Axios: The regional banking crisis is expanding
Federal Reserve chair Jay Powell yesterday said that the U.S. banking system is "sound and resilient."
The big picture: It was akin to a sports team owner giving the coach a vote of confidence. If you're compelled to say it, things really aren't going well.
Driving the news: PacWest reportedly is exploring strategic options, including a possible sale, acknowledging "discussions are ongoing" with "several potential partners and investors."
* Shares in the Los Angeles-based lender were down 71% on the year as of yesterday's market close, and got further routed at today's open.
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WNU Editor: The American public is losing confidence ..... About Half in U.S. Worry About Their Money's Safety in Banks (Gallup).
2 comments:
All these banks that are going under gave millions to the thieves at BLM (Black Lives Matters) and spent more millions funding other so-called "social justice" organizations. What a crock. Now they are going under and good riddance to bad garbage!
American clowning never ends, cursed country only lives in turmoil, why not deliver the gold once and for all to China? Since 1940 this American Scissors Theater
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