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☆ Global banking crisis: One big problem down. Too many others left to go
▼ + stars: | 2023-03-20 | by ( David Goldman | ) edition.cnn.com time to read: +6 min

New York CNN —Credit Suisse, hobbled for decades by mismanagement, scandal and bad bets, finally succumbed to the emerging global banking crisis. In the United States, the banking crisis began nearly two weeks ago with the sudden collapses of Silicon Valley Bank and Signature Bank over a three-day span. That sent shockwaves through the global banking system. Good news and bad newsThe good news: Those loans do not indicate anything inherently wrong with the global banking system. But the banking system and regulators would have to calm fears before that happens system-wide.

☆ How 'bailout' became a dirty word
▼ + stars: | 2023-03-15 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

New York CNN —“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. A financial bailout is generally considered to be providing compensation for losses when there was reckless, irresponsible or nefarious behavior at play, he added. “Bailout is a dirty word. The politics of bailoutsBailout politics have returned in response to the Silicon Valley and Signature meltdown. If those depositors are made whole, that would constitute a bailout, he said.

☆ DOJ and SEC are investigating Silicon Valley Bank’s failure
▼ + stars: | 2023-03-14 | by ( Phil Mattingly | ) edition.cnn.com time to read: 1 min

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☆ Candidates to become top Biden economist include Fed Vice Chair Lael Brainard, Treasury official Wally Adeyemo
▼ + stars: | 2023-01-25 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

The process to replace Deese as head of the powerful National Economic Council remains ongoing and the situation is fluid, the person said. The Washington Post first reported the leading candidates to replace Deese. Brainard was viewed as a leading contender to become Fed chair before Biden ultimately decided to renominate Jerome Powell. Brainard, a former Treasury official in the Obama administration and a Fed governor since 2014, was instead elevated to vice chair, the central bank’s No. U.S. Deputy Treasury Secretary Wally Adeyemo on October 13, 2022 in Washington, DC.

☆ Biden and Senate Democrats set to close out historic two years in judicial confirmations, pledging more
▼ + stars: | 2022-12-15 | by ( Phil Mattingly | ) edition.cnn.com time to read: +5 min

Biden and Senate Democrats, even while holding the barest of majorities, confirmed 97 Article III judges over the last two years, including a Supreme Court justice, 28 circuit court judges and 68 district court judges, according to White House data obtained by CNN. “You can be sure that judges will remain a top priority in the Congress to come,” Senate Majority Leader Chuck Schumer said. For Biden and other Democrats, the filling of federal judicial openings took on a new level of significance in the wake of the historically successful push by former President Donald Trump and Senate Republicans. While a Senate rule change easing the pathway to confirmation rapidly accelerated McConnell’s efforts in Trump’s final two years, the pace Biden and Senate Democrats have maintained make clear what officials continue to pledge will be followed by action: that judicial nominations will remain a top priority. Biden’s senior team and counsel’s office tightly coordinated with their Senate counterparts throughout first two years to prioritize the efforts.

Schumer, a New York Democrat who has long pressed the administration to terminate Title 42, is far from alone. Since March 2020, when the authority was invoked, border officials have turned away migrants at the US-Mexico border more than two million times. But just days away from the anticipated end of Title 42, plans are still being sorted out. The Biden administration is also asking Congress for more than $3 billion as it prepares for the end of Title 42, according to a source familiar with the ask. It is not specific to the end of Title 42, the source said.

With winter approaching at the penal colony where Griner was being held, Biden faced a singularly presidential decision. Griner’s wife, who arrived in Washington on Wednesday, was invited to an early morning meeting at the White House set for Thursday. Cherelle Griner waited at the White House for a short period of time before it became clear the planned meeting with Sullivan had shifted. The White House described her suffering “intolerable circumstances” during her detention. At the White House, Biden met with Griner’s wife for the first time to show her the letter he was sending in response.

☆ BP’s profit more than doubles as calls for windfall taxes grow louder
▼ + stars: | 2022-11-01 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

The UK-based energy company posted underlying profit of $8.15 billion in the July to September period, compared with $3.3 billion a year ago. BP (BP)’s earnings were boosted by “exceptional” results in its gas trading business, it said in a statement on Tuesday. Also last week, America’s largest oil company, ExxonMobil set a profit record for the second straight quarter, while Chevron (CVX) and French oil company Total (TOT)Energies posted similarly huge increases. The unprecedented set of earnings is fueling renewed calls in Britain and the United States for windfall taxes on energy companies to help households that are struggling to pay rising bills. EU governments, on the other hand, agreed a windfall tax in September that they hope will raise $140 billion.

☆ America’s emergency oil stockpile is at a 38-year low but it’s still got firepower left
▼ + stars: | 2022-10-18 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

More than any of his predecessors, President Joe Biden has aggressively leaned on this emergency oil stockpile to knock down the high pump prices that voters despise. That has left this emergency oil stockpile at its lowest point since June 1984 — a time when both the US economy and energy demand was significantly smaller than today. The SPR headlines are rattling an energy market already on edge over a potential recession. US oil prices dropped 3% to $82.82 on Tuesday, returning to levels last seen before rumors swirled regarding OPEC+’s controversial production cuts. They’ve done a tremendous job achieving their goal of trying to get energy prices lower,” said Michael Tran, managing director of global energy strategy at RBC Capital Markets.

New York CNN Business —Even before Wednesday’s action by OPEC+ to cut oil production, US gas prices were on their way up. Gas prices rose nearly 3 cents a gallon in AAA’s daily reading Wednesday, to $3.83 a gallon, the biggest one-day hike in nearly four months. Gasoline futures are up about 20 cents a gallon since the slide in gasoline prices ended last month, pointing to possible higher prices ahead. Unfortunately, the refinery capacity squeeze “means gas prices are not going to go down like I had thought,” said veteran oil analyst Andy Lipow. The concern by the Biden administration is that rising gas prices bring renewed focus in voters’ mind.

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