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Saturday, March 2, 2024


Tech Lender SVB’s Stock Halted After Premarket Selloff

Banks Lose Billions in Value After Tech Lender Stumbles

Silicon Valley Bank HALTS trading as shares crash 64% today amid talks to sell troubled lender: Panic caused by tech industry slowdown spreads to Wall Street – as Peter Thiel’s venture capital fund warns startups to PULL money out of SVB

  • Silicon Valley Bank suspended trading of its shares, with a potential sale in discussion.
  • The bank appeared to be on the brink of ruin, as shares dropped by 64% in premarket trading.
  • Founders Fund and Y Combinator advised startups to pull their money from SVB amid concerns about its financial stability.
  • The bank caters primarily to tech startups and venture funds in Silicon Valley.
  • SVB announced a massive equity raise to cover a $1.8 billion loss on the sale of bonds, but this did not calm investors.
  • The situation raised fears of broader market contagion, with the S&P 500 bank index tumbling over 6%.
  • Billionaire hedge funder Bill Ackman led calls for a government bailout for troubled SVB.
  • Rising interest rates battered the tech startups that SVB primarily serves, resulting in declining deposits.
  • SVB CEO Greg Becker insisted the bank remains ‘well-capitalized, with a high-quality, liquid balance sheet and peer-leading capital ratios.’
  • Turmoil at SVB followed Federal Reserve Chair Jerome Powell’s testimony this week.

Saudi Arabia, Iran Restore Relations in Deal Brokered by China

DeSantis Heads to Iowa, Where Some Republicans Seek Trump Alternative

Ron DeSantis is the current Governor of Florida, and some of his notable accomplishments include:

  1. Handling the COVID-19 Pandemic: Governor DeSantis implemented policies to protect the most vulnerable Floridians while keeping businesses open, resulting in a lower death rate than many other states.
  2. Education Reform: DeSantis has pushed for an overhaul of Florida’s education system, including increasing teacher pay, expanding school choice options, and providing more funding for vocational and technical education.
  3. Criminal Justice Reform: DeSantis signed a criminal justice reform bill that expands alternatives to incarceration, provides job training for prisoners, and gives judges more discretion in sentencing.
  4. Environmental Protection: DeSantis signed an executive order to establish the Office of Resilience and Coastal Protection to help protect Florida’s coasts and natural resources from environmental threats.
  5. Veteran Support: DeSantis has made it a priority to support veterans, including signing legislation to provide additional benefits and resources for military members and their families.
  6. Business and Economic Development: DeSantis has prioritized job creation and economic growth, including cutting taxes, reducing regulation, and investing in infrastructure and workforce development.
  7. Election Integrity: DeSantis has signed into law a bill that increases election integrity in Florida, including requiring voter ID for voting by mail and prohibiting ballot harvesting.

China holds ‘military advantage’ over US as Washington prepares for conflict over Taiwan: retired general

Paul Curtman is a veteran of the U. S. Marine Corps, an author, conference speaker, and statesman. For nearly 20 years, Paul has helped lead and develop leaders in the United States military, public service sectors, and business. Paul is a strong advocate for personal and economic freedom as well as the strength and integrity of the free market system. He is a Fellow at Club for Growth in Washington D.C. and currently lives in Missouri with his wife, Ruth, and their four children.


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