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[1/4] A view of the Park Avenue location of the First Republic Bank, in New York City, U.S., March 10, 2023. FDIC regulators had raised the specter of systemic risk from the failure of large regional banks months before the SVB and Signature Bank collapses, records reviewed by Reuters show. SECRETS REVEALEDThe Fed will release its report on SVB at 11 a.m. EDT (1500 GMT) on Friday. FDIC Chair Martin Gruenberg has not provided much detail about the supervision of Signature, which like SVB had grown rapidly in recent years. The Fed's inspector general will have a report on each bank in the third quarter.

☆ Read the Supreme Court’s Order on Abortion Pill Access
▼ + stars: | 2023-04-21 | by ( ) www.nytimes.com time to read: +2 min

2 DANCO LABORATORIES, LLC v. ALLIANCE FOR HIPPOCRATIC MEDICINE ALITO, J., dissenting Whole (2021) op., at 2). In another, we were criticized for ruling on a stay application while "barely bother[ing] to explain [our] conclusion," a disposition that was labeled as “emblematic of too much of this Court's shadow-docket decisionmaking— which every day becomes more unreasoned." Woman's Health v. Jackson, 594 U. S. (KAGAN, J., dissenting from denial of application for injunctive relief) (slip op., at 1-2). Barr v. East Bay Sanctuary Covenant, 588 U. S. (2019) (SOTOMAYOR, J., dissenting) (slip op., at 5). It would simply restore the circumstances that existed (and that the Government defended) from 2000 to 2016 under three Presidential administrations.

☆ U.S. Fed may reverse rules that masked losses on SVB's securities - WSJ
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

If approved, the move spearheaded by Fed Vice Chairman for Supervision Michael Barr would reverse a relaxing of oversight granted to some regional banks by the Fed in 2019 under Barr's predecessor Randal Quarles. Reuters reported in March that the Fed is considering tougher rules and oversight for midsize banks similar in size to SVB. The Federal Deposit Insurance Corp is also expected to release its preliminary review of the failures that same day. Regulators have vowed to review their rules and procedures after the two failures while insisting the overall system remains sound. Barr had welcomed external reviews of regulators' work and expects the Fed to be "accountable" for any shortcomings that are unearthed.

☆ From GE to Siemens, the wind energy industry hopes billions in losses are about to end
▼ + stars: | 2023-04-17 | by ( Bob Woods | ) www.cnbc.com time to read: +8 min

The wind farm includes 132 2-megawatt Gamesa G80 wind turbines along 12 miles of the Allegheny Front. (Photo by Chip Somodevilla/Getty Images) Chip Somodevilla | Getty Images News | Getty ImagesIt's been a tough couple of years for the U.S. wind energy industry. Although 2023 is expected to remain sluggish, GE Renewable Energy, Siemens Energy and Vestas Wind Systems, the leading makers of wind turbines — outside of China, which has built the world's largest wind energy infrastructure — and their suppliers are banking on growth over the next decade, particularly in the nascent offshore wind niche. "The wind energy market is stuck in this very strange paradox right now," said Aaron Barr, an industry analyst at Wood Mackenzie. Comparatively, the U.S. offshore wind industry is just ramping up after years of delays in permitting, environmental approvals and power purchasing agreements with utilities that buy wind energy.

The Merck/Moderna collaboration is one of several combining powerful drugs that unleash the immune system to target cancers with mRNA vaccine technology. BioNTech SE (22UAy.DE) and Gritstone Bio Inc (GRTS.O) are working on competing cancer vaccines based on mRNA technology. Barr said it took about eight weeks to design a personalized mRNA vaccine for each patient. In the past, similar experimental cancer vaccines were developed targeting a single tumor mutation, or neoantigen. With mRNA technology in combination with Keytruda, "we can create this shotgun approach ... that can create a more potent immune response," Barr said.

The Merck/Moderna collaboration is one of several combining powerful drugs that unleash the immune system to target cancers with mRNA vaccine technology. BioNTech SE (22UAy.DE) and Gritstone Bio Inc (GRTS.O) are working on competing cancer vaccines based on mRNA technology. Barr said it took Moderna about eight weeks to design a personalized mRNA vaccine for each patient. In the past, similar experimental cancer vaccines were developed targeting a single tumor mutation, or neoantigen. With mRNA technology in combination with Keytruda, "we can create this shotgun approach ... that can create a more potent immune response," Barr said.

☆ Dominion’s case against Fox News goes to trial next week. Is the First Amendment really on the line?
▼ + stars: | 2023-04-16 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +21 min

But even by the standards of the profession, the language in Dominion's $1.6 billion lawsuit against Fox News has been downright apocalyptic. A victory for Dominion against Fox, they say, could wreak havoc for other journalism organizations across the country. The sheer closeness between Trump and Fox News makes a case like this unlikely to harm journalism organizations down the line, Goodale said. The vast majority of defamation cases against media organizations are settled, which gives few high-profile precedents to the Dominion lawsuit. "And that's the balance that the Sullivan court strike tried to strike in 1964.

☆ Fed's Bowman says bank failures not indictment of broader regulatory regime
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: 1 min

April 14 (Reuters) - Federal Reserve Governor Michelle Bowman said on Friday that the recent failures of Silicon Valley Bank and Signature Bank were not an indictment of the bank regulatory landscape, although she conceded that some changes may be warranted. In prepared remarks, Bowman said if the Fed identifies gaps in its bank supervision and regulation regime during its review of the failure of SVB, the central bank should address those shortcomings. Fed Vice Chairman for Supervision Michael Barr is leading a review of the Fed’s oversight of SVB, with the results of that review expected to be publicly released by May 1. Reporting by Hannah Lang in WashingtonOur Standards: The Thomson Reuters Trust Principles.

☆ Former Trump AG Bill Barr joins new business lobbying group that aims to target Biden regulations
▼ + stars: | 2023-04-13 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

Former Attorney General Bill Barr will help to lead a new group formed by a business lobbying organization that aims to be an alternative to the U.S. Chamber of Commerce, the massive advocacy group that has fallen out of favor with some Republicans. Barr will be chair of an advisory board for a project called the Center for Legal Action, he told CNBC in an interview. The group is part of the American Free Enterprise Chamber of Commerce, the business lobbying group that launched last year as a possible rival to the chamber. The business lobbying behemoth moved away from predominantly supporting Republicans in recent years after former president Donald Trump embraced trade protectionism, bashed certain companies for their social stances and tried to overturn the 2020 election. The new group aims aims to challenge — at times in court — regulations put in place by the Biden administration.

☆ Former Trump attorney general Bill Barr joins new business lobbying group
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Trump attorney general Bill Barr joins new business lobbying groupCNBC's Brian Schwartz joins 'Power Lunch' to discuss former Trump Attorney General Bill Barr joining a new lobbying group that targets regulation in support of small business.

☆ Dominion vs. Fox: Jury selection underway in $1.6 billion defamation case
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDominion vs. Fox: Jury selection underway in $1.6 billion defamation caseHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. Jeremey Barr, Washington Post, joins the show to discuss the lawsuit between Dominion vs. Fox.

☆ Return to the office or see a pay cut: More and more companies are forcing remote workers to choose
▼ + stars: | 2023-04-13 | by ( Jacob Zinkula | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

The law firm Davis Polk & Wardwell might cut employees' bonuses if they don't return to the office. "We're very focused on having our team in at the same time," Neil Barr, chair and managing partner at Davis Polk, told the Wall Street Journal. The era of widespread remote work might be coming to a close economy-wide, as firms tighten their belts and try to get their workers back in. As mass layoffs sweep some sectors that embraced remote work — like tech — companies that are letting workers go are increasingly asking for their remaining workforce to come back in. That's because even companies that have chosen to embrace remote work may be doing so in part because it allows them to pay workers less.

☆ Fed expects banking crisis to cause a recession this year, minutes show
▼ + stars: | 2023-04-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

watch nowWASHINGTON – Fallout from the U.S. banking crisis is likely to tilt the economy into recession later this year, according to Federal Reserve documents released Wednesday. Projections following the meeting indicated that Fed officials expect gross domestic product growth of just 0.4% for all of 2023. With the Atlanta Fed tracking a first-quarter gain around 2.2%, that would indicate a pullback later in the year. Following the collapse of SVB and the other institutions, Fed officials opened a new borrowing facility for banks and eased conditions for emergency loans at the discount window. "Even with the actions, participants recognized that there was significant uncertainty as to how those conditions would evolve," the minutes said.

☆ Former AG Bill Barr says Trump should be 'most concerned' about the classified documents investigation: 'He was jerking the government around'
▼ + stars: | 2023-04-09 | by ( Sarah Al-Arshani | ) www.businessinsider.com time to read: +1 min

The FBI raided Trump's Mar-a-Lago estate last year and found a cache of classified documents. The investigation into those documents is only one of several legal controversies surrounding Trump. Former AG Bill Barr said the classified documents investigation should be the one Trump's "most concerned" about. "He had no claim to those documents, especially the classified documents. The FBI seized dozens of classified documents from Trump's Mar-a-Lago estate during a raid last year.

☆ Bill Barr says an indicted Trump shouldn't take the stand in New York because 'he lacks all self-control'
▼ + stars: | 2023-04-03 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

He said it would be a "particularly bad idea" for Trump to testify because he "lacks all self-control." "I'm not his lawyer, generally I think it's a bad idea to go on the stand," Barr replied. "And I think it's a particularly bad idea for Trump because he lacks all self-control, and it would be very difficult to prepare him and keep him testifying in a prudent fashion." Barr served as attorney general under Trump from February 2019 to December 2020 and was considered a close Trump ally. In response to Barr's book, Trump called the former attorney general "slow-moving," "pathetic," and "weak."

☆ Bill Barr laces into Manhattan DA over Trump indictment: 'It's the epitome of the abuse of prosecutorial power'
▼ + stars: | 2023-04-01 | by ( Taylor Ardrey | ) www.businessinsider.com time to read: +2 min

Former AG Bill Barr reacted to the Trump indictment during an interview with Fox News on Friday. Barr called the move "an abomination" and "epitome of the abuse of prosecutorial power." A New York grand jury voted to indict Trump on Thursday. "Obviously, we don't have the indictment, so there's a little bit of speculation involved," Barr said during an interview on Fox News' "Kudlow." During his appearance on Fox News, Barr blasted the Manhattan district attorney's office, calling it "the epitome of the abuse of prosecutorial power."

“I have argued for years that the biggest banks in the world are still too big to fail. In practice, however, the economic damage would be considerable.”Keller-Sutter was at the center of a government-orchestrated rescue of Credit Suisse by its larger rival UBS (UBS) earlier this month. Global standards for dealing with teetering “too big to fail” banks were key a part of the package of rules introduced after the global financial crisis. They were designed to make it possible to wind down a big bank without destabilizing the financial system or exposing taxpayers to the risk of losses. The rest is lent out at higher interest rates or invested, because that’s how big banks make most of their profit.

☆ Premarket stocks: The FDIC could ask big banks to clean up $23 billion mess
▼ + stars: | 2023-03-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

While regional and mid-sized banks are behind the recent turmoil, it appears that large banks may be footing the bill. Ultimately, that means higher fees for bank customers and lower rates on their savings accounts. The law also gives the FDIC the authority to decide which banks shoulder the brunt of that assessment fee. Passing it on: Regardless of who’s charged, the fees will eventually get passed on to bank customers in the end, said Isaac. In 2021, Wall Street was estimated to be responsible for 16% of all economic activity in the city.

☆ Why so many banks seem to fail on Fridays
▼ + stars: | 2023-03-31 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

That’s because when banks fail, they have a tendency to do so on Friday. Friday, March 10, 2023: Silicon Valley Bank seized by regulators, the second biggest bank failure in US history. “That was very unusual.”Similarly, Silicon Valley Bank’s unraveling happened at a head-spinning pace nearly three weeks ago. Skinny cansAnyone else notice how skinny cans are these days? My colleague Nathaniel Meyersohn, a reporter with an eagle eye for retail trends, explains that skinny cans are, in fact, in.

☆ San Francisco Fed leader Daly likely not a major player in SVB saga, officials say
▼ + stars: | 2023-03-31 | by ( Steve Liesman | ) www.cnbc.com time to read: +5 min

"She was not in the chain of command," one former Fed bank president told CNBC. "Supervisory action taken by the San Francisco Fed staff would have been cleared by Washington." Daly and Fed board officials declined to comment for this report. San Francisco Federal Reserve President Mary Daly reacts at the Los Angeles World Affairs Council Town Hall, Los Angeles, California, U.S., October 15, 2019. A review of what went wrong will likely point more heavily to Washington, its supervisory bureaucracy and the board leadership than to San Francisco.

“I have argued for years that the biggest banks in the world are still too big to fail. In practice, however, the economic damage would be considerable.”Keller-Sutter was at the center of a government-orchestrated rescue of Credit Suisse by its larger rival UBS (UBS) earlier this month. They were designed to make it possible to wind down a big bank without destabilizing the financial system or exposing taxpayers to the risk of losses. Although some investors in Credit Suisse bonds lost everything, Swiss taxpayers are still on the hook for up to 9 billion Swiss francs ($9.8 billion) of potential losses arising from certain Credit Suisse assets. The rest is lent out at higher interest rates or invested, because that’s how big banks make most of their profit.

☆ Jamie Dimon is riding to the rescue again. This time, he's poised to come out on top.
▼ + stars: | 2023-03-31 | by ( Carter Johnson | ) www.businessinsider.com time to read: +15 min

Why, then, has Dimon been so willing to swing back into action in the wake of Silicon Valley Bank's collapse? But it's starting to look like JPMorgan — and Dimon — will end up winners no matter how things turn out. In backstopping First Republic, JPMorgan helps a client and a bank that experts say would fit nicely into its business. By saving First Republic, JPMorgan also stands to gain goodwill from Silicon Valley startups, which are customers of the smaller bank. The paper also reported that regulators asked Dimon, Bank of America, and other banks to buy Silicon Valley Bank and pay out depositors over the insured limit.

☆ Premarket stocks: Banking chaos has been bittersweet for crypto and wine
▼ + stars: | 2023-03-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But it also gave the fine wine and crypto industry a big boost as panicking investors rushed out of the financial sector and into alternative assets. Bittersweet banking: SVB lent over $4 billion to winery clients since 1994, with over 400 wine industry clients (including wineries, vineyards and vendors) working with the bank’s premium wine division, according to the bank’s website. Recent SEC filings, meanwhile, indicated SVB had about $1.2 billion in outstanding loans to high-end wine clients when the bank collapsed. Circle, the company behind popular stablecoin USDC, said it had about $3.3 billion of its $40 billion in reserves at SVB. The collapse of Signature Bank, a major crypto lender, also had serious implications for the industry.

WASHINGTON, March 30 (Reuters) - The secretive world of Federal Reserve bank supervision has been laid bare by the collapse of Silicon Valley Bank and critics say it needs an overhaul to make it more nimble, transparent and decisive. Typically, bank supervisors do most of their work behind closed doors. Bank supervision is typically conducted behind closed-doors because of concerns that publicizing bank missteps could spur bank runs and undermine confidence in the overall system. SVB's rapid growth also was a factor for Fed supervisors. Barr said part of his review would look at whether Fed supervision was appropriate for the bank's "rapid growth and vulnerabilities."

NOVEMBER 2021Examiners issue six citations -- "matters requiring attention" (MRA) and "matters requiring immediate attention" (MRIA) -- related to the bank's liquidity stress testing, contingency funding, and liquidity risk management. SVB's tests, supervisors find, are not "stressful enough; they were not realistic... it conducted those tests and the guidance back from the supervisors was that the tests were inadequate," Barr told Congress. "The supervisors told the board of directors and the bank that the board oversight with respect to risk management was deficient," Barr said this week. Fed supervisors begin a "horizontal review" of several banks, including SVB, for interest-rate risk. FEB 2023Fed staff give a presentation to Barr and other Board members about interest rate risk generally and at Silicon Valley Bank in particular.

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