• 14 Posts
  • 15 Comments
Joined 1 year ago
Cake day: June 13th, 2023
  • nkat2112@sh.itjust.workstoWorld News@lemmy.ml•Signature Bank Taken Over By New York Community Bancorp After Sudden CollapseEnglish
    11·
    5 months ago

    Opening paragraph is alarming, I feel:

    New York Community Bancorp has taken over Signature Bank and assumed most of its deposits, the Federal Deposit Insurance Corporation announced Sunday evening, one week after crypto-friendly Signature Bank and tech-focused Silicon Valley Bank both collapsed in the span of a few days—sending shockwaves through the U.S. financial system.

    This too, I’d add:

    The collapse of New York-based Signature Bank—which had $110 billion in assets last year—marked the third-largest bank failure in U.S. history, after Washington Mutual’s failure in 2008 and Silicon Valley Bank’s failure just two days before Signature was shut down.

    And it seems the underlying culprit is the flawed strategy summarized here:

    A regional bank, Signature became known for its unusual willingness to work with cryptocurrency industry customers, and although it began pivoting away from crypto last year, a recent plunge in crypto prices harmed the bank, especially after crypto-friendly Silvergate Bank failed earlier this month.

  • nkat2112@sh.itjust.workstoWorld News@lemmy.world•215 bodies, known to the police, found in unmarked graves behind jail in Jackson, Mississippi, USEnglish
    281·
    6 months ago

    This is so sad and so wrong. Some meaningful quotes:

    One activist, known as Arthur “Silky Slim” Reed, who has been outspoken on the events, described a morbid scene at the burial ground when visiting, reporting that buzzards fly overhead, attracted to the disturbing stench that emanates from the improper burials and shallow graves.

    Unbelievably horrible. Further:

    The shocking revelation was unearthed only due to the persistence of Bettersten Wade, who spent seven months looking for her middle child, Dexter Wade, who suddenly went missing in March 2023. Bettersten would not find out the truth about her son until October 2023. Dexter had been killed shortly after leaving his mother’s home, hit by a Jackson police car while crossing a nearby interstate highway.

    Also this:

    Marquita Moore was notified of the death of her older brother, Marrio Terrell Moore, 40, from an online article revealing cases of two dozen homicide victims in which the Jackson police had failed to notify the public or the families. Moore’s brother was the second on the list.

    Moore read the news of her brother’s death on October 10. However, the article reported that Marrio had been killed on February 2, over eight months earlier. NBC News reports that upon learning of the tragedy, Moore shuddered and cried out: “Lord, this is my brother … Someone done killed my brother.”

    Also the case of a white male:

    Jonathan Hankins was discovered dead by the authorities just days after he went missing, on May 23, 2022, in a hotel room in Jackson. The death is widely believed to have been due to an overdose. Investigators were able to verify his identity with no problem or delay. However, like the other cases, the Jackson Police Department did not inform the family, and the county inmates were made to bury his body alongside the others. Jonathan’s grave was plot No. 645.

    The Hankins story echoes the first two. For over a year, Jonathan’s mother Gretchen contacted the sheriff’s office every few weeks asking for any news. She was told time and again that they had no information.

    The article goes on to quote viral postings on social networks that expressed shock from the ongoing minimal coverage in media on this horrendous story, before closing with the final paragraph:

    Common among all of the victims is that they are working class and poor.

    I hope there’s more coverage on this story and that a proper investigation opens.