How the Federal Reserve drained the financial system of deposits

Despite advising clients to pull their cash from Silicon Valley Bank last week, Peter Thiel, a billionaire tech mogul, said that he had a large sum of his own money tied up in the doomed bank when it collapsed on Friday.

"Stop everything you are doing now and give an order to withdraw all your money from SVB. Don't ask me questions, just do it. Then we will think about what to do next and ask the questions," wrote Avi Eyal, managing partner of venture capital fund Entrée Capital, in a dramatic WhatsApp message to his portfolio companies on Thursday evening, noon New York time.

"They will learn nothing from this": Tech-industry leaders remain staggeringly oblivious to the true lessons of Silicon Valley Bank's collapse.

Inflation hits triple digits for the first time since the period of hyperinflation in the early 1990s.

What might have been the start of a catastrophic bank run after the Silicon Valley Bank failure has been stopped for now. But tech firms and start-ups that had assets at the bank could still feel a squeeze.

Silicon Valley Bank (UK) Ltd has today been sold to HSBC. HSBC is headquartered in London, is the largest bank in Europe and is one of the world’s largest banking and financial services institutions, serving 39 million customers globally. Customers of SVB UK will be able to access their deposits and banking services as normal from today.

Bloomberg reported that Thiel's VC fund took all its cash out of SVB after encountering problems with transfers during a "capital call."

The United States financial system has been rattled by the collapse of Silicon Valley Bank (SBV) and Silvergate Bank within 48 hours as economic uncertainty prevails. Therefore, some financial sector players project that the situation will likely worsen in the coming days.

Etsy is warning sellers that the collapse of Silicon Valley Bank on Friday is causing delays in processing payments, according to an email from the company shared with NBC News. The online do-it-yourself goods mega shop said it used SVB to facilitate disbursement to some sellers, and that it was working with other payment partners to issue deposits.

and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago. The collapse of SVB, a key player in the tech and venture capital community, leaves companies and wealthy individuals largely unsure of what will happen to their money.

Falling prices are welcome news, but latest reading is still far higher than the Federal Reserve’s annual target rate of 2% inflation

Apple has expanded the internal testing for its Pay service's buy now, pay later feature to include its retail employees, according to Bloomberg. When the tech giant's experimental features make their way to its retail staff, that's typically a sign that it's going to be released in the near future. Apple Store workers started testing the company's credit card in 2019 a month before it became available, and staff at its HQ visitor center tested Tap to Pay shortly before the first partner companies like Square and PayPal launched support for the payment solution.

Goldman Sachs has lost $3.03 billion in nearly three years on its group of businesses, called Platform Solutions, that houses Apple Card. Bloomberg reports that the credit card made up a significant portion of those losses. In a regulatory filing disclosed Friday, Goldman Sachs revealed that from the start of 2020 through the end of September 2022, Platform Solutions’ pretax losses amounted to $3.03 billion.

Do you know what a tax assessment is in real estate? You'll be expected to pay property taxes when you purchase a home. See everything you need to know about how property tax assessments are determined.

A worldwide recession is just around the corner as central banks boost borrowing costs aggressively to tame inflation — and this time, it will ignite more market turbulence than ever before, according to BlackRock.

The gender gap in investing is well-established: Dating back decades, data shows that women have invested less frequently than men, and are often less confident in their investments and financial security than men are. One study shows that, on average, women hold 71% of their assets in cash, while men hold just 60%.

Social Security recipients will receive an annual cost-of-living adjustment of 8.7% next year, the largest increase since 1981, the Social Security Administration announced Thursday. The spike will boost retirees’ monthly payments by $146 to an estimated average of $1,827 for 2023.

Shares in the Swiss bank fell as much as 10% after the bank's boss failed to reassure investors.

Is it too easy to become a real estate agent? Many inside and outside the industry say the answer is YES!