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From David Proper, Lydia Moynihan And Bruce Golding

March 12, 2023 | 7:41 p.m

Signature Bank was shut down by its state charter agency on Sunday.
REUTERS

The federal government announced the collapse of a second bank with deep ties to the tech industry on Sunday — as regulators rushed to stem losses caused by last week’s collapse of Silicon Valley Bank.

Manhattan-based Signature Bank — a key financial institution for the cryptocurrency industry — has been shut down due to a “similar systemic risk exemption,” according to a joint statement by heads of the U.S. Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp.

Silicon depositors and signatures will be made complete, but banks’ shareholders and unsecured debtors will not be protected, officials said.

The Federal Reserve said it will create a new Bank Term Funding Program to offer custodians loans with maturities of up to one year backed by US Treasuries and other assets to help banks.

The Feds said the steps they are taking “will ensure the U.S. banking system continues to fulfill its important role in protecting deposits and providing access to credit for households and businesses in a way that supports strong and sustained economic growth.” promotes”.

California-based Silicon Valley had $209 billion in assets at its failure on Friday, while Signature Bank had more than $110 billion.

The bank was a cryptocurrency-friendly financial institution based in New York.REUTERS

Silicon was the second largest bank to collapse in US history, after Washington Mutual in 2008. Signature was the third largest.

President Biden on Sunday commended the Feds for finding a “quick fix” that “ensures taxpayers’ money is not at risk.”

“The American people and American companies can have confidence that their bank deposits will be there when they need them,” Biden said.

But hedge fund Thomas Hayes of Great Hill Capital told The Post: “It took only two days for regional banks to collapse to do the right thing.”

A tech insider added, “Regulators badly screwed up letting it get to this point, but it was the best way to prevent contagion.”

A San Francisco banking source called the developments “good for depositors, but it’s more regulation — and it’s getting us closer to nationalizing banking.”

The government’s extraordinary action comes hours after Treasury Secretary Janet Yellen publicly said the government would not bail out Silicon Valley Bank, a favorite of tech startups focused on climate change, and California wineries.

While appearing on CBS’s Face the Nation, Yellen resisted a state rescue of the 16th state.

“During the financial crisis, there were investors and owners of systemically important big banks that were bailed out,” Yellen said. “And the reforms that have been put in place mean we won’t do that again.”

The signature bank had total assets of approximately $110.36 billion and deposits of $88.59 billion as of December 31, 2022.REUTERS

Yellen also insisted that officials were “concerned about depositors and focused on meeting their needs.”

“I’ve been working with our banking regulators all weekend to develop appropriate guidelines to address this situation,” Yellen said. “I cannot give any further details at this point in time.”

Yellen’s subsequent statement to Fed Chair Jerome Power and FDIC Chair Martin Gruenberg said taxpayers would not have to cover bank losses, an apparent reference to the Bank Term Funding Program.

Customers were widely expected to make a run on Silicon Valley Bank and possibly many others on Monday morning.

Fox Business senior correspondent Charlie Gasparino tweeted Sunday afternoon that “major financial players” had told the White House to “expect significant bank runs and massive market turmoil on Monday unless a solution to the SVB collapse is found.”

“Companies realizing their short-term deposits with banks are at risk due to @FDICgovlimits. They are preparing to pull money out of mid-tier financial institutions, mon, bank executives say,” he wrote.

Earlier, Gasparino, a Post columnist, tweeted that depositors were “told they will receive 30% to 50% of their money on Monday,” citing bankers with knowledge of the situation.

Gasparino added that bank customers “will get most of the rest over time if there is no resolution, i.e. full @FDICgov coverage or a sale.”

Hedge fund billionaire Bill Ackman of Pershing Square Capital Management also raised the specter of a massive economic meltdown in a rambling, 649-word tweet Saturday morning, warning that the government has “approximately 48 hours to rectify a soon-to-be-irreversible mistake.” to fix. ”

“If @jpmorgan@citi or @BankofAmerica doesn’t acquire SVB before Monday’s opening, a prospect I think is unlikely, or if the government doesn’t guarantee all deposits, the huge sucking noise you’re going to hear will make the payout of substantial.” its all uninsured deposits from all but the “systemically important banks” (SIBs),” the activist investor wrote.

“These withdrawals will deprive local, regional and other banks of liquidity and will initiate the destruction of these important institutions.”

During an appearance on Fox & Friends, Gasparino called the collapse of Silicon Valley Bank “a warning sign of how broken the plumbing of our banking system and economy are.

“I mean, let’s rewind the videotape here a little bit. You know, we’ve been printing money from the Federal Reserve for years. Way too much,” he said. “Even when we got out of the pandemic, the Biden administration was spending a lot. You know, you do stuff like that, you mess with the economy like that… you’re going to have some, some things that happen.”

Additional coverage by Jesse O’Neill and Postwires

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San Francisco Fleet Week is unique because it features a disaster response joint training exercise designed to train military forces and local, county, state and federal government agencies to work together to respond to natural and man-made disasters, such as earthquakes, wildfires and industrial accidents. During her keynote address at the fleet week’s Senior Leader Symposium, Ms. Berger spoke to senior leaders in the federal, state and local emergency management field and highlighted the DON’s recently-released Climate Action 2030 strategy, which sets the course for the Navy and Marine Corps to build climate resilience and reduce the climate threat while partnering with communities to tackle shared challenges.

“Changes in global climate and other threats like pandemics are increasingly challenging our Naval forces, platforms, infrastructure and supporting communities, and intensifying conflict and humanitarian disasters around the world,” said Ms. Berger. “A more volatile world calls on the United States Navy and Marine Corps, increasing demands on our forces at home and overseas, while simultaneously impacting our capacity to respond to those demands.”

The Navy has a long history of working closely with communities in California to make Navy and Marine Corps installations climate-ready. Last year, the DON and the California Energy Commission renewed a Memorandum of Understanding to streamline collaboration and accelerate initiatives for energy and water-related projects. In September 2022, the Navy launched a first-of-its-kind partnership with the Port of San Diego to participate in California’s Low Carbon Fuel Standard program, which will reduce greenhouse gas emissions, improve air quality, and advance energy resilience investments in San Diego.

“We are making significant strides in partnership with California and worldwide in ensuring the DON is resilient in the face of climate change, working hand in hand with local communities and industry,” said Ms. Berger. “Recent partnerships with the California Energy Commission and Port of San Diego are critical to our climate work in the region and supports our efforts by building resilience to climate impacts and taking decisive action to reduce the climate threat.”

San Francisco Fleet Week offers the public an opportunity to take a tour of the ships and interact with service members as they showcase their ships’, units’, and services’ capabilities. It also gives the public a chance to gain a better understanding of how the sea services support the national defense of the United States and protect freedom of the seas.

For more information on San Francisco Fleet Week please visit: https://fleetweeksf.org/

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The San Francisco Giants have moved their disaster recovery system for critical data, files and video to Oracle Cloud Infrastructure (OCI) from Amazon Web Services (AWS).

Bill Schlough, Chief Information Officer of the San Francisco Giants, said the Giants, which have been using cloud technology for more than 15 years, switched to OCI from AWS because it is faster and less expensive.

The team has more than 200 terabytes of video that it uses for scouting and player development, and for in-stadium programming. They store the video on OCI for backup and disaster recovery purposes. Bill Schlough says he expects the team to increase the amount and scope of cloud computing it uses.

The Giants use a combination of video and analytics to measure player performances and to evaluate amateur and pro players on the team and for training purposes. It also uses video for entertainment at the stadium and through interactive devices.

Bill Schlough noted that the increased usage and resolution of video is leading to a greater need for storage and compute capacity in the cloud.

“It’s no longer about moving to the cloud and Oracle’s in the cloud. Oracle has to be the best provider in the cloud because everybody’s in the cloud going forward,” Bill Schlough said.

The Giants switched out its point-of-sale system, which was only three years old, to Oracle MICROS Simphony Cloud POS, because payment systems have evolved quickly and the organization needed to make it easier for customers to order and pay for food, drinks , and other concession items.

Oracle’s cloud-based system will also make it easier for the organization to determine if it has the right mix of products available in the right quantities and will allow the team to change prices more nimbly to support promotions throughout the season.

The Giants will use cloud technology to access and analyze data from a variety of touchpoints – from the POS screens to smartphones people use to make payments – to help them gain a better understanding of what people are buying, when they are buying it, which concession stand they are using.

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GRANDVIEW, MO. – Bitter cold temperatures have resulted in hundreds, if not thousands, of frozen pipes around the subway in the past few days.

This left many people without water for the time being. But when we start thawing out of the freezer, the worst may not be over. While the goal for anyone with frozen pipes is to replenish the water, be careful about what you want.

When the employees showed up at Allied Concrete in Grandview on Tuesday morning, there was no water in the office.

“We knew we might have some problems because the cold weather was so long ago. We can’t heat the warehouse as well as we can, ”said Pete Furey, owner of Allied Concrete.

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But when they started thawing those frozen pipes, water soon spilled on the floor. Three pipes burst in one area so they called a plumber and may have to hold back to get some people back to work as planned on Wednesday after the cold snap.

“Once you turn the water on, you may find another. That’s what we came across here, ”said Nick Frank of Morgan Miller Plumbing.

“It’s nerve-wracking because it’s not what you want to see when you’re gone for two weeks trying to survive,” said Furey.

Morgan Miller Plumbing said they were inundated with calls during the freezer. They respond to broken water pipes and help customers diagnose frozen ones over the phone.

“We start with how many taps, how many bathrooms? Is it your sink Is it just down your stairs “said Frank, describing the questions he asks customers.

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Once they figure out where the conduit may be frozen, customers are advised to put heat on it by either opening the cabinets and cranking the oven, or better yet, using a heater or hairdryer. Leave your faucets on to relieve pressure and know when the line is defrosting.

But once the water starts flowing, there may be more pressing tasks than the long-awaited shower or cup of tea.

“When those pipes burst, pretty soon you can tell what’s the problem, whether it’s a puddle in this room or a puddle below. You look up at the sheetrock when the plumbing is in the ceiling and you can see those water marks, ”Frank said.

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At this point, you need a plumber and you need to prevent the water from doing further damage before the plumber gets there.

You can usually find your shut-off valve in the basement or in the crawl space, mostly along the front wall of your home. Every tap or toilet has an individual shut-off valve. If all else fails, you should be able to find a barrier on your water meter.

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