FDIC Corrects Reuters, Refutes Claims Of Requiring Signature Bank Acquirer To Give Up Crypto
The Federal Deposit Insurance Corporation (FDIC) denied that any buyer of Signature Bank would be required to renounce its crypto business. The agency comment is in response to a Reuters report on Wednesday that stated that “any buyer of Signature must agree to give up all the crypto business at the bank,” citing two anonymous […]
Hexo Sees Revenues Decline 26% In Fiscal Q2
Hexo Corp (TSX: HEXO) this morning reported its fiscal second quarter 2023 results, which it top-billed as being net income positive, thanks in large part to non-operating income. “Our continued focus on profitability is yielding solid results, including positive net income before tax for the first time in our history. [..] Our adjusted gross margin […]
Taiga Motors Secures $40 Million In Funding From Northern Private Capital, Investissement Quebec
Electric powersports company Taiga Motors (TSX: TAIG) is evidently undergoing severe financial difficulties. The firm this morning revealed that in an act of desperation for further funding, it has agreed to re-work its current board of directors as a means of obtaining further funding from current directors. The company has managed to get two major […]
PornHub Is Being Bought By A Private Equity Firm Called Ethical Capital
Proving once again that there is money in porn, adult content firm MindGeek–and PornHub’s parent–has been acquired by Ethical Capital Partners, a newly formed Canadian private equity firm. MindGeek, based in Luxembourg, has dominated the adult market since the introduction of video streaming. According to those acquainted with the subject, its most current reported data […]
Hangry Much? Minnesota State Senator Doesn’t Think School Children Deserve Free Meals
Minnesota Republican state Senator Steve Drazkowski should probably have more than a cereal bar for breakfast. Drazkowski on Tuesday voted against a House bill that would provide free breakfast and lunch for schoolchildren – because he has never met a hungry person in his state. “Mr. President, I have yet to meet a person in […]
Wall Street to the Rescue! 11 US Banks Pledge $30 Billion in Deposits to Save First Republic Bank
As was widely expected, Wall Street has come to the rescue. A group of major banks are pledging to deposit a combined $30 billion into First Republic Bank, in an effort to assure markets and the public that the US financial system isn’t ripping at the seams, contrary to popular belief. In a hail Mary […]
Put Options Confusion May Lead Robinhood Users to See Their Profits from Bets Against SVB Disappear by End of Week
Robinhood clients are complaining that the trading app isn’t letting them cash in on their put options against the now-collapsed Silicon Valley Bank and Signature Bank. Put options (or just “puts”) are contracts that give investors the right to sell a specific amount of shares at a predetermined price, called the strike price, within a […]
Bank Failures: Is Deposit Insurance The Answer?
In the months leading up to Silicon Valley Bank’s (NASDAQ: SIVB) demise, the bank’s lobbying groups went against a plan requiring financial institutions to boost their contributions to the Deposit Insurance Fund (DIF), which protects depositors in the event of a bank failure. But after a series of bank collapses, deposit insurance is now in […]
The Green Flip-Flop: UK Wants to Delay Closure of Coal Power Plants Over Blackout Fears
The UK government is proposing delaying the scheduled closure of the country’s emergency coal-fired power plants, in an effort to divert a potential energy security disaster come next winter. Over fears of potential blackouts thanks to the turbulent uncertainty surrounding Russian energy, National Grid, UK’s energy company, entered into £368 million worth of contracts to […]
Robot Lawyer DoNotPay Claims It Will Use GPT-4 for ‘One-Click Lawsuits,’ But GPT-4 Has A Dissenting Opinion
DoNotPay, Inc, the New York-based startup behind the app that claims to be “the world’s first robot lawyer” but isn’t actually a lawyer, is riding the OpenAI’s GPT-4 wave. The app’s founder and CEO Joshua Browder announced that it is “working on using GPT-4 to generate ‘one click lawsuits’ to sue robocallers for $1,500.” The […]