Morning Report: the government won’t bail out Silicon Valley Bank
According to Treasury Secretary, Janet Yellen, the government won’t bailout the failed Silicon Valley Bank. This statement came after it emerged that the bank’s workers landed bonuses just hours before Friday’s collapse. It’s anticipated that depositors attempting a run on the bank this morning may get back as little as 30% of their money. Federal regulators made efforts to get ahead of the run by trying to auction off the bank’s assets. The federal response to Silicon Valley Bank’s collapse may help customers recover more of their money.
Walt Disney CEO Bob Iger expressed sympathy with consumers who have been complaining about the company’s theme park prices. He told the Los Angeles times the recent price hikes may have been too aggressive. Since Iger returned, Disney has scaled back some of its price enhancements at the parks.
The DOW closed more than 300 points lower Friday. Stocks had their worst week since June as the Silicon Valley Bank collapse sparked a selloff.
New data shows car thefts are on the rise. The National Insurance Crime Bureau says more than one million cars were stolen in 2022. Thefts were up 7% in 2022 compared to 2021, making last year one of the worst on record since 2008.
Oscar nominations and wins don’t have the same financial impact as they used to. Since the Oscar nominations were announced in late January, the 10 best picture nominees added $82 million in domestic box office sales, $71 million of which came from “Avatar: The Way of Water.” However, best picture nominations have boosted demand on streaming services