JPMorgan Chase CEO Jamie Dimon sharply criticized former President Donald Trump on Thursday, saying the 2024 presidential candidate doesn’t understand the debt ceiling and what is at stake. It is just “one more thing he doesn’t know very much about,” Dimon told Bloomberg Television.
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The Federal Deposit Insurance Corporation is advocating for an increase in the deposit insurance limit for business payment accounts following the three recent bank failures.
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The banking crisis that caused US officials to launch emergency interventions is unlikely to have significant direct costs for the federal government, according to Moody’s Investors Service.
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Silicon Valley Bank’s downfall sent waves of panic through the financial system in early March, setting off a chain reaction of chaos with which regional banks are still grappling.
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All eyes are trained on the Federal Reserve as it prepares to announce another potential interest rate hike Wednesday afternoon — exactly 10 days after the Biden administration stepped in with dramatic emergency actions to contain the fallout from two bank failures.
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It may seem surprising that First Republic, a midsize bank catering to wealthy clients in coastal states, became such a danger to the American banking system that the government had to cudgel the industry to stage an intervention.
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First Republic Bank, facing a crisis of confidence from investors and customers, is actively discussing options for a lifeline, people familiar with the matter said.
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“Bailout” became a curse word in American politics following the 2008 global financial crisis, fueling backlash among people who felt the risks and potential consequences of capitalism didn’t apply to big corporations or the wealthy.
