Tag: npr

Elon Musk has threatened to reassign NPR’s Twitter account to another company.

In a series of emails sent to this reporter, Musk suggested he would transfer the network’s main account on Twitter, under the @NPR handle, to another organization or person. The idea shocked even longtime observers of Musk’s spur-of-the-moment and erratic leadership style.

Handing over established accounts to third parties poses a serious risk of impersonation and could imperil a company’s reputation, said social media experts.

“If this is a sign of things to come on Twitter, we might soon see even more of a rapid retreat by media organizations and other brands that don’t think it’s worth the risk,” said Emily Bell, a professor at Columbia Journalism School who studies social media. “It’s really an extraordinary threat to make.”

Last month, NPR effectively quit Twitter after Musk applied a label to the news organization’s account that falsely suggested it was state-controlled. Other public media organizations, including PBS and the Canadian Broadcasting Corporation, followed suit and stopped tweeting following similar labeling.

Treasury Secretary Janet Yellen warned lawmakers Monday that the federal government could run short of money to pay its bills as early as June 1 unless the debt ceiling is raised soon.

Yellen acknowledged the date is subject to change and could be weeks later than projected, given that forecasting government cash flows is difficult. But based on April tax receipts and current spending levels, she predicted the government could run short of cash by early June.

“Given the current projections, it is imperative that Congress act as soon as possible to increase or suspend the debt limit in a way that provides longer-term certainty that the government will continue to make its payments,” Yellen wrote in a letter to House Speaker Kevin McCarthy.

The warning provides a more urgent timetable for what has been a slow-motion political showdown in Washington.

JPMorgan Chase, one of the biggest banks in the U.S., is buying the troubled First Republic Bank’s deposits, a “substantial amount of their assets and certain liabilities,” JPMorgan Chase said in a press release Monday.

The California Department of Financial Protection and Innovation announced early Monday that the Federal Deposit Insurance Corp had taken possession of First Republic.

This marks the third time the U.S. government has taken control of a U.S. lender this year.

First Republic is the third — and biggest — U.S. bank to fail this year. In March, federal regulators swept in to protect customers of Silicon Valley Bank and Signature Bank. Citing potential risk to the broader financial system, they took unprecedented action to insure all deposits at the two banks — even deposits that exceeded the FDIC’s $250,000 threshold for insurance.

It’s been six weeks since the collapse of Silicon Valley Bank and Signature Bank threatened to kick off a nationwide bank run. Now, U.S. regulators are due to issue their postmortem reports.

The Federal Reserve plans to release a report Friday on whether there were lapses in its oversight of Silicon Valley Bank that may have contributed to the bank’s failure.

Separately, the Federal Deposit Insurance Corp. will also report Friday on how the regulator supervised New York-based Signature Bank, which failed days after the Silicon Valley lender.

The sudden implosion of two big regional banks rattled nerves throughout the financial system last month, forcing the federal government to take emergency steps to prevent a nationwide bank run.