Signature Bank:Â Following the collapse of the Silicon Valley Bank in California, New York banking regulators yesterday shut down Signature Bank, which now has been taken over by the Federal Deposit Insurance Corporation. Substantially all assets have been transferred to an entity known as Signature Bridge Bank, which the FDIC will control. Signature Bridge Bank will continue Signature Bank’s operations and depositors will be able to continue banking as usual, according to the federal government.
Biden on banking:Â President Biden, speaking at the Roosevelt Room of the White House before the stock markets opened this morning, said that U.S. citizens can have full confidence in the banking system. “Unfortunately the last administration rolled back regulations,” Biden said. “Americans can rest assured that our banking system is safe. Your deposits are safe.”
Everything wins: The movie “Everything Everywhere All at Once” dominated the Oscars last night, winning best picture and six other Oscars. Best actress was the movie’s lead, Michelle Yeoh. The documentary “Navalny,” about the Russian dissident Alexei Navalny who has been jailed by Putin’s regime, won an Oscar. Navalny’s wife spoke, expressing her hope that Russia someday will be free.
Eight dead in capsizing:Â At least eight people are dead in the capsizing of two boats off the coast of San Diego, California. The boats carried migrants being smuggled into the U.S. At least 15 people were on one of the boats. The number on the second boat was not immediately reported.
Missiles fired:Â North Korea has fired a number of missiles from a submarine to protest military exercises being staged by the U.S. with South Korea. North Korea said it believes the military exercises are a rehearsal for the U.S. and South Korea to invade the North.
Pfizer makes $43B buy:Â Pfizer is buying biotechnology company Seagen for $43 billion. The companies issued a joint announcement this morning. Seagen develops and commercializes cancer medicines. Pfizer already has an oncology division that has 24 approved cancer medicines that generated $12.1 billion in 2022 revenues.
Cover photo courtesy of AMPAS
