The US Government Is Suing Itself Over Silicon Valley Bank

Gizmodo : Politics

Can’t we all just get along? Not if you’re an employee of the federal government. The Internal Revenue Service (IRS) just filed a lawsuit against the Federal Deposit Insurance Corporation (FDIC) over a $1.45 billion tax bill stemming from the bailout of Silicon Valley Bank.

Big banks may cover 95% of the cost to refill the $16 billion hole blown in the FDIC's deposit insurance fund by bank failures

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Silicon Valley Bank customers wait in line at SVBs headquarters in Santa Clara, California on March 13, 2023.
Silicon Valley Bank customers in March.

Noah Berger/AFP

The biggest banks will pay to replenish the FDIC's deposit insurance fund, report says

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The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters as Chairman Sheila Bair announces the bank and thrift industry earnings for the fourth quarter 2010, in Washington, February 23, 2011. REUTERS/Jason Reed
The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters in Washington

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First Republic's takeover worsens the 'too big to fail' bank problem, and taxpayers will be on the hook, Elizabeth Warren says

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Sen. Elizabeth Warren
Sen. Elizabeth Warren.

Tom Williams/CQ-Roll Call, Inc via Getty Images

US stocks mixed as traders mull impact of First Republic failure and brace for big Fed meeting

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Traders on the floor of the New York Stock Exchange (NYSE)
Traders on the floor of the New York Stock Exchange (NYSE)

Spencer Platt/Getty Images

Why First Republic failed, and what it means for the rest of the banking industry

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A pedestrian walks by the First Republic Bank headquarters on March 13, 2023 in San Francisco, California.
First Republic's San Francisco headquarters.

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First Republic Bank shares tank 43% after report says the struggling lender is likely to be taken over by the government

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A pedestrian walks by a First Republic bank on April 26, 2023 in San Francisco, California.
First Republic stock has plummeted after Silicon Valley Bank's failure.

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First Republic just revealed how SVB's failure rattled its business - and shared plans that may fuel fears of a credit crunch

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office space bobs
First Republic's bosses expect to lay off 20% to 25% of the bank's employees this quarter.

YouTube / Office Space

Mid-size banks want all deposits insured for 2 years to avoid 'panic' and restore confidence, report says

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Inserting card into ATM
The Mid-Size Bank Coalition of America represents more than 100 lenders.

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