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Why Silicon Valley Bank’s failure is not 2008 all over again

Published Tue, 25 Feb 2025 02:21:54 GMT

The financial institution best known for its relationships with high-flying world technology startups and venture capital, Silicon Valley Bank, experienced one of the oldest problems in banking — a bank run — which led to its failure on Friday.Its downfall is the largest failure of a financial institution since Washington Mutual collapsed at the height of the financial crisis more than a decade ago. And it had immediate effects. Some startups that had ties to the bank scrambled to pay their workers, and feared they might have to pause projects or lay off or furlough employees until they could access their funds.How did this happen? Here’s what to know about why the bank failed, who was affected most, and what to know about how it may, and may not affect, the wider banking system in the U.S.WHY DID SILICON VALLEY BANK FAIL?Silicon Valley Bank was hit hard by the downturn in technology stocks over the past year as well as the Federal Reserve’s aggressive plan to increase interest rate...

How to get on a waitlist for affordable housing in San Diego

Published Tue, 25 Feb 2025 02:21:54 GMT

SAN DIEGO -- For some San Diegans, finding affordable housing can be a hard feat to accomplish. With housing affordability hitting historic lows, many are looking at alternative routes to secure a place they can call home. 600 units of affordable housing to become available in San Diego There are a number of waiting lists for assistance programs offered by the San Diego Housing Commission and the Housing Authority of the County of San Diego in which residents can apply for.Though there is no guarantee that applicants will be selected to receive assisted housing, those who apply will be placed on waiting lists arranged by date and time the application was received by order of preferences, according to the two organizations.To break it down a bit -- this means each waiting list has preferred criteria which will be considered when selecting applicants to fill vacancies. For example, these preferences may be considered:-- Does the applicant live or work in San Diego?-- Does the appli...

Police: Stalker kills woman, husband in Seattle-area home

Published Tue, 25 Feb 2025 02:21:54 GMT

REDMOND, Wash. (AP) — A longhaul truck driver from Texas who became obsessed with a software engineer in Washington state after meeting her through a social media chatroom app killed her, her husband and himself after stalking them for months, police said.Zohreh Sadeghi, 33, and her husband, Mohammad Milad Naseri, 35, were shot to death in their suburban Seattle home by Ramin Khodakaramrezaei, 38, according to Redmond Police Chief Darrell Lowe. He said officers spent a week trying to serve a protection order on Khodakaramrezaei but had not been able to find him before the killings.“This is the absolute worst outcome for a stalking case,” Lowe said at a media briefing Friday afternoon. “This is every victim, every detective, every police chief’s worst nightmare.”In a written statement, the police department said Friday that the suspect began communicating with Sadeghi after listening to her podcasts. Lowe clarified that the two became acquainted because he heard her in an audio...

Defending champion leaves Iditarod race over health concerns

Published Tue, 25 Feb 2025 02:21:54 GMT

ANCHORAGE, Alaska (AP) — Brent Sass, the defending Iditarod Trail Sled Dog Race champion, withdrew from this year’s race on Saturday, citing concerns for his health.Sass scratched at the Eagle Island checkpoint, a statement from the Iditarod said. Eagle Island is about 600 miles (966 kilometers) into the nearly 1,000-mile (1,609-kilometer) race.“He didn’t feel he could care for his team due to current concerns with his periodontal health,” the statement said. The condition typically relates to gum disease.A plane was being sent to Eagle Island to fly Sass off the trail, according to a video posted on the Iditarod Insider web page. “Yeah, I’m pretty sad, but it is what it is,” Sass’ father, Mark Sass, told Alaska Public Media. “I just want him to be OK.”The Iditarod said all 11 dogs on Sass’ team were in good health.Sass was in the lead when he arrived at the Eagle Island checkpoint late Friday night with an almost four-hour advantage over his nearest competitor, Jessie Holmes of Bru...

WV House OKs transgender care ban mental health exemption

Published Tue, 25 Feb 2025 02:21:54 GMT

CHARLESTON, W.Va. (AP) — West Virginia’s Republican supermajority House of Delegates swiftly OK’d a proposal to add mental health exemptions to a bill that would ban certain health care for transgender youth during the last day of its 60-day legislative session Saturday. The chamber approved changes made by the state Senate late Friday that would allow some transgender youth to continue receiving medical interventions, including hormone therapy, if they are at risk of self-harm or suicide.The bill now heads back to the Senate for final approval, which it is likely to receive Saturday before heading to the desk of Gov. Jim Justice. The Republican governor has not taken a public stance on the measure.Lawmakers in West Virginia and other states advancing bans on transgender health care for youth and young adults often characterize gender-affirming treatments as medically unproven, potentially dangerous in the long term and a symptom of “woke” culture.But every major medical...

From wine country to London, bank’s failure shakes worldwide

Published Tue, 25 Feb 2025 02:21:54 GMT

NEW YORK (AP) — It was called Silicon Valley Bank, but its collapse is causing shockwaves around the world. From winemakers in California to startups across the Atlantic Ocean, companies are scrambling to figure out how to manage their finances after their bank suddenly shut down Friday. The meltdown means distress not only for businesses but also for all their workers whose paychecks may get tied up in the chaos.U.S. customers with less than $250,000 in the bank can count on insurance provided by the Federal Deposit Insurance Corp. Regulators are trying to find a buyer for the bank in hopes customers with more than that can be made whole.That includes customers like Circle, a big player in the cryptocurrency industry. It said it has about $3.3 billion of the roughly $40 billion in reserves for its USDC coin at SVB. That caused USD Coin’s value, which tries to stay firmly at $1, to briefly plunge below 87 cents Saturday. It later rose back above 97 cents, according to CoinDesk.Acros...

3D-printed rocket remains grounded after more launch aborts

Published Tue, 25 Feb 2025 02:21:54 GMT

CAPE CANAVERAL, Fla. (AP) — A rocket made almost completely of 3D-printed parts came within a half-second of blasting off Saturday on its debut flight, but remained grounded after back-to-back launch aborts.The engines ignited, but abruptly shut down, leaving Relativity Space’s rocket, named Terran, standing on its pad. Launch controllers reset the countdown clocks and aimed for the last possible moment of the three-hour window at Cape Canaveral Space Force Station. But once again, on-board flight computers halted the countdown, this time with 46 seconds remaining. No cause was given for the problems.The first launch attempt, on Wednesday, was aborted at the one-minute mark because of a bad valve.There was no immediate word on when the company might try again.At 110 feet (33 meters), the rocket is relatively small. Relativity Space said 85% of the rocket, including its engines, came out of its huge 3D printers at company headquarters in Long Beach, California.Given this is a test fl...

Denise Russo, formerly of VH1's reality series ‘The X-Life,’ dead at 44

Published Tue, 25 Feb 2025 02:21:54 GMT

(NEXSTAR) – Denise Russo, formerly a cast member on the VH1 reality show “The X-Life,” was found unresponsive and pronounced dead in California earlier this week. She was 44.TMZ was among the first to report news of Russo’s death, citing law enforcement sources and former “X-Life” cast member Susie Stenberg, who described Russo as “the most loving and loyal person.”A press release from the San Diego County Medical Examiner’s office specified that Russo was found unresponsive on March 5 at a friend’s home in San Diego. Emergency responders performed “aggressive attempts” to resuscitate her, but ultimately pronounced her dead at the scene.The manner of death is currently under investigation, though the Medical Examiner’s office noted the discovery of drug paraphernalia in the home. Chiefs legend Otis Taylor dead at 80 Russo was among the main cast members of the 2011 VH1 reality series "The X-Life," which followed the lives of three extreme athletes and their respective partners. Ru...

Shots Fired In Nova Scotia Neighbourhood, Suspects Still At Large

Published Tue, 25 Feb 2025 02:21:54 GMT

Dateline hosts talk to KXAN on first SXSW panel, Austin murders, new podcast

Published Tue, 25 Feb 2025 02:21:54 GMT

AUSTIN (KXAN) – Keith Morrison and Josh Mankiewicz of Dateline – which has covered several notorious Austin murders, including Moriah Wilson and Heidi Broussard – will appear at SXSW for their first panel discussion Saturday afternoon at 4:00 p.m. CT at the Austin Convention Center. The two sat down with KXAN’s Sam Stark ahead of their session to talk Dateline, their voyage into podcasting and reporting on Texas crimes. Can you talk about the explosion of the true crime genre in recent years?“I give credit to our boss, frankly, who persuaded us. He saw the zeitgeist and saw what was coming – he recognized that [true crime] were the sorts of stories that most attracted people's attention. Whenever we did a true crime story, back in the 90s, the numbers show a pretty clear indicator that it was what people wanted to watch,” Morrison said. “Most people in their lives will never be the victim of violent crime. But everybody has been in a relationship that did not work out how ...