Wall Street: The crisis that doesn’t end

The latest in finance.
View in browser
INSIDER
Subscribe

10 THINGS ON WALL STREET

Hi! Dan DeFrancesco in NYC, and it's time for one of my favorite annual traditions: the wildest outfits from the Met Gala. Check out the pics here.

As entertaining as it is to see celebrities dress up in ridiculous costumes, I really think the cockroach took the cake this year.

Today, we've got stories on a payments startup looking to step its game up, Carl Icahn getting a taste of his own medicine, and what the Hollywood writers' strike means for your favorite shows and movies.

But first, we're not out of the woods just yet.


If this was forwarded to you, sign up here. Download Insider's app here.


Wall Street bull falling into a large crater on a red background.

1. Ah shit, here we go again.

This is the banking crisis that doesn't end.

Yes, it goes on and on, my friend.

Some banks, started buying long-dated assets not knowing rates would rise. 

And they'll continue failing forever, just because...

So, about that banking crisis being over.

If the past few months have taught us anything, it's that the end is never really the end.

When regulators announced they were backstopping deposits at Silicon Valley Bank, some viewed it as bringing stability to the market. It didn't.  

When big banks pledged $30 billion to First Republic to calm nerves, it seemed like things would get better. They didn't.

When the crisis went international and UBS was forced to acquire Credit Suisse, it appeared we'd seen the worst of it. We hadn't.

When JPMorgan stepped up to buy a still-ailing First Republic, the world's top banker, Jamie Dimon, deemed it the end of the crisis. (And he wasn't the only one.) He was wrong.

The ink is barely dry on JPMorgan's agreement with regulators and it seems more regional banks are feeling the pain. PacWest and Western Alliance both saw their shares slide considerably on Tuesday, Insider's Morgan Chittum reports.

It's not just investors that are skittish. Customers of regional banks are starting to ask questions about how safe their local lender is, the Financial Times reports.

And to be honest, I get it. While I might not agree with the sentiment, I understand why anyone banking with a regional player might start second-guessing that choice. 

Which begs the question: Will this crisis ever officially end?

First Republic's failure and acquisition by JPMorgan could lead more American's to reconsider their banking relationship and move money to a bigger bank. That, in turn, will lead to another bank failing, which will means even more American's will reconsider their banking relationship and move money to a bigger bank.

And that'll lead to...well, you get the idea.

Here's more on how regional banks are still getting slammed despite JPMorgan's Jamie Dimon calling an end to the bank crisis.


In other news:

Stefon Saturday Night Live

2. Fintech Finix wants to play with big dogs. The startup became a payments processor as it looks to compete with industry giants like FIS and Fiserv that dominate the space. Read more on CEO Richie Serna's strategy.

3. Ain't no fun when the rabbit's got the gun. The king of corporate takeovers has some barbarians at his own gate. Short seller Hindenburg Research published a report on Carl Icahn's holding company, Icahn Enterprises. Among the allegations: The firm has inflated asset valuations and runs like a Ponzi scheme. Icahn, for what it's worth, dismissed the report. But that didn't stop an old Wall Street rival from getting his shots in.

4. Here's what some of the top execs in finance think about the Fed's plan for rates. With the Federal Reserve set to announce what it's going to do with interest rates, plenty of people have thoughts. Here's what five executives at the famous Milken Institute Global Conference had to say on Fed policy.

5. Betting big on media, entertainment, and gaming. Alignment Growth just raised $360 million with plans to invest in everything from live experiences to a video game developer. More on why it's so bullish on the space.

6. These are all the CEOs saying AI is going to wipe out jobs at their companies. From IBM to Amazon, leaders at some of the biggest companies have hinted at the impact AI will have on their workforce. Here's what they've said so far on the topic.

7. Here's what could happen if the US defaults on its debt. There's been lots of talk about the US reaching its debt ceiling. So what does it all mean? If you're a masochist, here's the worst-case scenario.

8. When the Airbnb you book is not where you think it is. Here's a wild story about a man whose home was caught up in a bait-and-switch Airbnb scam. And if you're considering booking an Airbnb for your next vacation, here's how to avoid some of the most common scams.

9. Put that wardrobe to use. Wondering what to do with those nice work clothes you never wear to the office anymore? (No offense, JPMorgan employees.) You can make some serious cash renting them out. Here's how one woman made nearly $5,000 a month with the side hustle.

10. About the Hollywood writers' strike. Writers Guild of America members are officially on strike. If you're wondering what that means for your favorite shows and movies, here's a rundown.


Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London. 

 

Older messages

Why everything costs so much

Tuesday, May 2, 2023

Plus: Airbnb 'bait and switch' scam, and JPMorgan's First Republic win. View in browser Subscribe May 2, 2023 Hello, Insiders. Josée Rose, executive editor for business, here. Price hikes

Wall Street: Citadel’s secret weapon

Tuesday, May 2, 2023

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Hey there! Dan DeFrancesco in NYC, and we've got an update on the cocaine hippos, which are now wreaking

How to actually be good at Zoom

Monday, May 1, 2023

Plus: JPMorgan's buying First Republic, and popular Zillow spots. View in browser Subscribe May 1, 2023 Hello, Insiders. This is Lisa Ryan, an executive editor on Insider's audience team. First

Wall Street: JPM lands First Republic

Monday, May 1, 2023

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Welcome back! Dan DeFrancesco in NYC. Today, we've got stories on job cuts at Lazard, why the payment

Amazon’s secret Slack chat

Sunday, April 30, 2023

Plus: Goldman Sachs' private jet, and SCOTUS controversy. View in browser Subscribe April 30, 2023 Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider

You Might Also Like

After inauguration, it's time to talk taxes

Wednesday, January 15, 2025

plus toad fashion + Post Malone ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Harry's Take 1-15-25 Stocks Look to Break Lower: Another Sign of a Top on December 16

Wednesday, January 15, 2025

Harry's Take January 15, 2025 Stocks Look to Break Lower: Another Sign of a Top on December 16 As we go into the new year, already with signs of a failed Santa Claus Rally and a failed first 5

🇺🇸 America's tariff future

Tuesday, January 14, 2025

A possible go-slow approach to tariffs, a spending worry for China, and the next obesity drugs | Finimize TOGETHER WITH Hi Reader, here's what you need to know for January 15th in 3:14 minutes. The

It’s a new year, get a new savings account

Tuesday, January 14, 2025

Earn more with high-yield options! ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Private Equity Is Coming for Your 401(k)

Tuesday, January 14, 2025

The industry wants in on Americans' $13 trillion in savings ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

This Skateboarding Economist Suggests We Need More Skateparks And Less Capitalism

Tuesday, January 14, 2025

A skateboarder presented an unusual paper at this year's big meeting of American economists. View this email online Planet Money Skateonomics by Greg Rosalsky “The Skateboarding Ethic and the

Elon Musk Dreams, Mode Mobile Delivers

Tuesday, January 14, 2025

Join the EarnPhone revolution ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Shaping inflation expectations: the effects of monetary policy

Tuesday, January 14, 2025

Natalie Burr In economic theory, expectations of future inflation are an important determinant of inflation, making them a key variable of interest for monetary policy makers. But is there empirical

🌎 Another hottest year

Monday, January 13, 2025

Global temperatures crossed a threshold, oil prices bubbled up, and crypto's AI agents | Finimize Hi Reader, here's what you need to know for January 14th in 3:06 minutes. Oil prices climbed

Have you seen the Best Cars & Trucks of 2025?

Monday, January 13, 2025

Get a quote and protect your new wheels with Amica Insurance ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌