Tag: z.bbc
Fed says it failed to take forceful action on SVB
The US central bank has said it failed to act with “sufficient force and urgency” in its oversight of Silicon Valley Bank, which collapsed last month in the country’s biggest bank failure since 2008.
The conclusion is one of the main findings from the Federal Reserve’s investigation of the episode.
It sparked global fears about the state of the banking industry.
The review comes as another US lender, First Republic, remains in trouble.
US regulators are reported to be working on a potential rescue for the struggling firm, which was the 14th largest bank in the US at the end of last year.
Alleged Ndrangheta mafia crime boss Pasquale Bonavota arrested in Italian cathedral
The alleged boss of one of Italy’s biggest mafia syndicates has been arrested by police at a cathedral in the northern city of Genoa.
Pasquale Bonavota has been wanted by police since 2018 after fleeing an arrest warrant for murder and mafia association.
Police say the 49-year-old leads the notorious ‘Ndrangheta mafia.
The group is Italy’s most powerful mafia family and is said to control the bulk of Europe’s cocaine supplies.
Pasquale Bonavota – whom newspaper La Stampa describes as the “baby boss” – had been at the city’s cathedral when arrested and was carrying a fake ID, according to local media reports.
He is one of the defendants in an ongoing “maxi-trial,” in which more than 300 people face charges related to organised crime.