The collapse of Silicon Valley Bank and the Biden Administration’s unprecedented response, guaranteeing deposits and backstopping regional banks, has catalyzed an important and necessary national conversation over what went wrong, and what can be done to prevent future crises. But amidst a rush to point fingers, SVB’s fall has set off a frenzy of mythmaking, ranging from tired ideol…
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The collapse of FTX, the world’s second largest crypto-exchange, raises major questions about the viability of cryptocurrency and the state of America’s financial regulatory system. While the debate on whether FTX’s collapse means crypto should be more regulated or kept further out of the regulatory safety net rages, we must ensure that those who might have broken the law at F…
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The U.S. government announced that all customers of the failed Silicon Valley Bank (SVB) will have access to their funds on Monday morning, including deposits worth more than the $250,000 limit for Federal Deposit Insurance Corporation (FDIC) insurance.
“This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing acces…
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As watchmakers from around the world gather in late March in Geneva for one of the industry’s biggest events—the Watches and Wonders fair—Switzerland-based Oris will announce a luxury diver’s watch with a swirly blue and green dial. There’s nothing remarkable in that, except that the dial of the Oris X Bracenet (2,350 Swiss francs, or $2,508) is made of upcycled gh…
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Immediately after Shinzo Abe was assassinated by a gunman on July 8, a rumor quickly spread on Japanese social media. It falsely claimed that the suspect was a “Zainichi Korean.” The term generally applies to descendants of Korean people who emigrated to Japan between 1910 and 1945—a period when Japan occupied Korea. They are the most targeted minority in Japan and suffer from…
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In the St. Louis area, a local boat dealer will raise prices by 10% in the coming year—on top of a 10% raise this past year. A dairy farmer in the Cleveland area whose distributors were routinely out of supplies also raised its prices, while restaurant food across the Boston region is getting pricier thanks to increased delivery and labor costs.
The Covid-19 Delta variant put a damp…
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Verizon has agreed to settle a class action lawsuit alleging that the company charged administrative fees without properly disclosing them to customers. While the company denies any wrongdoing, the settlement will involve a $100 million payout to customers.
If you are eligible to receive a portion of the settlement, you will receive either an email or mailed letter from Verizon with inst…
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Former high-flying startup WeWork Inc. filed for bankruptcy listing nearly $19 billion of debts, a fresh low for the co-working company that struggled to recover from the pandemic.
The New York-based company said it had struck a restructuring agreement with creditors representing roughly 92% of its secured notes and would streamline its rental portfolio of office space, according to a st…
Read moreAfter winning a historic victory at an Amazon.com Inc. warehouse in New York earlier this year, the fledgling Amazon Labor Union vowed to take the battle to three more company facilities nearby. Things haven’t gone according to plan. The group lost an election at a warehouse across the street from the first and has paused efforts to organize the other two.
The retreat reflects the t…
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