DIRS.INFO The most relevant business & tech news

☆ Stellantis could close 18 facilities under UAW deal — here are the full details of its latest offer
▼ + stars: | 2023-09-18 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

Stellantis said the facility would "continue to be our North American headquarters and North America technical center." It's not guaranteed the facilities would close under a labor deal; however, Stellantis is required to include potential closures or sales of any location where a UAW member works, a company source said. Stellantis North American Chief Operating Officer Mark Stewart, who is overseeing the UAW talks, said the company needs to "modernize" the Mopar facilities. Stewart, without disclosing details of the plan, described the company's proposal for Belvidere as a "very compelling offer." The Mopar facilities that could close include Atlanta PDC; Boston PDC; Centerline Warehouse & Packaging; Chicago PDC; Marysville PDC; Milwaukee PDC; New York PDC; Orlando PDC; Sherwood PDC; and Warren PDC.

Persons: Bill Pugliano, Stellantis, Jeff Kowalsky, It's, Mark Stewart, Stewart, Rich Boyer, Michael Wayland, Sen, Bernie Sanders, Boyer Organizations: United Auto Workers, UAW, Big, Getty, DETROIT, CNBC, Belvidere Assembly, Plant, Elliott, FCA, Technology Center, Afp, North, Detroit Free Press, Detroit, General Motors, Ford Motor, Cherokee, GM, Ford, CNBC UAW, U.S, Detroit automakers, Atlanta PDC, Boston PDC, Packaging, Chicago PDC, Marysville PDC, Milwaukee PDC, New York PDC, Orlando PDC, Sherwood PDC, Warren PDC Locations: Detroit , Michigan, U.S, Illinois, Belvidere, Indiana, Trenton, Michigan, Detroit, Stellantis, Auburn Hills , Michigan, North America, Arizona, Belvidere Assembly, Belvidere , Illinois, Belvidere —, Warren, Mich, Fishkill , New York, Macon , Georgia

☆ Strike looms as talks between UAW, Detroit Three drag on
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

[1/4] Jeep Cherokee SUV's and Ram trucks fill the parking lot at the Stellantis plant that was idled in February 2023, in Belvidere, Illinois, U.S., June 27, 2023. REUTERS/Bianca Flowers Acquire Licensing RightsSept 12 (Reuters) - The United Auto Workers (UAW) union has warned of a coordinated strike against the Detroit Three automakers, if an agreement is not reached on a new contract covering some 150,000 workers. Negotiations over a new deal began in July but the three automakers - General Motors (GM.N), Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI) - and the UAW have made little headway on the terms of the contract. ET on Sept. 14 (0359 GMT the next day). Here is a timeline of events beginning with the election of the new UAW chief in March:Reporting by Ananta Agarwal in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Bianca Flowers, Ananta Agarwal, Anil D'Silva Organizations: REUTERS, United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Chrysler, Thomson Locations: Belvidere , Illinois, U.S, Bengaluru

A new accounting shows that at least 523 institutions were part of the sprawling network of boarding schools for Native American children. ‘War Against the Children’ The Native American boarding school system — a decades-long effort to assimilate Indigenous people before they ever reached adulthood — robbed children of their culture, family bonds and sometimes their lives. “The government was not done with war, so the next phase involved war against the children,” said Mr. Sherman, 83, a former aerospace engineer. Now 76, his voice grows shaky when he recounts the punishments children received — and how children were turned into punishers. Library of Congress, Chronicling AmericaA precise accounting of how many children died at Native American boarding schools remains elusive.

☆ Prominent Scholar Who Claimed to Be Native American Resigns
▼ + stars: | 2023-08-27 | by ( Vimal Patel | More About Vimal Patel | ) www.nytimes.com time to read: +1 min

There had been accusations for at least 15 years that Andrea Smith, a prominent ethnic studies professor, had falsely claimed to be Native American. Her scholarship was partly built on what she said was her Cherokee identity, but she never publicly — and scholars and former friends say, privately — offered a detailed explanation for her Cherokee claims. Now, after a recent complaint by 13 faculty members, Professor Smith has agreed to retire from the University of California, Riverside, next year in an unusual separation agreement. Signed in January, the agreement avoids an investigation into the faculty complaint, which accused her of false claims of Native identity that violated academic integrity. Riverside will pay up to $5,000 toward her legal costs of resolving the complaint.

Persons: Andrea Smith, —, Professor Smith, Smith Organizations: American, University of California, Riverside Locations: Riverside

☆ Man Dies After N.Y.P.D. Sergeant Uses Cooler to Knock Him From Motorbike
▼ + stars: | 2023-08-24 | by ( Chelsia Rose Marcius | More About Chelsia Rose Marcius | ) www.nytimes.com time to read: +1 min

During the operation, Mr. Duprey sold narcotics to one of the officers. A man, who the police did not identify, then wheeled a motorbike over to Mr. Duprey. Mr. Duprey got on the bike and sped off down Aqueduct Avenue, driving one way then another, the police said. It was then that Sergeant Duran grabbed a white plastic cooler from the table and threw it at Mr. Duprey, the 18-second video clip shows. The cooler struck Mr. Duprey, and the motorbike skidded.

Persons: Duprey, Sergeant Duran Organizations: The New York Times, Cherokee, New York Fire Department

☆ Sean Paul Is Still Busy
▼ + stars: | 2023-08-16 | by ( Iva Dixit | ) www.nytimes.com time to read: +3 min

Long before he became the bandannaed and cornrowed Sean Paul who entranced the American public, Sean Paul Ryan Francis Henriques was just another young offshoot of Jamaica’s famous Henriques clan, one of the oldest Jewish families on the island, who immigrated there from Portugal in the 17th century. Kingston is a city that takes parties seriously, and the sound system was a key 20th-century innovation — a portable setup of amplifiers, turntables and mountains of speakers, all orchestrated by a D.J. Paul and his younger brother, Jason, were both enamored of this family business; Jason actually recalls falling asleep in a bass box as a child. When Paul was 13, his father was convicted of manslaughter and sentenced to 15 years in prison. This devastated Paul — not because his father had been much of a presence in his life but because what little he had of him would now be gone.

Persons: Shaggy, Paul, bods, Sean Paul, Sean Paul Ryan Francis Henriques, Jamaica’s, Henriques, Jason, Michael Jackson, Garth, Frances, Paul —, “, I’ll, ” Organizations: YouTube, Uptown Locations: sighs, Long, Portugal, Uptown Kingston, Kingston, Mexico

☆ Canoo finalizes incentive package with Oklahoma, Cherokee Nation
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

A view shows a Canoo LTV (Light Tactical Vehicle) electric vehicle, produced for the U.S. Army, at a manufacturing site in Livonia, Michigan, U.S. November 29, 2022. REUTERS/Rebecca Cook/File PhotoAug 14 (Reuters) - Electric-vehicle startup Canoo (GOEV.O) said on Monday it finalized incentive agreements with the state of Oklahoma and the North American tribe Cherokee Nation, for an estimated value of $113 million over 10 years. As part of the agreements, Canoo said it has already started hiring for its vehicle assembly facility in Oklahoma City and the battery manufacturing factory in Pryor. Canoo, which will invest more than $320 million at both its facilities in the state, had entered into a long-term lease agreement for the vehicle manufacturing facility in Oklahoma City earlier this year. Reporting by Tanya Jain and Akash Sriram in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Canoo, Tanya Jain, Akash Sriram, Krishna Chandra Organizations: LTV, U.S . Army, REUTERS, Cherokee, Department of Commerce, Thomson Locations: Livonia , Michigan, U.S, Oklahoma, Oklahoma City, Pryor ., Bengaluru

☆ Native American artist Jeffrey Gibson will represent the United States at the 2024 Venice Biennale
▼ + stars: | 2023-07-28 | by ( Benjamin Sutton | ) edition.cnn.com time to read: +4 min

Editor’s Note: This article was originally published by The Art Newspaper, an editorial partner of CNN Style. (CNN) — Jeffrey Gibson, the Colorado-born, New York-based artist who is a member of the Mississippi Band of Choctaw Indians and of Cherokee descent, will represent the United States at the 2024 Venice Biennale, becoming the first Indigenous artist to have a solo exhibition in the US Pavilion. Gibson’s work mixes many traditions, combining techniques from Indigenous beading, weaving, metalwork and more with the formal language of hard-edged abstract painting, Pop Art sculpture. For his exhibition in Venice, Gibson will create installations inside the US Pavilion, on its exterior and in its courtyard, incorporating elements of performance and multimedia in addition to static works. Jeffrey Gibson Brian Barlow“The last 15 years of my career have been about turning inward and trying to make something I really wanted to see in the world,” Gibson, reflecting on his selection for the Biennale, told The New York Times.

Persons: — Jeffrey Gibson, Gibson, Jeffrey Gibson Brian Barlow “, ” Gibson, Kathleen Ash, Louis Grachos, Abigail Winograd, Jeffrey, ”, Milby, Venice —, ” Winograd, Ruth, Elmer Wellin, Leigh Bowery, Simone Leigh Organizations: The Art, CNN, Colorado -, Mississippi Band, Choctaw, Institute of American Indian Arts, Bard College, Biennale, New York Times, Portland Art Museum, SITE, Portland Museum of Art, US State Department, Boston’s Institute of Contemporary Art, Elmer Wellin Museum of Art, Hamilton College, Biennial, Gallery of Art, Buffalo AKG Art Museum, Denver Art Museum, Crystal Bridges Museum of American Art, Seattle Art Museum Locations: Colorado, New York, United States, Venice, Santa Fe , New Mexico, Navajo, Portland , Oregon, SITE Santa Fe, American, Oregon, New Mexico, Clinton , New York, Bentonville , Arkansas

☆ Gerald C. Meyers, C.E.O. Who Paved Way for the S.U.V., Dies at 94
▼ + stars: | 2023-07-12 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: +1 min

His death was announced by his daughter Susan Meyers. In 1970, as a senior manufacturing executive, Mr. Meyers was tasked with evaluating a possible acquisition of Kaiser Jeep. But the board proceeded anyway — and put Mr. Meyers in charge. To appeal to more consumers, he upgraded existing Jeeps with better engines, suspensions and interiors, and directed the development of a new wagon, the Jeep Cherokee. Sales soon surged, steadying AMC’s shaky finances and driving consumer interest in roomy off-road vehicles.

Persons: Gerald C, Meyers, Susan Meyers, Kaiser Jeep, steadying Organizations: American Motors Corporation, American Motors, Ford Motor, Chrysler, AMC, General Motors, Kaiser, Jeep Locations: West Bloomfield, Mich, United States, roomy

☆ A Reuters journalist explores his ancestors’ ties to slavery
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +38 min

It took me a few minutes of research to figure out why I was losing track of the descendants of the people George Julian enslaved. If the racial cleansing of Forsyth County was mentioned, I didn’t notice. Still hopeful that I might be able to somehow identify and locate living descendants of the people my family enslaved, I flew to Georgia last November. Her father was also a butler for a wealthy white family, her mother a cook. In 1860, Osby’s ancestors were enslaved and working the fields of Forsyth County.

Persons: Julian, Abijah’s, George Julian, George, ”, Adaline, –, Abijah, Dick, Lott, Aggy, Henry, Lewis, Ellick, Jim, Josiah, Reuben, Woodrow Wilson, Rob Edwards, Black, Oprah Winfrey, Forsyth, “, Cumming, who’d, Abijah Julian, ” Gov, Joseph Mackey Brown, ‘ Dick, I’d, Grandma Horseyfeather, Brice gesturing, ” I’d, Grandma Horseyfeather’s, – I’ve, “ Lott, Abijah Julian’s, Richard Julian, Charlotte Julian, Richard, Charlotte, George Julian’s, She’d, “ I’m, That’s, Martin Luther King, wasn’t, Sophia Dodd, Dodd, Elon Osby, – Dodd, Osby, Bailey, George H, Julian ” –, – “, ” Osby, ” Dodd, Ida Julian ., Ida Julian’s, Ida ., Ida hadn’t, Ida Julian, Bagley, Willie M, Willie Mae Bagley, Willie Mae Butts, Elon Butts Osby, Osby’s, ’, Elon Osby’s, Ida Bagley, William Bagley, Adaline Julian, Richard Julian –, Abijah Julian –, she’d, we’ve, you’ve, ELON, crunched underfoot, could’ve, Abijah John Julian ”, Webster, I’ve, weren’t, “ We’re, – we’re, …, Horseyfeather, gesturing, “ You’re, Tom Lasseter, Corinne Perkins, Wong, Jeremy Schultz, Catherine Tai Design, John Emerson, Blake Morrison Organizations: ., Reuters, ”, Black, Charlotte, Toyota, Atlanta History, Elon, Lockheed, Tiffany, Atlanta Housing Authority, Task Force, Mazda, American Legion, United, Confederacy Locations: Forsyth, Negros, negros, Virginia, . Civil, Georgia, Cumming, U.S, Forsyth ., Dawson, Atlanta, Tulsa , Oklahoma, Jefferson County , Georgia, Forsyth County, Charlotte, Thai, Macedonia, Buckhead, Bagley, America, Fulton County, Fulton, Bagley Park, Iraq, Afghanistan, Osby, England, Juneteenth, Brooks County

☆ The Supreme Court preserved the Indian Child Welfare Act, giving tribal families preference in Native American adoptions
▼ + stars: | 2023-06-15 | by ( Associated Press | ) www.businessinsider.com time to read: +6 min

The Supreme Court issued a decision Thursday preserving the Indian Child Welfare Act. The law aims to keep Native American kids in tribal families in foster care and adoption cases. This was the third time the Supreme Court has taken up a case on the IWCA. In the not-so-distant past, Native children were stolen from the arms of the people who loved them," Biden said in a statement. Matthew McGill, who represented the Brackeens at the Supreme Court, said he would press a racial discrimination claim in state court.

Persons: —, Amy Coney Barrett, Clarence Thomas, Samuel Alito, Alito, Chuck Hoskin, Charles Martin, Tehassi Hill, Guy Capoeman, Joe Biden, Biden, Chad, Jennifer Brackeen, Fort Worth , Texas —, Brett Kavanaugh, Kavanaugh, Matthew McGill, McGill Organizations: Indian Child Welfare, Service, WASHINGTON, Republican, Child Welfare, Cherokee Nation, Morongo, Mission, Oneida, Quinault Indian Nation, Democratic, Navajo, Supreme Locations: Quinault, Delaware, Alaska, Texas, Fort Worth , Texas, American, Navajo, Southwest, Cherokee, Sur Pueblo

☆ Two Black Members of Native Tribes Were Arrested. The Law Sees Only One as Indian.
▼ + stars: | 2023-06-03 | by ( Chris Cameron | Mark Walker | ) www.nytimes.com time to read: +1 min

Mr. Hill, 40, then got into an altercation with the police and was himself arrested after a struggle. Mr. Hill and Mr. Wilson are both Black and citizens of Native American tribes in Oklahoma. Mr. Wilson’s case was dismissed, but Mr. Hill’s request was denied. Mr. Hill is a citizen of the Cherokee Nation through ancestors called Freedmen — Black people who were enslaved by Native tribes. Because Mr. Hill’s ancestors did not have Indian blood, he was found in court not to be Indian.

Persons: Michael J, Hill, Aaron R, Wilson, Wilson’s, Hill’s, Mr Organizations: Cherokee, Freedmen Locations: Okmulgee, Native, Oklahoma

The host, Caleb Hammer, said they owed more than $112,000 in loans, credit cards, and car debt. The debts included six credit cards, two car loans, a hospital bill, and buy-now-pay-later spending. Discover credit card: $3,627.68. Citi credit card: $5,039.21. Hammer said he was "scared" for the couple because of their car loans, which represented around 70% of their debt.

Persons: Caleb Hammer, Hammer, Kia, Jessilyn, you've, I'm, we're, Brandon Organizations: Cherokee Overland, Apple, Citi, Capital, Cash American Express, Chase, Bank, Amazon, Apple Watch, Kia, Jeep Locations: Brandon, Springfield , Missouri, DoorDash

☆ Stellantis recalls 219,000 Jeep SUVs over fire risks
▼ + stars: | 2023-05-16 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/David 'Dee' Delgado/File PhotoCompanies Stellantis NV FollowWASHINGTON May 16 (Reuters) - Chrysler-parent Stellantis said on Tuesday it is recalling 219,000 Jeep Cherokee SUVs worldwide for fire risks and warned owners to park outside until repairs are made. The recall covers 2014 through 2016 model year Jeep Cherokee vehicles equipped with a power liftgate. An electrical short in the power liftgate module may lead to a vehicle fire with the ignition on or off. NHTSA said owners should follow Stellantis advice and park outside until the recall is developed and owners get repairs. Stellantis last year opened an investigation as a result of an increasing trend in cargo compartment fires in 2014 and 2015 Jeep Cherokee vehicles.

Once a wellness haven for American elites in search of mountain air, Asheville, N.C., has reinvented itself many times over the last century. In recent years, the city, nestled in the Blue Ridge Mountains, has become a culinary hot spot, with multiple award-winning restaurants, and an inordinate number of breweries. Art lovers will find much to savor in the River Arts District, and bikers and hikers will have miles of trails in and around the city to explore. In the downtown area and beyond, Black residents are embracing their “Affrilachian” heritage through tours and art collectives, and creative spaces featuring the work of Indigenous artists acknowledge the region’s ties to the Eastern Band of Cherokee Indians, on whose ancestral land the city sits.

☆ Why GM is killing the Chevy Bolt — America's cheapest EV — amid record sales
▼ + stars: | 2023-04-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +8 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNTA Chevrolet Bolt EUV on display at the New York Auto Show, April 13, 2022. Scott Mlyn | CNBCDETROIT — After years of lackluster performance and a fire-provoked recall, the all-electric Chevrolet Bolt EV was finally gaining traction for General Motors . The Bolt EV would start at $26,595, followed by the Bolt EUV at $28,195. A 2019 Chevrolet Bolt EV caught fire at a home in Cherokee County, Georgia on Sept. 13, 2021, according to the local fire department. Cherokee County Fire DepartmentStill, GM touted the Bolt EV as proof of the concept for its electric-powered future.

☆ Stellantis offering voluntary buyouts to 33,500 US employees
▼ + stars: | 2023-04-26 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, April 26 (Reuters) - Chrysler parent Stellantis NV (STLAM.MI) said Wednesday it is offering voluntary exit packages to 33,500 U.S. employees as it looks to streamline operations. The offers cover 31,000 U.S. hourly workers and about 2,500 salaried workers. Stellantis did not say how many total jobs it is looking to eliminate. It is also offering some employees in Canada voluntary buyouts. On Tuesday, a local UAW unit said Stellantis wants to cut approximately 3,500 hourly U.S. jobs in the voluntary offer.

WASHINGTON, April 25 (Reuters) - Chrysler-parent Stellantis NV (STLAM.MI) wants to cut approximately 3,500 hourly U.S. jobs and is offering voluntary exit packages, according to a United Auto Workers union letter made public Tuesday. A person briefed on the matter said the figure might be lower than the figure cited in the UAW letter. The action impacted about 1,350 workers at the Belvidere, Illinois, plant that built the Jeep Cherokee SUV and resulted in indefinite layoffs. The UAW letter said openings created by workers leaving would be filled by workers on indefinite layoff. Stellantis said in February that about 40,000 U.S. hourly workers were eligible for profit sharing.

☆ Ford F-150 Lightning fire footage highlights a growing EV risk
▼ + stars: | 2023-04-20 | by ( Michael Wayland | ) www.cnbc.com time to read: +13 min

EV fires have become a growing concern as automakers push to increase sales of electric vehicles and meet tightening emissions standards. An electric Ford F-150 Lightning caught fire on Feb. 4, 2023 due to a battery issue traced back to one of the automaker's suppliers. A bill that requires them to complete a training program about the risk of electric vehicle fires passed unanimously this year. There's also the risk of reignition: Lithium-ion battery fires can re-engage weeks later with little to no warning. An electric Ford F-150 Lightning caught fire on Feb. 4, 2023 due to a battery issue traced back to one of the automaker's suppliers.

☆ Jaune Quick-to-See Smith, Shaped by the Land
▼ + stars: | 2023-04-20 | by ( Jillian Steinhauer | ) www.nytimes.com time to read: +2 min

She and her sister were raised by their father, Arthur, after their mother, who gave birth to Smith as a teenager, left. Arthur was a horse trader, and while attending school, Smith worked with him — and in canneries and on farms — throughout her childhood. In high school, a white adviser told her, “Indians don’t go to college,” so she did college prep. When an art teacher told her she drew better than the men, but that “women cannot be artists,” she got an art education degree. (Her son Neal Ambrose-Smith is also an artist; two of their collaborations are on view at the Whitney.)

☆ EV tax credits 2023: Which models are eligible for up to $7,500 in tax credits?
▼ + stars: | 2023-04-17 | by ( Ella Nilsen | ) edition.cnn.com time to read: +7 min

Under the new rule, consumers can get up to $7,500 back in tax credits on eligible cars. Which models are eligible for the new EV tax credit? Nine models, mostly from foreign brands including Hyundai and Nissan, do not qualify for the new tax credit. Under the new rule, consumers can get up to $7,500 in tax credits on eligible cars. Which countries can the materials come from under the new EV tax credit rule?

NEW YORK, April 5 (Reuters) - Ford Motor Co (F.N) and Chrysler-parent Stellantis (STLAM.MI) said on Wednesday that most of its electric and plug-in electric hybrid models will see tax credits halved to $3,750 on April 18 after new U.S. Treasury rules take effect. The other models currently getting credits - Ford Mustang Mach-E, Ford E-Transit, Ford Escape Plug-In Hybrid and Lincoln Corsair Grand Touring - will see credits drop to $3,750. Stellantis said of its three plug-in hybrid electric models, its Chrysler Pacifica plug-in electric hybrid will qualify for $7,500 tax credits after April 18, while the Jeep Grand Cherokee 4xe and Jeep Wrangler 4xe qualify for just $3,750. All U.S. EV consumer tax credits require vehicles to be assembled in North America and have income and retail price caps. Electric vehicles leased by consumers can qualify for up to $7,500 in commercial clean vehicle tax credits without any of the same restrictions.

☆ 5,000 GM salaried staff took buyouts
▼ + stars: | 2023-04-04 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —About 5,000 General Motors white collar employees have taken buyouts, according to GM CFO Paul Jacobson. The buyouts were offered to all US salaried staff with at least five years at the company and international executives who had worked at GM at least two years. While it was a voluntary program, GM told its staff that “employees are strongly encouraged to consider the program.”“The voluntary program came in in line with our expectations,” Jacobson said. But while GM may avoid a widespread layoff, it did confirm in March that it cut a “few hundred” salaried staff “following our most recent performance calibration.”GM has 81,000 salaried employees worldwide, with 58,000 of those in the United States. GM (GM) is not the only automaker lowering staff numbers in a cost-cutting effort.

☆ GM says it expects some EVs to receive $7,500 US tax credits
▼ + stars: | 2023-03-31 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, March 31 (Reuters) - General Motors Co (GM.N) expects some electric vehicles (EVs) will qualify for $7,500 U.S. tax credits after stricter Treasury Department guidance takes effect April 18, the U.S. automaker said on Friday. The EV battery sourcing guidance issued on Friday triggers new requirements for critical minerals and battery components. GM currently also receives $7,500 tax credits for the Chevrolet Bolt and is eligible for $7,500 for the forthcoming 2024 model Chevrolet Silverado. Vehicles not eligible for consumer tax credits can qualify for clean commercial tax credits including in leasing. The government will publish by April 18 a revised list of qualifying models and tax credit amounts.

☆ Some Silicon Valley Bank customers are selling their deposits at big discounts to raise cash quickly, reports say
▼ + stars: | 2023-03-12 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Some SVB clients are being invited to sell their uninsured deposits at steep discounts, reports say. In the meantime, some startups that banked with SVB are trying to sell their deposits at a discount. Startups choosing to sell their deposits at a discount appears to be a potential long-term sacrifice to meet short-term funding needs. However, ratings agency Moody's suggested not all uninsured deposits were likely to be returned. If the bank fails to find a resolution by early next week, it seems likely that interest in selling deposits at a discount will intensify.

Search resuls for: "Cherokee"

25 mentions found