The picture that is emerging of SVB is one of a bank whose leaders failed to plan for a realistic future and neglected looming financial and operational problems, even as they were raised by Fed supervisors.
Prosecutors accused Ian Edward Parrish, 28, of San Jose, of selling two counterfeit Percocet pills to an individual in a bar in Fremont that were laced with fentanyl. The individual who bought the pills consumed one and shortly thereafter died of an overdose.
To combat the presence of fentanyl in the correctional facility, Jonsen said he has taken “extraordinary” measures, including conducting multiple facility searches, more frequent welfare checks and numerous K-9 searches.
Tiny homes from the state will help the City of San Jose reach Mayor Matt Mahan’s ambitious goal of sheltering 1,000 unhoused residents by the end of the year.
Gov. Gavin Newsom said $600 United Way checks are on their way to flood-affected farmworkers regardless of their immigration status — but he did not commit state funds to either undocumented workers or cannabis businesses, both of which don’t qualify for federal emergency aid.
The board approved more funds for senior housing, a land swap for supportive housing in Cupertino, an investment into rental assistance with seven non-profits, a new housing development in Milpitas and more affordable housing in Mountain View, some specifically for foster youth.
The shockwaves and aftershocks of the failure of one bank are likely to linger for years, and these tremors will likely change the way companies are built in the future.
The college was on lockdown for more than two hours, after the security sent out alerts shortly after 11am that an armed intruder with a rifle was seen at the Saratoga campus.
Shares of Western Alliance Bancorp (WAL) – the parent company of San Jose’s Bridge Bank – took an 84% plunge in the first 90 minutes of trading, before rebounding to $23.09 per share by 1:30 EDT.
The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation announced in a joint statement Sunday that all Silicon Valley Bank depositors will have access to all of their money starting Monday, March 13, and that none of these costs will be paid by U.S. taxpayers.
