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Welcome to Wednesday!
Stay ahead of the curve with our rapid-fire roundup of today’s most impactful financial news, tailored to keep you informed and ready to seize opportunities.”
- Silicon Valley Bank crisis averted by regulators.
- Sam Bankman-Fried was accused of bribing Chinese officials.
- Bernie Sanders and Howard Schultz to face off in Senate hearing.
1. Silicon Valley Bank’s Near-Disaster
The run on Silicon Valley Bank could have led to even more severe consequences, but regulators stepped in to shut down the bank, and the FDIC guaranteed all deposits. Federal Reserve’s Vice Chair of Supervision, Michael Barr, will address the House lawmakers on the matter.
2. Sam Bankman-Fried’s Bribery Allegations
Fallen crypto king Sam Bankman-Fried faces additional charges as federal prosecutors accuse him of bribing Chinese officials to unfreeze accounts related to his Alameda Research. Bankman-Fried, living under strict bail conditions, has pleaded not guilty to the charges, with his trial set for October.
3. Sanders vs. Schultz Showdown
Bernie Sanders and Howard Schultz will square off during a Senate Health, Education, Labor, and Pensions Committee hearing. Sanders accuses Schultz of spearheading a union-busting campaign, while Schultz, proud of Starbucks’ progressive reputation, denies the allegations.
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