Plus, why the bank is important beyond its customers, how to explain the FDIC, a promising breakthrough in bone cancer treatment, and more. Email not displaying correctly?
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** The One-Minute Meeting
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Today is an important day to measure how stock markets and the banking world feel about the stability of the nation’s banks after the government closed Silicon Valley Bank on Friday. On Sunday, New York regulators closed another bank, Signature Bank, which marked the third bank to close in one week. The other was California-based Silvergate, which made ill-fated loans to cryptocurrency companies. The Federal Deposit Insurance Corp. and the Treasury Department announced last night ([link removed]) that everyone who had money in Silicon Valley Bank will get it back and that the cost will not be paid by taxpayers, but instead will be paid by banks. One more thing that will capture some attention today: It seems that Silicon Valley Bank CEO Greg Becker sold $3.6 million in company stock on Feb. 27 ([link removed]) . No doubt there will be chatter about
whether the sale was appropriate given the fact the bank shuttered less than two weeks later.

It might be a good day to explain how the FDIC works and why people who have deposits of less than $250,000 in FDIC-insured banks are secure. The FDIC was formed after the banking panic of the Great Depression. Since that time no depositor has lost insured funds in a bank failure. However, stocks and bonds and crypto investments in, say, your 401k, are not covered by the FDIC.

For all of the unsettling news of the day, there is some exceptionally good news about what researchers say is a “breakthrough” in cancer research. British researchers say they have successfully tested a drug that seems to treat all forms of bone cancer, which is most common in children. The drug was tested on mice that had human cancer cells implanted in them. Right now, the survival rate for bone cancer is less than 40%. Researchers say this could be the most important discovery in the treatment of that kind of cancer in the last 40 years. Let’s hope it all pans out. And let’s be grateful for smart scientists and for the mice who are doing our dirty work.
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