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How did Silicon Valley Bank collapse in 48 hours? Here’s a timeline

Published Fri, 15 Nov 2024 02:57:01 GMT

In just two days, the Santa Clara-based bank that served nearly half of US tech and healthcare startups came rapidly unglued, leaving its high-powered customers and investors in limbo.Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators.It was the largest failure of a US bank since Washington Mutual in 2008 and the second-biggest bank collapse in US history.Here’s what we know about the bank’s downfall, and what might come next.What is SVB?Founded in 1983, SVB specialized in banking for tech startups. It provided financing for almost half of US venture-backed technology and health care companies.While relatively unknown outside of Silicon Valley, SVB was among the top 20 American commercial banks, with $209 billion in total assets at the end of last year, according to the FDIC.Why did it fail?In short, SVB encountered a classic run on the bank.The longer version is a bit more complicated.Several forces co...

Pac-12 men’s basketball: Selection Sunday preview for the two NCAA Tournament locks and three bubble teams

Published Fri, 15 Nov 2024 02:57:01 GMT

The Pac-12’s late-season salvage operation appears to have worked as college basketball prepares for the most anticipated day of the year.During stretches of a decidedly subpar season, the conference looked like it might send just two teams (UCLA and Arizona) to the NCAA Tournament.But solid finishes by USC and Arizona State have improved the outlook for Selection Sunday, with at least one of those teams — and perhaps both — sneaking into the 68-team field.Not that four bids would be a source of pride. But it’s exponentially better than three.Before we dive into the at-large locks and contenders, three reminders about the NCAA selection committee’s process:— Overall record, conference affiliation and conference record are irrelevant.— The committee uses both subjective and objective criteria, with the latter focused on NET ranking, quality wins, bad losses, non-conference strength of schedule and performance away from home.— Teams are ...

Gov. Newsom working with White House, Treasury after fall of Silicon Valley Bank

Published Fri, 15 Nov 2024 02:57:01 GMT

(KRON) -- California Governor Gavin Newsom issued a statement on Saturday in response to the Federal Deposit Insurance Corporation seizing the assets of Silicon Valley Bank on Friday. When is it Ok to drive after consuming marijuana? "Over the last 48 hours, I have been in touch with the highest levels of leadership at the White House and Treasury. Everyone is working with FDIC to stabilize the situation as quickly as possible, to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy." -- Gov. NewsomNewsom's statement comes just a day after news broke that Silicon Valley Bank, one of the 20 largest banks in the country, was struggling to raise $1.75 billion to strengthen its capital position after higher interest rates hit. SVB held about $210 billion in assets before the FDIC takeover, and many of those funds were tied directly to technology and venture capitalist startups. Close Thanks ...

Arkansas AD apologizes for incident with Kentucky reporter

Published Fri, 15 Nov 2024 02:57:01 GMT

NASHVILLE, Tenn. (AP) — Arkansas’ athletic director has apologized after a Kentucky student journalist said his cellphone was grabbed and thrown to the ground by a Razorbacks staffer following an early exit at the Southeastern Conference Tournament.Assistants had to restrain Askansas coach Eric Musselman a couple of times during a 67-61 loss Friday night in the quarterfinals, where No. 18 Texas A&M rallied from a 13-point deficit.The journalist, Jack Weaver of the University of Kentucky independent student newspaper the Kentucky Kernel, tweeted video showing Musselman walking off the court after the game and a staffer behind him appearing to knock the phone out of Weaver’s hand. Weaver was covering Kentucky, which played in the next game.Arkansas’ vice chancellor and athletic director, Hunter Yurachek, issued a statement Saturday saying the actions of support staff member Riley Hall were “not appropriate or reflective of our program.” Yurachek also said that wh...

Schalke dents Dortmund’s title hopes, Bayern 2 points clear

Published Fri, 15 Nov 2024 02:57:01 GMT

BERLIN (AP) — Schalke twice fought back to dent Borussia Dortmund’s title ambitions in a 2-2 draw in the Bundesliga’s 100th Ruhr derby on Saturday.Schalke forward Marius Bülter scored one equalizer then set up the next to end Dortmund’s eight-game winning run in the league and leave Bayern Munich two points clear at the top of the table.“The second half was wild, the way Schalke wanted it. We gave the win away in the end,” Dortmund coach Edin Terzić said.Bayern earlier defeated Augsburg 5-3 in their Bavarian derby.Schalke and Dortmund remain the league’s only unbeaten teams in the second half of the season, but that will be scant consolation to Dortmund, which saw its winning start to 2023 ended on Tuesday when it was knocked out of the Champions League by Chelsea.Dortmund created more goal chances, but Schalke goalkeeper Ralf Fährmann got the better of Donyell Malen, then showed good reflexes to deny Marius Wolf.Nico Schlotterbeck finally made the breakthrough in the 38th with a we...

1 dead in Montbello neighborhood shooting

Published Fri, 15 Nov 2024 02:57:01 GMT

DENVER (KDVR) -- The Denver Police Department investigated a shooting early Saturday morning that left one man dead.DPD said two people -- an adult male and an adult female -- were being held for investigation of first-degree murder in relation to the death.The shooting happened in the area of 50th Avenue and Quentin Street, according to a Twitter post by DPD at 1:51 a.m. Southern Colorado has 6 earthquakes in 24 hours, region’s strongest in a decade The victim, an adult male, was located but later pronounced dead. His identity will be released by the Denver Office of the Medical Examiner.FOX31 will provide updates as they become available.

3 women missing after crossing Mexico border 2 weeks ago

Published Fri, 15 Nov 2024 02:57:01 GMT

(CNN) — Three women are believed to be missing in Mexico after they crossed the US border traveling from Texas to sell clothes at a flea market over two weeks ago, police told CNN on Saturday.Marina Perez Rios, 48, her sister Martiza Trinidad Perez Rios, 47, and their friend Dora Alicia Cervantes Saenz, 53, crossed into Mexico on February 24, Roel Bermea, the Peñitas, Texas police chief, told CNN on Saturday.The group was heading to the city of Montemorelos in the Mexican state of Nuevo León to sell clothes at a flea market, Bermea said. The flea market is about a 3-hour drive south from the US border.The three women went missing one week before four Americans were kidnapped on March 3 in the Mexican border city of Matamoros, which is roughly 300 miles east of Montemorelos.Two of the Americans, Shaeed Woodard and Zindell Brown, were killed and their bodies were delivered Thursday to US diplomatic authorities, according to a Mexican official. The two survivors — LaTavia W...

‘This is our community:’ Locals push back on messaging on community violence

Published Fri, 15 Nov 2024 02:57:01 GMT

Fissures in locals’ approach to violence in Boston’s communities was starkly apparent at a recent press conference held by Rev. Kevin Peterson’s the New Democracy Coalition where residents of the area came out in impassioned protest and frustration.“Why you are at Bowdoin and Geneva?” a woman who said she lived in the area for 41 years asked Peterson. “We have a plan. We’ve met every week. This is our community. You don’t live here. Why are you at Bowdoin and Geneva?”The Thursday press conference was held at the site of the murder of a 24-year-old last year in a parking lot at the intersection of Bowdoin and Geneva and discussed the concentration of murders in Boston in what Peterson called a “Triangle of Death.”“What has become so disturbing to us over the last six months is this triangle,” Peterson said during his presentation, gesturing to a map with homicide locations marked.“A triangle that exte...

From the archives: Donnelly announces retirement

Published Fri, 15 Nov 2024 02:57:01 GMT

By Joe Heaney, March 25, 1992U.S. Rep Brian Donnelly gave Quincy constituents a surprise jolt yesterday with his unexpected decision to bail out of office after seven terms.From bars to barber shops and City Hall, the popular Dorchester Democrat’s decision left everyone asking, “Why?”No one had the answer and many in the heart of Donnelly’s 11th Congressional District struggled with his “spend-more-time-with-the-family” explanation.Mayor James A. Sheets, who lost the 1978 Democratic primary election that sent Donnelly to Congress, praised the lawmaker’s Washington record while pondering a run to replace him.“I would not have the problem of recognition I had in 1978,” said Sheets, who served with Donnelly in the Massachusetts Legislature and is now in his second term as mayor.“The only thing constant in politics is change,” Sheets continued, adding, “Brian Donnelly will be dramatically missed by the mayor and cit...

Hall of Fame Minnesota Vikings coach Bud Grant dead at 95

Published Fri, 15 Nov 2024 02:57:01 GMT

Bud Grant, a Hall of Fame coach who brought the Minnesota Vikings to four Super Bowls in just eight years, has died. He was 95.The Vikings confirmed his death with a tweet on Saturday.“We are absolutely devastated to announce legendary Minnesota Vikings head coach and Hall of Famer Bud Grant has passed away this morning at age 95,” it reads. “We, like all Vikings and NFL fans, are shocked and saddened by this terrible news.”Grant was the first person ever to be inducted into both the Canadian Football League Hall of Fame and the Pro Football Hall of Fame. He coached for 28 seasons across both leagues and his teams reached the playoffs 20 times, played in 10 championship games and won four titles. His biggest victories always occurred up north, with all of his championship titles earned in the CFL.However, despite being one of the winningest coaches in football, he never managed to nab the Lombardi trophy. Overall, Grant had a career regular-season record of 1...