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Experts, banks look for ideas to stop next bank failure

Published Fri, 21 Feb 2025 10:41:06 GMT

WASHINGTON (AP) — The warning signs were all there. Silicon Valley Bank was expanding at a breakneck pace and pursuing wildly risky investments in the bond market. The vast majority of its deposits were uninsured by the federal government, leaving its customers exposed to a crisis. None of this was a secret. Yet bank supervisors at the Federal Reserve Bank of San Francisco and the state of California did nothing as the bank rolled over the cliff.“Their duty is to make sure that the bank is being run in a safe and sound manner and is not a threat,’’ said Dennis Kelleher, president of Better Markets, a nonprofit that advocates tougher financial regulations. “The great mystery here is why the supervision was AWOL at Silicon Valley Bank.’’The search for causes and culprits — and solutions — is refocusing attention on a 2018 federal law that rolled back tough bank regulations put in place after the 2008-2009 financial crisis and, perhaps even more, on the way regulators wrote the r...

Lonzo Ball will have a 3rd knee surgery, report says

Published Fri, 21 Feb 2025 10:41:06 GMT

CHICAGO - Once again, the worst-case scenario has come to pass for the Bulls' starting point guard, and it could cost him a lot of next season.Per Adrian Wojnarowski of ESPN, Lonzo Ball will undergo a third surgery on his left knee since January 2022, which was something that was floated earlier in March as he continues to experience pain.There is also a concern, according to the report, about Ball's ability to resume his playing career and this next surgery could cost him a majority of the 2023-2024 season. The hope is this surgery will be able to finally relieve the pain that has kept him off the floor for over a year.So far, the Bulls nor Ball have confirmed an upcoming procedure on the knee. Ball hasn't played in a game since January 14, 2022 and underwent surgery in his left knee later that month. When the pain wouldn't go away, he underwent another procedure on the knee in September in hopes of a return at some point in the 2022-2023 campaign.But that never happened as the Bul...

Blue Cross Blue Shield of Illinois fined $600K, lawmakers say it's not enough

Published Fri, 21 Feb 2025 10:41:06 GMT

SPRINGFIELD, Ill. (WTVO) — Lawmakers are calling for more answers from Blue Cross Blue Shield of Illinois.This comes after the insurance company was fined $600,000 by the state, but both Republican and Democrats said that is far from enough.The company was fined last week for violating the "Network and Transparency Act." The state released a report on their investigation into Blue Cross Blue Shield of Illinois when they announced the fine.That report laid out all of the problems the state found with their network, but Senator Steve McClure said that the fine on its own is not enough.He is calling for public hearings so patients have the chance to voice their issues with the company. Illinois bill would make driving with pet in your lap illegal The state is figuring out what the best way to handle it is, but Democrats are on board with the idea."That's another reason why there should be public hearings, because members of the public need to come and bring all the problems that they...

'It's always there': Fruit Bats reflects on Chicago beginnings ahead of new album

Published Fri, 21 Feb 2025 10:41:06 GMT

After years living on the West Coast, Eric D. Johnson always has his home of Chicago in the back of his mind.The solo mastermind behind Fruit Bats, Johnson's family hails from the North Side and he went to high school in the Western suburbs.Now in his 40s, Johnson is preparing to release his tenth studio album "A River Running To Your Heart" next month. Ahead of that and his homecoming show at Thalia Hall, Johnson reminisced on finding his footing in Chicago with WGN News."Moved to the city when I was 19 in 1996," Johnson said. "I didn't have a music goal — it was mysterious. I wasn't going to go join Tortoise."Johnson referenced Tortoise's post-rock style, something prevalent in Chicago prior to the early 2000s indie explosion, which started in New York. Growing up as a musician, Johnson decided against college and ended up teaching at the Old Town School of Folk Music."At the time, most of the people were older there and in the folk world," Johnson said. "I wasn't playing hyper tr...

Can I call the police if my neighbors are smoking weed?

Published Fri, 21 Feb 2025 10:41:06 GMT

ROCKFORD, Ill. (WTVO) — Many states have legalized recreational marijuana, but it is generally limited for use out of the general public's view.This means that people can really only do it in a private residence, such as their own home or someone else's. However, can the cops be called if a neighbor is seen smoking weed? Can I bring weed purchased in Illinois to other states? While it might be legal at the state level, homeowner's associations might have a different opinion, according to Harris Bricken Law. They cannot ban marijuana smoking in a person's home if it is legal, but they can get involved in certain states if it is becoming a nuisance for others.Most HOA rules address using marijuana in common areas. This includes when the smell of the smoke wafts from the neighbor's yard into these common areas, or into another person's space. Even if it is legal, the HOA might try to ban it these instances since it is affecting others. Can I share weed in Illinois? There are certai...

Record betting expected in Illinois for 'March Madness'

Published Fri, 21 Feb 2025 10:41:06 GMT

ROCKFORD, Ill. (WTVO) — "March Madness" will get underway on Thursday, and chances are that residents, or someone they know, will be betting on the games.Sportsbooks are expecting record numbers of bets in Illinois during the tournament. While residents cannot bet on Illinois or Northwestern, them being in the tournament should boost betting numbers.Sports gambling is already a big business in Illinois, with $1 billion in bets places in January alone. What to know as Illinois, Northwestern open 2023 NCAA Tournament "It's just the growing popularity of sports wagering," said Dave Briggs of PlayIllinois. "Some of those numbers are national. I know in Illinois they bet somewhere close to $290 million just on the March Madness tournament here, so we expect that to be a little bit higher this year just because it's become more prevalent…part of peoples' lives."Both Illinois and Northwestern begin playing on Thursday.

New Jan. 6 footage shows Grassley just feet away from rioters, Chansley

Published Fri, 21 Feb 2025 10:41:06 GMT

Newly released footage from the Jan. 6 attack on the Capitol shows Sen. Chuck Grassley (R-Iowa) just feet away from rioters, including the now infamous “QAnon Shaman.”The senator, who was third in line for the presidency at the time, can be seen being ushered away as a uniformed officer blocks a hallway between him and the rioters, according to the footage released by the Justice DepartmentJust minutes earlier, the video showed the rioters smashing and crawling through the windows of the Capitol.The footage comes from the Justice Department’s case against “QAnon Shaman" Jacob Chansley, who was sentenced to 41 months in prison in 2021 for his role in the riot.The new video comes after Fox News host Tucker Carlson last week used security footage of Chansley from Jan. 6 to argue that it was “mostly peaceful chaos.” Carlson received exclusive access to around 44,000 hours of Capitol security footage from Jan. 6 from Speaker Kevin McCarthy (R-Calif.).However, federal prosecutors hit back...

There Is A Run On The Banks, Is Another 2008 Crisis On The Horizon?

Published Fri, 21 Feb 2025 10:41:06 GMT

Austin housing market 'trending in the right direction,' board of realtors says

Published Fri, 21 Feb 2025 10:41:06 GMT

AUSTIN (KXAN) — Austin's housing market is "trending in the right direction," the president of the Austin Board of Realtors said Thursday.The characterization comes after the release of February's housing market report.A statement from ABoR said buyers gained leverage in February, as housing inventory increased to 2.6 months."Buyers have more options and negotiating power with each passing month, and sellers have more time to make their next move," ABoR President Ashley Jackson said. "Remember, a healthy housing market isn’t defined by breaking records every month, but by market activity that’s steady-paced and sustainable."Homes are taking much longer to sell than in previous months. Those sold in February spent an average of 84 days on the market, the longest in 11 years. One year ago, homes were spending an average of 28 days on the market.Median home prices dropped by 12% year-over-year to a metro average of $436,419. There was considerable variation among counties in the metro ...

'Mattress Mack' to win around $35 million if University of Houston wins NCAA Tournament

Published Fri, 21 Feb 2025 10:41:06 GMT

HOUSTON (KIAH) — With March Madness upon us and the Final Four coming to Houston this year, it is an obvious assumption to ask the question, “How much money is Jim ‘Mattress Mack’ McIngvale has riding on the NCAA Tournament this year?”Well, to answer your question, he has about $3.5 million riding on his hometown team, the University of Houston Cougars, to win the national championship in front of a very supportive home crowd at NRG Stadium.Houston begins its run in the NCAA Tournament on Thursday night as the No. 1 seed in the Midwest Region when the Cougars face Northern Kentucky in Birmingham, Alabama.And as usual, McIngvale has promised to share his winnings with his customers at his furniture stores in Houston. All customers have to do is buy $3,000 or more from his store, then they can get it for free if the Cougars go through the NCAA Tournament and win the national championship game on Monday, April 3.But personally, Mattress Mack can win up to $35 million if UH wins th...