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Silicon Valley Bank collapses and is seized by federal regulators

Published Wed, 05 Mar 2025 01:50:06 GMT

Silicon Valley Bank collapsed Friday morning after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history.California regulators closed down the tech lender and put it under the control of the US Federal Deposit Insurance Corporation. The FDIC is acting as a receiver, which typically means it will liquidate the bank’s assets to pay back its customers, including depositors and creditors.The FDIC, an independent government agency that insures bank deposits and oversees financial institutions, said all insured depositors will have full access to their insured deposits by no later than Monday morning. It said it would pay uninsured depositors an “advance dividend within the next week.”The bank, previously owned by SVB Financial Group, didn’t respond to CNN’s request for comment.What happened?Silicon Valley Bank’s decline stems partly from the Federal Reserve’s aggressive interest rate hikes over the past yea...

Black patients dress up and modify speech to reduce bias, California survey shows

Published Wed, 05 Mar 2025 01:50:06 GMT

A young mother in California’s Antelope Valley bathes her children and dresses them in neat clothes, making sure they look their very best — at medical appointments. “I brush their teeth before they see the dentist. Just little things like that to protect myself from being treated unfairly,” she told researchers.A 72-year-old in Los Angeles, mindful that he is a Black man, tries to put providers at ease around him. “My actions will probably be looked at and applied to the whole race, especially if my actions are negative,” he said. “And especially if they are perceived as aggressive.”Many Black Californians report adjusting their appearance or behavior — even minimizing questions — all to reduce the chances of discrimination and bias in hospitals, clinics, and doctors’ offices. Of the strategies they describe taking, 32% pay special attention to how they dress; 35% modify their speech or behavior to put doctors at ease. And 41% of Black patients signal to providers that they are edu...

Hotline mailbag: Merger with the ACC (now or later), the Pac-12’s radio silence, Friday on Amazon, Boise State’s future as the MW waits

Published Wed, 05 Mar 2025 01:50:06 GMT

The Hotline mailbag is published every Friday. Send questions to [email protected] and include ‘mailbag’ in the subject line — or hit me on Twitter: @WilnerHotline.*** Please note: Several topics related to Pac-12 media rights and expansion will be answered separately, in forthcoming articles.(Some questions have been edited for clarity and brevity.)What do you make of former ESPN chairman John Skipper’s comments that the ACC and Pac-12 should merge and that would force a renegotiation of the ACC’s deal with ESPN? — @pfnnewmediaAnytime Skipper addresses college sports realignment or media matters, we listen. And the concept of a bicoastal merger has been discussed (on the Hotline and elsewhere) since the immediate aftermath of USC and UCLA announcing their departures to the Big Ten.However, we see a few hurdles.The ACC’s media deal with ESPN runs into 2036 and coincides with the grant-of-rights agreement that binds each school’s media re...

Oroville Dam floodgates opening as storms fill massive reservoir

Published Wed, 05 Mar 2025 01:50:06 GMT

In another sign that the drought is ending across much of California, state water officials planned to open the floodgates at Oroville Dam on Friday to let water out of the state’s second-largest reservoir to reduce the risk of flooding to downstream communities.“After three years of drought and low lake elevations, it’s really good to see the lake rising,” said Ted Craddock, deputy director of the state Department of Water Resources.On Friday, Oroville reservoir was 75% full — or 115% of its historical average for early March. It has risen 180 feet since Dec. 1, and continued to expand steadily with millions of gallons of water pouring in from recent storms.Devastating storms in February 2017 caused the spillway at Oroville, whose 770-foot tall dam is the tallest in the United States, to crumble, which prompted emergency officials who feared a potential dam collapse to evacuate 188,000 people downstream.Investigators later found that the spillway, built in 1...

Trading Timo Meier might have been an easy decision for the Sharks. Now comes the hard part

Published Wed, 05 Mar 2025 01:50:06 GMT

The San Jose Sharks received two high draft picks, two forwards that are on their roster right now, and two young defensemen as part of the massive trade earlier this month that sent winger Timo Meier to the New Jersey Devils.But as much time as Sharks general manager Mike Grier and his staff spent crafting that trade, trying to maximize value for the power forward, sending Meier to the Devils might have been the easy part of the equation.Now the Sharks need to find a way to replace him.The Sharks have promising forwards in the pipeline but don’t have anybody in the system quite like Meier, a 6-foot-1, 220-pound bull who figures to be a 35-40 goal scorer in the NHL for years to come. He was an easy fit on the Sharks’ first line with Tomas Hertl, was far and away the leading goal-scorer on the top power-play unit, and had a powerful frame built to dish and absorb punishment.“Timo is a unique player in this league,” Sharks coach David Quinn said. “You’re talking about a guy who’s buil...

GOP Rep. George Santos says he is innocent of latest criminal allegation

Published Wed, 05 Mar 2025 01:50:06 GMT

By Fredreka Schouten and Nicky Robertson | CNNEmbattled Rep. George Santos on Friday said he was “innocent” of an allegation that he had orchestrated a credit card skimming operation in 2017 in Seattle that led to the guilty plea and deportation of a Brazilian man.“Innocent,” the New York Republican told reporters on Capitol Hill. “Never did anything of criminal activity, and I have no mastermind event.”His denials came a day after Politico published a sworn statement that the publication said Gustavo Ribeiro Trelha had submitted this week to the FBI and other federal law enforcement officials, alleging that Santos had overseen the skimming operation.Trelha, whom Politico identified as a former roommate of Santos, pleaded guilty to “access device fraud” in 2017 in Seattle, federal records show. He had been arrested earlier that year after using a credit card skimming device and electronic camera on ATMs to “surreptitiously steal ...

Photos: EcoFashion on display at Santa Clara University

Published Wed, 05 Mar 2025 01:50:06 GMT

Student models wearing recycled and reimagined clothing, and in some cases grocery bags, sauntered past audience members consisting of students, staff and faculty for the recent EcoFashion Show at Santa Clara University’s Locatelli Student Activities Center.Designers and models from the university, with one designer being a staff member, created clothing from waste materials or clothes intended for the landfill. They were not allowed to spend any money. Fourteen different designs were shown by 16 designers.They each named their designs such as “Shwasted,” made primarily of Trader Joe’s and Target bags designed by eight students, and modeled by two students, Quin Doughty and Billy Wagner. Another was named “denim on denim on denim,” designed by Michelle Chinn and modeled by Jeni Deneen.Five judges picked winners in four categories: minimalist, high-end fashion, most imaginative and best overall. The audience chose “For the love of Denim”...

Longtime employee killed after roof collapses at Peet's Coffee distribution center in Oakland

Published Wed, 05 Mar 2025 01:50:06 GMT

OAKLAND, Calif. (KRON) -- A longtime Peet's employee was killed early Friday morning when the roof of a Peet's Coffee distribution center in Oakland collapsed. A woman also suffered minor injuries in the collapse. The Peet's facility was also used by other coffee companies."We are all devastated by this tragedy," Peet's said in a statement. "The employee was a distribution lead and had been a beloved part of the Peet’s family for 17 years. Our thoughts and prayers are with his family." Bay Area storm updates: Flooding impacts morning commute The facility was located in the 600 block of 85th Avenue. The building was described as a large distribution center for several coffee companies, according to Michael Hunt of the Oakland Fire Department. Approximately 20 firefighters responded to the incident. It was eased to Peet's.The distribution center is currently closed while the cause of the collapse is under investigation. The building has been red tagged so only emergency pe...

49ers QB Brock Purdy undergoes elbow surgery

Published Wed, 05 Mar 2025 01:50:06 GMT

SANTA CLARA, Calif. (AP) — San Francisco 49ers quarterback Brock Purdy had surgery Friday on his injured throwing elbow that should allow him to return to play possibly as early as the start of next season.The 49ers said Dr. Keith Meister conducted an internal brace repair to Purdy’s right elbow. The team said Purdy is anticipated to start a throwing progression program in three months.The typical timeline for a full return is six months, which would be the start of the 2023 regular season.Purdy was originally scheduled to have surgery on Feb. 22, but Meister delayed it because there was too much swelling in the right elbow. Meister met again with Purdy last week and cleared him for the operation.Purdy tore the ulnar collateral ligament in his right elbow on the first drive of a 31-7 loss in the NFC title game to Philadelphia on Jan. 29.Purdy went from the last pick of the draft to the starter in the conference title game in an impressive rookie season for the 49ers. He won his firs...

Oakland PD investigates suspicious death of man found underneath car

Published Wed, 05 Mar 2025 01:50:06 GMT

OAKLAND, Calif. (KRON) -- The Oakland Police Department is investigating a suspicious death of a man officials said was found unresponsive underneath a car. The man was pronounced dead at the scene.Officers responded to the report on the 400 block of Lagunitas Avenue around 3 a.m. Friday. During a preliminary investigation officers said they found evidence that showed the man was committing a crime at their time of death. This investigation is ongoing. Anyone with information can contact the OPD Criminal Investigations Division at (510)238-3326.