The 2008 financial crisis humbled the banking behemoths; the 2023 crisis of regional banks has now only cemented their power.
In the days after the Federal Deposit Insurance Corporation announced that Silicon Valley Bank had been taken over, the four biggest banks in the country sucked in billions of dollars in new deposits. Bank of America alone picked up $15 billion in deposits.
And in a telling display of the big banks’ enhanced power, 11 of them — led by JPMorgan, Citigroup, Bank of America, and Wells Fargo — on Thursday pumped $30 billion of those same deposits into another troubled California regional bank, First Republic.
Two married couples divorced so they could become a polyamorous foursome. Rachel and Kyle Wright began pursuing polyamory after a few years of marriage, and met another married couple in 2020. They are now part of a nationwide movement to recognize multi-partner partnerships — what to know.
Car thefts are booming. A viral TikTok that exposed a vulnerability in certain Kia and Hyundai models — and sparked the theft of hundreds of thousands of cars. The trend has become a financial burden for consumers and a legal nightmare for Kia and Hyundai. More here.
WHAT IT’S LIKE
In their words
“I’ve eaten at three of the cheapest Michelin-starred restaurants in the world.” Insider’s food reporter Marielle Descalsota traveled to the restaurants in Thailand, Singapore, and Penang, Malaysia. See how they rank, from best to worst value for the money.
“We moved to North Carolina, but are about to leave.” Cielo De Jose and William Scott left California to live a more relaxed and affordable lifestyle. But they say salaries aren’t high enough in North Carolina — and the diversity they value ended at the city limits. Read more.
“I work in a naked spa.” Felix Kühn manages the sauna at a “textile-free” spa in Berlin. This means guests must be naked to access its pool and sauna. He loves his job, but every now and then, he has to stop people from getting intimate. Read on.
‘It girl,’ Yurt newbies, & more
Rep. Cory Mills founded a company that sells arms to foreign governments. He won’t say which ones. Read the full report.
Images from space show a 5,000-mile bloom of seaweed threatening the beaches of Florida. Check them out.
Travelers who don’t know how to go off the grid bring seven suitcases and a microwave to stay in a yurt, say owners of rustic Airbnbs. What else they’re saying.
Meet Instagram’s new “it girl.” Matilda Djerf started a $34 million fashion empire at 22 years old. Our full interview.
Peter Thiel said he had $50 million in a personal account at Silicon Valley Bank when it collapsed. What to know.
Your entertainment planner
It’s March Madness. How’s your bracket looking after the first two days of games? Check out the full schedule. Plus, a millennial with a sports-gambling addiction shares tips on how to be careful with the hype — so you don’t risk your “life savings on your phone.” Read that here.
“Shazam! Fury of the Gods” hits theaters. The original 2019 film was a bright spot for DC’s Extended Universe, with a 90% rating on Rotten Tomatoes. In her review, Insider’s Kirsten Acuna called the sequel “shockingly good.” And keep an eye out for two end-credits scenes.
How 200,000 luffas become kitchen sponges. A sustainable farm in northwestern Spain has perfected its method for growing luffas. The plants produce a supersoft sponge that can be used for everything from scrubbing dishes to washing up in the shower. Check it out.
LETTERS TO THE EDITOR
Our team has been working around the clock to cover Silicon Valley Bank, the biggest bank collapse since the 2008 financial crisis. Here’s what you’ve shared with us:
“Whether or not a severe financial crisis hits the United States and affects economies across the globe remains a mystery. What I do know is that there is a shift happening for the little guy, the powers that be are being asked hard questions, and I think public accountability will grow and maybe all the backroom old boys’ clubs across every industry will have to be a little more forthcoming with what’s going on.” – Luke
“Yes, what is happening right now reminds me of 2008. I didn’t want to spend more money at all, except for my kids and the necessities (gasoline, food, clothing, upkeep). I went back to using coupons and if it wasn’t on sale or discounted, I wouldn’t get it.” – Kay
“Never put all your eggs in one basket!” – Ed
CAN’T GET ENOUGH?
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