately foot the bill through higher bank fees. They also question the creation of a new lending facility by the Federal Reserve and the designation of Signature Bank as a systemic risk. Republican views on the rescue are mixed, with some praising the administration's moves as appropriate, while others are hammering the Biden administration for trying to frame its interventions as something other than a bailout.

via The Hill|
#bank-rescue#biden#fdic