On today’s NOTICE News Daily: The federal government was forced to step in after the collapse of Silicon Valley Bank late last week in the worst bank failure since the 2008 financial crisis. We take a look at what that means and what caused the bank to collapse. Plus: What are your chances of having a totally correct March Madness bracket?
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Top Story: Silicon Valley Bank Collapses After Bank Run
On Friday, Silicon Valley Bank collapsed when its customers, mainly businesses and startups, tried to withdraw their money in a bank run. The Federal government stepped in to guarantee customers’ money and protect the banking system from further crisis. It’s the largest bank collapse since the 2008 financial crisis and the second-largest bank failure in US history.
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- A good rundown: What We Know and How It Happened (New York Times, paywall)
- What the government did: After Silicon Valley Bank Failure, Government Acts To Shore Up Banking System Confidence
- And then there’s Biden… Promises ‘Whatever Needed’ For Banking System As Wall Street Hammered
- Go deeper: What Silicon Valley Bank collapse means for the U.S. financial system (PBS Newshour)
In Other News…
- Biden Administration Approves Massive Willow Project Drilling: The Biden administration is approving a scaled-back version of ConocoPhillips’ $7 billion oil and gas drilling Willow Project in Alaska, the U.S. Department of Interior said on Monday, drawing cheers from Alaskan officials and the oil industry but criticism from environmental advocates. >> Full story
- California Copes With Heavy Rain, Flooding In Latest ‘Atmospheric River’ Storm: Emergency officials in several California counties spent Friday patrolling levies and swollen rivers as an “atmospheric river” storm drenched the already-sodden state with torrential rains, causing floods that washed out roads and prompted evacuations. >> Full story
- Sales of vinyl albums overtake CDs for the first time since the late ’80s: >> Full story from Ars Technica
The odds of filling out a perfect bracket are 1 in 120.2 billion
“When it comes to filling out a bracket, there are 9,223,372,036,854,775,808 or 9.2 quintillion possible outcomes. In other words… a lot of chances to pick an incorrect outcome.” >> More from CBS Sports