![]() ![]() Pike, then in his mid-30s, met that less-than-welcoming party with trademark aplomb. One night near the middle of the tour, inside Raleigh, N.C.'s Lincoln Theatre, fans - a sea made up mostly of men clad in black Opeth shirts - greeted High on Fire with impatience, their arms folded in frustration. In the fall of 2008, Pike's heavy metal trio of nearly a decade, High on Fire, was slotted as the warm-up band for Opeth, a Swedish prog-metal institution on a three-month sweep through the United States and Europe for which they had recruited a select cast of au courant American acts. This material may not be published, broadcast, rewritten or redistributed without permission.Matt Pike has always seemed to relish his underdog status. Associated Press Writers Hope Yen in Washington, Jennifer McDermott in Providence, Rhode Island, and Danica Kirka in London contributed to this report.Ĭopyright 2023 The Associated Press. Sweet and Bussewitz reported from New York. _ Rugaber and Megerian reported from Washington. “Small businesses and early-stage startups don’t have a lot of access to leverage in a situation like this, and we’re often in a very vulnerable position, particularly when we have to fight so hard to get the wires into your bank account to begin with, particularly for me, as a Black female founder,” Dufu said. With two teenagers to support who will be heading to college, she said she was relieved to hear that the government’s intent is to make depositors whole. Given that her money was tied up at Silicon Valley Bank, she had to pay her employees out of her personal bank account. Tiffany Dufu, founder and CEO of The Cru, a New York-based career coaching platform and community for women, posted a video Sunday on LinkedIn from an airport bathroom, saying the bank crisis was testing her resiliency. Stock prices plunged over the last few days at other banks that cater to technology companies, including First Republic and PacWest Bank.Īmong the bank’s customers are a range of companies from California’s wine industry, where many wineries rely on Silicon Valley Bank for loans, and technology startups devoted to combating climate change. Some prominent Silicon Valley executives feared that if Washington didn’t rescue the failed bank, customers would make runs on other financial institutions in the coming days. In a statement, Biden also said he was “firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.” President Joe Biden said Sunday evening as he boarded Air Force One back to Washington that he would speak about the situation on Monday. The two failed banks themselves have not been rescued, and taxpayer money has not been provided to them. Though Sunday’s steps marked the most extensive government intervention in the banking system since the 2008 financial crisis, the actions are relatively limited compared with what was done 15 years ago. Fed officials said, however, that they do not expect to have to use any of that money, given that the securities posted as collateral have a very low risk of default. The Treasury has set aside $25 billion to offset any losses incurred. Treasury said early Monday that they had facilitated the sale of the bank’s London-based subsidiary to HSBC, Europe’s biggest bank, ensuring the security of 6.7 billion pounds ($8.1 billion) of deposits. The assurances came as part of an expansive emergency lending program intended to prevent a wave of bank runs that would threaten the stability of the banking system and the economy as a whole. While those efforts appeared to have failed, officials assured all of the bank’s customers that they would be able to access their money on Monday. regulators worked through the weekend to find a buyer for the bank, which had more than $200 billion in assets and catered to tech startups, venture capital firms, and well-paid technology workers. and Britain are taking extraordinary steps to prevent a potential banking crisis after the failure of California-based Silicon Valley Bank prompted fears of a broader upheaval. ![]() ![]() NEW YORK - (AP) - Governments in the U.S. ![]()
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