Oscars, March Madness, and the Raising the Razzies

Bank Run Fallout

US federal regulators announced emergency measures yesterday to protect depositors following the collapse of Silicon Valley Bank last week. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and Federal Deposit Insurance Corp. Chair Martin Gruenberg stated depositors will have access to all money today and taxpayers will not be responsible.

In addition, the Fed will provide supplemental funding to banks through a new Bank Term Funding Program, which will provide loans of up to one year. Shareholders and some unsecured creditors won't be protected by the program. The regulators also announced that depositors at Signature Bank, which closed Sunday, will have access to their deposits.

California-based SVB was shut down Friday by the FDIC following an announcement last week it had sold roughly $21B in securities at a $1.8B loss, and was seeking to raise $2.25B in capital. Depositors began withdrawing their money on fears of the bank's solvency, also known as a bank run (see 101).

Separately, SVB CEO Greg Becker sold $3.6M of company stock under a trading plan less than two weeks before the bank disclosed the losses.

Every Award, All at Once

"Everything Everywhere All at Once" was the big winner at the 2023 Oscars last night, taking home the ceremony's top prize of best picture, along with six other awards. The movie (see overview) entered the night having already become the most-awarded film of all time, and added best actress (Michelle Yeoh), best actress in a supporting role (Jamie Lee Curtis), best actor in a supporting role (Ke Huy Quan), best director (Daniel Scheinert, Daniel Kwan), and more. 

The other big winner of the night was studio A24, who produced "Everything Everywhere All at Once," as well as "The Whale," for which Brendan Frasier took home best actor. See how the studio has taken the film world by storm in just over a decade (w/video).

See the biggest surprises of the night here, along with the best fashion from the not-so-red carpet.

March Madness Unveiled 

The 68-team field for the 2023 NCAA men's college basketball tournament was revealed yesterday, with the Alabama Crimson Tide (29-5) claiming the top overall seed. The Tide are joined by Houston, Kansas, and Purdue as the three other No. 1 seeds. The Tide have surged under fourth-year coach Nate Oats and are led by project top NBA draft pick Brandon Miller. 

The first four teams left out of the 68-team field were Oklahoma State, Rutgers, North Carolina, and Clemson. Games begin tomorrow with Nos. 16 SE Missouri State taking on Texas A&M-Corpus Christie, and No. 11 Pittsburgh facing No. 11 Mississippi State. Get your printable bracket here. 

On the women's side, defending champions South Carolina again grabbed the top overall seed, followed by Indiana, Stanford, and Virginia Tech. Play begins Wednesday—see the whole field here.

Best of luck to those picking games—with a little basketball knowledge, you have roughly 1-in-120 billion odds of choosing a perfect bracket.

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