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vol . 2 , no. 30 : march 29-april 4, 2023 : losgatan.com
track and field p10 : new almaden p14 : upcoming events p15 : ny times crossword puzzle p17 Jonathan Natividad
NEW OWNERSHIP PICKS UP WHAT REMAINS OF SV BANK Anxiety over regional economy continues
STATE ROLLS BACK SOME WATERING RESTRICTIONS Newsom stops short of declaring drought over
Barry Holtzclaw, Reporter
Kiley Russell, Bay City News
Two weeks after it collapsed in the face of a run on its deposits, former tech-lending giant Silicon Valley Bank—and the health of big and small technology companies—was in the national headlines once again. Late in the night on Sunday, March 26, the Federal Deposit Insurance Corporation announced that First Citizens Bank, the nation’s 30th largest, will acquire the loans and deposits of SVB, which a month ago was the 16th largest bank, with the blessings—and underwriting—of federal regulators. On March 28, the Senate Banking Committee began hearings on what went wrong, and who is to blame for the biggest banking collapse in nearly 15 years. Democrats, led by Sen. Elizabeth Warren in the Senate and Silicon Valley’s Ro Khanna in the House, put the blame for the SVB demise squarely on a 2018 law passed by Congress and signed by then-President Trump to roll back regulations and ease so-called “stress tests” for mid-sized banks like SVB.
The drought might not be completely done with California, but the state’s residents are now free of the strictest water conservation measures put in place by Gov. Gavin Newsom nearly two years ago. Standing at a podium in front of a storm-soaked agricultural field in Yolo County on March 24, Newsom stopped short of declaring the end of the punishing three-year drought but said that while he’s not rescinding the statewide drought emergency order, he is eliminating many of its provisions. “To answer the question ‘Are
➝ Bank, 6
➝ Drought, 13
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GOING FAR Abigail Lo has the fourth best mark in the triple jump in the CCS this season. Her PR of 36 feet, 1 inch in the event was accomplished at the St. Francis Invitational on March 18. For the full story, turn to page 11.
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