Monday, March 13th, 2023

Morning Announcements

Betches

News, Daily News, News Commentary, Politics

4.7 • 1.7K Ratings

🗓️ 13 March 2023

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today's headlines: The FDIC abruptly overtook Silicon Valley Bank this weekend due to poor risk management, which was exacerbated by the fact that the company had no chief risk officer from April 2022 through this January. New reporting reveals that George Santos orchestrated a credit card skimming ring in Seattle in 2017. Finally for today, Chinese president Xi Jinping has been elected to an unprecedented third 5-year term. Resources/Articles mentioned this episode: Bloomberg: US Backstops Bank Deposits to Avert Crisis After SVB Collapse NBC: Etsy warns sellers of delay in processing payments due to Silicon Valley Bank collapse CNBC: Trump signs the biggest rollback of bank rules since the financial crisis Insider: How Silicon Valley Bank imploded CNBC: Silicon Valley Bank employees received bonuses hours before government takeover Intercept: SILICON VALLEY BANK USED FORMER MCCARTHY STAFFERS TO WEAKEN REGULATIONS, LOBBY FDIC Politico: George Santos masterminded 2017 ATM fraud, former roommate tells feds Guardian: Xi Jinping handed unprecedented third term as China’s president Host: Sami Sage Morning Announcements is produced by Sami Sage alongside Amanda Duberman and Bridget Schwartz Original Music and Editing by Brandon Lee Bjornson Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today is Monday, March 13th, and you're listening to the Morning Announcements presented by
0:06.0	Betcha's Media.
0:07.0	On your host Sammy Sage, the Morning Announcement is your daily 5-minute breakdown of the headlines
0:11.7	that isn't afraid to take a side and roast the most consequential reality show there is.
0:16.6	Our government.
0:17.6	This episode is brought to you by Kick Off.
0:19.8	Kick Off is the number one credit-building app that has helped over a million people
0:23.2	take control of their credit fast.
0:25.4	If your credit score is either preventing you or making it more expensive for you to lease
0:29.1	a car or buy a home, Kick Off can help you start building credit in less than 5 minutes.
0:34.4	There's no way around it that your credit is important.
0:37.1	Just ask Silicon Valley Bank.
0:44.2	On that note, the big story of this weekend was of course the abrupt takeover on Friday
0:48.2	of Silicon Valley Bank by the FDIC, in response to a run on the bank.
0:52.9	The latest update as of last night was the Treasury Secretary Janet Yellen announced
0:56.7	that the FDIC and the Federal Reserve will secure 100% of SBB's customers deposits
1:02.8	and promise that all of the bank's customers would have access to all of their money at
1:06.6	business open today.
1:08.4	Crucially, Yellen announced that none of these accounts are being shorted up by taxpayer funds
1:13.0	and taxpayers won't be responsible for any losses associated with SBB's resolution.
1:18.0	Instead, that money comes from a specific pool of money that's usually used for currency
1:22.1	stabilization.
	...

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