Business

(NEW YORK) — SVB Financial Group and top executives have been named in a federal lawsuit amid the collapse of Silicon Valley Bank, the largest bank failure since the 2008 financial crisis. A shareholder from Wisconsin, who says he lost about $12,000, is named as a plaintiff in a federal lawsuit seeking class action status […]

(NEW YORK) — An Ohio public pension fund for teachers revealed it lost millions by holding more than $27 million in Silicon Valley Bank shares before the bank’s collapse. The State Teachers Retirement System (STRS) of Ohio stated that the shares represented a minuscule portion of its overall holdings –.03% of the total fund — […]

Daniel Acker/Bloomberg via Getty Images (NEW YORK) — Ford announced this week that it is recalling more than 1.2 million of its vehicles over a serious issue with its brake fluid hoses. The National Highway Traffic Safety Administration said Ford Fusions and Lincoln MKXs sold between 2013 and 2018 have an issue where the front […]

(NEW YORK) — The CEO behind the company that created ChatGPT believes artificial intelligence technology will reshape society as we know it. He believes it comes with real dangers, but can also be “the greatest technology humanity has yet developed” to drastically improve our lives. “We’ve got to be careful here,” said Sam Altman, CEO […]

(WASHINGTON) — A ban on TikTok in the United States or a sale of the app by its Chinese owner, ByteDance, will not resolve national security concerns or fears TikTok could be used to siphon Americans’ data, according to a new cybersecurity report obtained by ABC News. The report, from the cybersecurity company Feroot, said […]

(WASHINGTON) — Treasury Secretary Janet Yellen told Congress on Thursday the U.S. “banking system is sound” after two bank failures stirred economic fears. Yellen, testifying before the Senate Finance Committee, began her remarks by addressing the abrupt collapse of Silicon Valley Bank in California and Signature Bank in New York. “I can reassure the members […]

(NEW YORK) — The word “bailout” is sure to make anyone who remembers the 2008 financial crisis nostalgic in all the worst ways. At the time, the government used taxpayer money to keep some of the country’s largest financial institutions afloat. Two regional banks recently collapsed. As depositors of those banks feared for the money […]

(NEW YORK) — The failure of Silicon Valley Bank, the second-biggest bank collapse in U.S. history, called into doubt the fate of roughly $175 billion in customer deposits. Days later, the U.S. government guaranteed the protection of all Silicon Valley Bank deposits but the turmoil left Americans with a lingering question: Is my money safe in […]

(NEW YORK) — Bank stocks in the U.S. and Europe tumbled on Wednesday as the global financial system continued to reckon with the Silicon Valley Bank collapse, the largest bank failure since 2008. Shares of Credit Suisse fell more than 26% in early trading after a top backer said he would not be able to […]

(NEW YORK) — In the wake of last year’s collapse of cryptocurrency exchange FTX, the collapse this week of Silicon Valley Bank and Signature Bank — representing the second and third largest bank failures in U.S. history — has renewed lingering questions about what role cryptocurrency is playing in financial sector failures. Signature Bank, which […]