Monday, March 13th, 2023

Today's headlines: The FDIC abruptly overtook Silicon Valley Bank this weekend due to poor risk management, which was exacerbated by the fact that the company had no chief risk officer from April 2022 through this January. New reporting reveals that George Santos orchestrated a credit card skimming ring in Seattle in 2017. Finally for today, Chinese president Xi Jinping has been elected to an unprecedented third 5-year term. Resources/Articles mentioned this episode: Bloomberg: US Backstops Bank Deposits to Avert Crisis After SVB Collapse NBC: Etsy warns sellers of delay in processing payments due to Silicon Valley Bank collapse CNBC: Trump signs the biggest rollback of bank rules since the financial crisis Insider: How Silicon Valley Bank imploded CNBC: Silicon Valley Bank employees received bonuses hours before government takeover Intercept: SILICON VALLEY BANK USED FORMER MCCARTHY STAFFERS TO WEAKEN REGULATIONS, LOBBY FDIC Politico: George Santos masterminded 2017 ATM fraud, former roommate tells feds Guardian: Xi Jinping handed unprecedented third term as China’s president Host: Sami Sage Morning Announcements is produced by Sami Sage alongside Amanda Duberman and Bridget Schwartz Original Music and Editing by Brandon Lee Bjornson Learn more about your ad choices. Visit megaphone.fm/adchoices