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Washington – Tomorrow, Monday, the eyes of the American and international banking sector will turn to Silicon Valley Bank and its 17 branches spread in California and Massachusetts, at a time when the Federal Deposit Insurance Corporation (FDIC) called on depositors to withdraw their financial deposits.
The federal government guarantees through that institution deposits of no more than $250,000 only. As a bank that provides services primarily to companies, approximately 97% of the bank’s deposits amounting to $ 200 billion are uninsured because their value is more than $ 250 thousand, and they belong to companies mainly.
Some experts believed that the failure of the bank highlights the large losses experienced by the entire banking system as a result of the rise in interest rates, and the impact of this on investment in bonds.
The bank crisis prompted President Joe Biden to hold a phone call with California Governor Gavin Newsom on Saturday regarding efforts to address the crisis situation.
Unjustified failure
The bank surprised investors last Wednesday by announcing that it needed to raise $2.25 billion to shore up its balance sheet, and that following selling all its available bonds it lost $1.8 billion.
The assurances of the bank’s executives were not enough to stop the rush of depositors to withdraw deposits worth $42 billion by the end of last Thursday, and the bank’s share lost more than 60% of its value.
The California Department of Financial Protection and Innovation said on Friday that it would close the bank to protect deposits, and named the Federal Deposit Insurance Corporation as its receiver.
“The main branch of the bank and all 17 branches of the bank will reopen on Monday, March 13, 2023,” the Federal Deposit Insurance Corporation said in a press release. According to the statement, all insured deposits will be available on Monday.
Some have called for preparations for a hard economic downturn as more parts of the financial system begin to collapse.
Invitation to take over the bank
Many voices from within the tech sector and banking have increasingly called on the federal government to push another bank to take over Silicon Valley to protect uninsured deposits.
They expressed fears that failure to manage the crisis in protecting deposits of more than $250,000 may result in a loss of confidence in other medium-sized banks.
And some big names in the technology and banking sectors called on the federal government to intervene, and to push another bank to take over the management of the assets and liabilities of Silicon Valley Bank, especially since the vast majority of its depositors are emerging companies.
Many are worried that they will not be able to pay salaries this month, which in turn might lead to a wave of failures and layoffs in the technology industry.
Investors are concerned that these failures may reduce confidence in the banking sector, especially medium-sized banks with deposits of less than $250 billion.
These banks are not considered large enough to risk bankruptcy, nor do they have to abide by the safety valve measures that were passed in the followingmath of the 2008 financial crisis.
Where is Powell? Where is Yellen? Stop this crisis NOW. Announce that all depositors will be safe. Place SVB with a Top 4 bank. Do this before Monday open or there will be contagion and the crisis will spread.
— David Sacks (@DavidSacks) March 10, 2023
Investor David Sachs called on the federal government to push another bank to buy the assets of Silicon Valley Bank, and Sachs – who previously managed a number of technology companies – tweeted, “Where is (US Federal Reserve Chairman Jerome) Powell? Where is (Treasury Secretary Janet) Yellen? Stop this.” “The crisis is now. They have to announce that all deposits will be safe, and one of the big four banks must take over Silicon Valley Bank before they start operating on Monday morning, or there will be contagion and the crisis will spread.”
Investor Bill Ackman made a similar argument in a lengthy tweet, writing, “The government has less than 48 hours to fix an irreversible error soon.”
The government is the solution
The opinions of the Washington political community were divided on the need for the federal government to intervene or not to prevent the bank’s collapse.
Republican Senator and former presidential candidate Mitt Romney tweeted, calling for the intervention of the federal government to save the bank, and said, “The shareholders and executives of Silicon Valley Bank lose everything, however, depositors in good faith must recover their deposits in order to pay the salaries of their workers, and pay the cost of their requests, and prevent the spread of infection.”
Silicon Valley Bank’s shareholders and executives lose it all, as they should. Depositors in good faith, however, should recover and have access to their deposits in order to meet their payrolls, pay their suppliers, and to prevent contagion.
— Mitt Romney (@MittRomney) March 11, 2023
By contrast, Rep. Matt Gaetz of Florida has opposed any government bailout, saying, “If there is an effort to use taxpayer money to bail out Silicon Valley, the American people can count on the fact that I will be there leading the fight once morest it.”
Bonuses hours before the closing of Silicon Valley Bank
Silicon Valley bank employees received their annual bonuses last Friday just hours before the feds took over the bank, and the bonuses were reportedly for work done in 2022 and were in the process days before the bank collapsed.
Historically, bank employees receive their annual bonuses on the second Friday of March, which coincides with the last day of the bank’s work.
The annual bonus ranged from $12,000 for junior employees to $140,000 for executives.
It is noteworthy that Silicon Valley Bank has 8,528 employees, and they earned an average income that is among the highest in the American financial sector last year, amounting to $ 250,000.
If there is an effort to use taxpayer money to bail out Silicon Valley Bank, the American people can count on the fact that I will be there leading the fight once morest it. pic.twitter.com/pttSd7iPRQ
— Rep. Matt Gaetz (@RepMattGaetz) March 10, 2023
schedule18:14 – 12 Mars, 2023
South American rapper Costa Titch collapsed on stage while singing and died instantly. The family of the 28-year-old announced the sad news on Instagram.
“Death has tragically knocked on our door. She stole our beloved son, brother and nephew from us,” the post said. Meanwhile, the cause of death has not yet been revealed.
So, the videos published on social networks show the moment when the rapper falls on stage and someone picks him up. It stands for a few seconds and then collapses.
Organizers of the festival where he was performing, Ultra South Africa, said they were “devastated” by the young rapper’s death.
His career had a rapid rise. The song ‘Big Flexa’ made him a star across Africa following success on TikTok./abcnews.al
In the midst of one of the most brilliant moments in his four decades of professional career, whose next step will be two shows at the Vélez Sarsfield stadium scheduled for April 1 and 2, Fito Páez celebrates 60 years this Monday, March 13.
These are 60 years of a life that might be reconstructed in all its aspects through his profuse and -for the most part- superb repertoire, likely to be further enlarged judging by his prolific latest movements.
Well, although he never slowed down his productions, the artist from Rosario has released himself in the last three years, when the echoes of his successful album have not yet died down. the city liberatedfrom 2017, with four albums (three of them as part of a trilogy), while he finalizes the details of his new version of the acclaimed The love following Love30 years following its publication.
The great particularity in these cases in that all of them had the general acceptance of the public and critics, which led him to star in massive concerts in our country and other parts of the world, to lead music festivals.
At the same time, he received numerous awards from the industry, including the Grammy -the highest award in the field- obtained by the conquest of spaceof 2020.
It happens that, although from his first steps in the ’80s, Fito established himself as one of the great names of Argentine rock, natural heir to a musical line that has Charly García and Luis Alberto Spinetta as its greatest exponents, many of his productions, especially in this century, sometimes they went unnoticed among the general public and were questioned by the specialized press, so this luminous present seems to be the great harvest of unwavering work and recognition of his inexhaustible talent.
Beyond the high and low logics in his production, the truth is that throughout all his work, Fito Páez narrated his life and the different moments he was going through.
From the “sad and enchanted boy” who astonished with his precocious talent in the midst of the fury of the Trova Rosarina, through the formal letter of introduction that the verses of from 63 (first cut of his self-titled debut album), his forced loss of innocence in city of poor hearts y Ey!and his personal revival following darkness thanks to love and the conquest of the mass public with Third World, The love following Love y Circo Beat.
The vicissitudes of his life, his childhood in Rosario, his love affairs, the arrival of his two children, the permanent tribute to his musical heroes, his social and political points of view, and his love for cinema and literature (areas in which he he also dabbled) were also duly explained by Fito through songs or complete albums.
They made him the target of a level of demand rarely demanded from other artists, the fact that he was a figure recognized by the rock public when he had not yet reached the age of 20 and that a short time later he already accumulated productions with Charly on his curriculum, Spinetta, Caetano Veloso; compositions that have become classics -in the voice of Juan Carlos Baglietto or in his own voice-; and records that were among the best in the history of Argentine popular music.
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Fito Páez and the influence of his mother Margarita
Fito’s musical heritage seems to come from his mother Margarita, a piano teacher who died a few months following his birth. Despite the fact that he did not know her and was raised by his father, his grandmother and a great-aunt, in a house where music of all styles was consumed, little Rodolfo showed great facility in front of the keys from an early age, although little attachment to the rigid methods of the academies.
After integrating various youth groups, he was summoned by Juan Carlos Baglietto to join a band with which he would land in Buenos Aires in the early 1980s with great force, in a movement that became known as the Trova Rosarina. There he excelled as an arranger and author, with classics like life is a coin, act to live, trying to grow y A madman in the carouselAmong many.
Charly García, a generous reference with Fito Páez
The world of local rock opened the big door for him when Charly García summoned him to his band at the time of the presentation of Modern Clicks and gestation of Piano bara platform that allowed him to record his first solo album from 63. In that work he projected his enormous future, especially from the great theme three needles.
The big confirmation came with twists (1985), the most complete compendium to date of the crossover between rock and Argentine popular music, with songs like I come to offer my heart, 11 y 6, DLG y ground wireto name just a few.
Fito Páez and lost innocence
The good luck for Fito continued with the EP clandestine heart, which included the participation of Caetano Veloso; the joint album with Luis Alberto Spinetta la la la; and life as a couple with Fabiana Cantilo. But the crime in Rosario of the two women who raised him, on the occasion of a robbery, plunged him into depression and darkness.
Although turned to a darker style, Fito’s compositional quality remained intact, as demonstrated on the cathartic album city of poor hearts (1987) and in Ey! (1988).
Con Third World (1990) “colors” began to appear in his life, as he himself said in an interview with Télam on the 30th anniversary of that production, in which he also showed a higher level of sophistication. There is your great classic And bring joy to my heart.
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Fito Páez and the return of light
The arrival of a new love, the actress Cecilia Roth, brought the definitive light and was a source of inspiration for the consecration El love following love in 1992.
Big stadiums, diffusion in the most important commercial radios and successful tours marked that stage, which continued with Circo Beat (1994), although it also earned him the estrangement and criticism of “purist” fans and journalists, in an ambivalent relationship that continues to this day. However, Fito kept accumulating classics, such as Mariposa Technicolor y It is to give.
After a bittersweet meeting with Joaquín Sabina on the album intimate enemies (1998), the end of the century finds the Rosario focused with open (1999) and the arrival of his first son, Martín, reflected in sun king (2000).
But there was also space for the description of a society that was bleeding to death following the neoliberal party of the ’90s through the raw the devil of your hearton which he returned live in recent times of explicit macrismo.
From there, Fito added one album following another, although many of them were forgotten and did not even release great classics, as had inevitably happened up to that moment.
Proof of this is that almost no songs from that stage appear at concerts in recent years nor do they survive in the collective memory. nature blood is perhaps the exception to the rule.
However, he continued to give an account of his love breakups, meeting new loves, the birth of his second daughter Margarita (the result of his relationship with actress Romina Ricci), his points of view and his permanent tribute to his musical idols. -as it happened in discs like fashion and town (2005), song for aliens (2011) o Rock and Roll Revolution (2014).
Fito Páez, facing this bright present
The city liberated in 2017 began to place him on the path of absolute and definitive recognition, which places him in this luminous present.
With Charly García away from public life and the early deaths of Spinetta and Gustavo Cerati, Fito currently shares with Andrés Calamaro the title of great reference of the local rock tradition, although with more solid steps compared to the former Los Abuelos de la Nothing and Los Rodríguez.
Product of tireless work and inexhaustible talent, the Rosario boasts a catalog full of large pages, fills stadiums, is pampered by the local and international press and has the devotion of a massive audience. And that is barely 60 years old.
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35 years following “Ciudad de pobres corazones”, the album with which Fito Páez synthesized the tragedy