4.29.2023

 

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Good morning. It's Saturday, April 29, and in this weekend edition, we're covering the Federal Reserve's report on the Silicon Valley Bank collapse, a military helicopter accident in Alaska, and much more. First time reading? Sign up here.

 

You share, we listen. As always, send us feedback at [email protected].

One Big Headline
 

Fed Reviews SVB Collapse

The Federal Reserve, in a report released yesterday, said last month's historic collapse of California-based Silicon Valley Bank was due to poor management, insufficient government oversight, and weak regulations, as the company's balance sheet ballooned from $71B to $211B over two years. 

 

The regulator said it will work on tougher supervision and stronger standards that apply to a broader set of financial institutions, particularly banks with $100B or more in assets. Read the 112-page report here (scroll down, click PDF). 

 

Silicon Valley Bank's collapse (see overview) is the second largest since the 2008 financial crisis. The firm shut down after a bank run (see 101) following an announcement it had sold roughly $21B in securities at a $1.8B loss, and was seeking to raise $2.25B in capital. It faces probes from the Justice Department and the Securities and Exchange Commission. See US bank failures since 2001 here

 

In related news, the Federal Deposit Insurance Corp. released an account of its own failures in the collapse of Signature Bank. The bank shut down two days after Silicon Valley Bank last month. Read the 63-page report here (scroll down, see attachment). 

Quick Hits
 

At least 25 people killed in Russian air strikes in Ukraine. 

Russia launched 23 cruise missiles and two drones across Ukraine early Friday. At least four children were among those killed. Ukraine's air force intercepted the drones and 21 of the cruise missiles, some of which were in Kyiv's airspace. Ukraine officials considered it to be the first attack on the capital in nearly two months.

 

North Carolina Supreme Court reverses own ruling in gerrymandering case.

The court, in a 5-2 ruling (see here), said limitations in the Constitution that grant redistricting authority to lawmakers do not address partisan gerrymandering (see 101), and therefore the court doesn't have the authority to overturn congressional maps on such a basis. The court flipped from Democrat to Republican following the November elections. 

 

Three US soldiers killed after two army helicopters crash in Alaska.

The helicopters crashed while returning from a training mission. Two of the soldiers died near Healy, Alaska, a third died on the way to a hospital in Fairbanks, and a fourth was injured. The cause of the crash is under investigation. The crash is the latest in a string of military helicopter accidents this year.

 

Key US inflation measure rose slightly in March.

The personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose 0.1% month-over-month, less than the 0.4% analysts had expected. Excluding food and energy, the index rose 0.3% month-over-month, the same as in February. The index measures costs consumers pay across a wide swath of items. 

 

Kevin Durant becomes third NBA player with lifetime Nike deal.

The 34-year-old Phoenix Suns star inked a lifetime contract with the company, joining Michael Jordan and LeBron James. Durant has been with Nike since 2007. They have partnered on 15 shoes together, and a 16th shoe is set for release this summer. 

 

Sailor becomes first woman to win around-the-world race competition. 

Kirsten Neuschäfer, a skipper from South Africa, won the 2022 Golden Globe Race (see 101), a solo around-the-world yacht sailing race. She finished the course in 235 days, 5 hours, and 44 minutes and sailed 30,290 nautical miles. 

In partnership with Revela

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But Revela hasn't stopped at just hair loss—they recently discovered the newest development in anti-aging skincare, Fibroquin™. The Fibroquin Essence has already shown promising clinical trial results with participants showing a 21% increase in their skin elasticitydoubling retinol's effectiveness. For a limited time, you can shop Revela's novel products for less. Order today to receive an additional 15% off with code 1440SAVE15.

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Humankind
 

Connecticut nursing student administers CPR, rescues man at an airport.(More)

 

Good Samaritans save a father and daughter after a jet ski sinks into a lake. (More

 

Exonerated man fulfills dream of walking his daughter down the aisle. (More

World War II veteran receives 4,000 cards celebrating his 105th birthday. (More)

 

Gardener turns piles of beached seaweed into sustainable building material. (More

 

Seventh grader steers school bus to a stop after driver loses consciousness. (More)

 

How a soccer player fought off cancer to return to the Premier League. (More

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Humankind(ness)
 

Today, we're sharing a story from reader Logan A. in Pensacola, Florida.

 

"My husband has had major back surgery and also suffers from arthritis in his back and knee. He enjoys the Waffle House, and when we last went, he elected not to use his cane but rather relied on my help. No handicap parking spaces were available, and we had to walk more than usual to enter. A lady held the door for us to enter the Waffle House, and we thanked her. We learned upon entering that she was seated for breakfast and saw us approach the door which was heavy. She had gotten up from her seat and breakfast to come to the entrance when she saw us approach to hold the two doors for our entry. What an act of kindness!" 

 

What act(s) of kindness did you experience this week? Tell us here.

Etcetera
 

Bookkeeping
> Plot of land on human-made Dubai island sells for record $34M—and there's nothing but 24,500 square feet of sand

 

Browse 

> Mapping air pollution in major US cities.

> Uber's 2023 Lost & Found Index reveals bizarre items left behind.

Painter creates landscapes using what appear to be single brushstrokes

> Rare diamond within a diamond unearthed in India.

> A California mansion resembling a saxophone is for sale

 

Listen 

> Why swearing is more important than you think and what it says about ourselves.


Watch 

Inside an iconic $21M mansion once owned by Madonna.

> Why major countries have a military base in Djibouti

The classified material the US forgot how to make.

> ... and South Korea's president sings "American Pie."  

 

Long Read 

> When did clothing originate

Gold, Ghosts, and Gin: The elaborate history of Virginia City

> What a criminologist has learned from carjackers and their crimes.

 

Best of the Week: Ranking the pain of stinging insects.  

 

Historybook: Jazz legend Duke Ellington born (1899); Singer-songwriter Willie Nelson born (1933); Film director Alfred Hitchcock dies (1980); Los Angeles riots begin following acquittal of police officers in the beating of Rodney King (1992); Prince William and Kate Middleton get married (2011).

"A problem is a chance for you to do your best."

- Duke Ellington

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