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Here's why the ‘too big to fail’ banks bailed out First Republic

Published Fri, 07 Feb 2025 18:06:14 GMT

A consortium of 11 giant banks that are ostensibly in competition with one another came together Thursday to bail out one of their own, the California-based First Republic, in order to help stabilize the teetering U.S. financial system.The $30 billion transfer to First Republic by banks including JPMorgan, Citigroup and other banking juggernauts that were deemed “too big to fail” in the wake of the 2008 financial crisis is spurring a flight of deposits away from smaller lenders.It is also raising eyebrows about the relationship between Wall Street and the federal government.The private-sector rescue came just days after a public-sector bailout of Silicon Valley Bank (SVB) and Signature Bank by the Federal Deposit Insurance Corporation (FDIC), Federal Reserve and Treasury Department. In that deal, taxpayer money is being used to backstop a federal line of credit extended to ailing banks.Administration officials maintain the move to save First Republic was done at the initiative of th...

PHOTOS: Round one of NCAA Tournament March Madness at Ball Arena in Denver

Published Fri, 07 Feb 2025 18:06:14 GMT

March Madness comes to Denver as Ball Arena hosts four first-round games of the NCAA men’s basketball tournament on Friday, March 17. Two second-round games will also be played on Sunday.Related ArticlesCollege Sports | Creighton’s Ryan Kalkbrenner drops 31 on N.C. State, helps Jays advance to NCAA Tournament 2nd round College Sports | Scott Drew, Baylor roll UC-Santa Barbara 74-56 in NCAA Tournament opener thanks to dominant second half College Sports | March Madness at Ball Arena: Grand Canyon’s Bryce Drew gets by with a little help from his brother College Sports | Kiszla: We need to see Gonzaga hoops in Colorado on the regular, as member of Pac-12 Conference College Sports | PHOTOS: NCAA Tournament practice sessions begin at Ball Arena as March Madness comes to Denver Jalen Bridges (11) of the Baylor Bears throws a pass as Evans Kipruto (12) of the UC Santa Barbara Gauchos defends d...

Denver Referred Question 2M: Removing 100-year-old criteria for zoning challenges and variances

Published Fri, 07 Feb 2025 18:06:14 GMT

The ballot question:Shall the Charter of the City and County of Denver be amended concerning zoning to remove existing Charter language regarding the Board of Adjustment and require that the procedures for appeals, variances, and exceptions from the zoning code be addressed in city ordinance instead of in the charter?What it does:This measure would erase a big chunk of the city charter that establishes the Board of Adjustment and Zoning and its authority to hear and make decisions around zoning variances requested by Denver residents and builders.It replaces that with a much shorter section that empower the City Council to provide a process and criteria for filing appeals and granting variances and exceptions to the city’s zoning code.RELATED: The Denver Post voter guide……What proponents are saying:This is one of two “good governance” measures that the City Council referred to the April 4 ballot along with another proposed change to the way zoning chall...

Changing name of Mount Evans to Mount Blue Sky is “sacrilegious,” Northern Cheyenne leader says

Published Fri, 07 Feb 2025 18:06:14 GMT

Native American leaders convened in Denver on Friday for a ceremony aimed at moving forward the renaming of Mount Evans, an effort that stalled after one tribe’s last-minute objection delayed a federal vote on the change to Mount Blue Sky.Tribal leaders said they seek a respectful resolution of differences as many still support the switch — which will strip the 14,271-foot peak of a name tied to the Sand Creek Massacre — in spite of the objection by Montana-based leaders of the Northern Cheyenne.But assigning the words “Blue Sky” to Mount Evans would be “sacrilegious,” Northern Cheyenne tribal administrator William Walksalong told The Denver Post. That’s because a Northern Cheyenne ceremony uses the “blue sky” words and concept, and transferring these to serve as the name of a mountain would betray secrets, he said.“It would be an abuse of the ceremony,” Walksalong said. “We don’t want to send elements of our ceremony out to the public.”Inst...

Creighton’s Ryan Kalkbrenner drops 31 on N.C. State, helps Jays advance to NCAA Tournament 2nd round

Published Fri, 07 Feb 2025 18:06:14 GMT

Ryan Kalkbrenner made up for lost time. He made it from the lane. From the wing. From the free-throw line. And he even made it from beyond the 3-point arc.“It’s just going to be a lot of fun to play in the second round,” Creighton’s junior center said Friday after scoring 31 points to power the sixth-seeded Bluejays to a 72-63 win over No. 11 seed North Carolina State in the first round of the NCAA men’s basketball tournament at Ball Arena.“It’s a big opportunity and a big honor to be in that game. And (I’m) happy to be able to play in it this time.”The 7-foot-1 St. Louis native missed Creighton’s second-round matchup in the NCAA Tournament a year ago after sustaining a knee injury during the Jays’ first-round victory over San Diego State. Without their big man, Creighton was eliminated by Kansas, the eventual national champion, and outrebounded by 16.Kalkbrenner looked spry from the get-go Friday, accounting for nine of the Jays’ first 18 points. His 3-point play after an alley-sco...

1 dead after shooting at South Los Angeles Burger King

Published Fri, 07 Feb 2025 18:06:14 GMT

A man was killed after a shooting outside of a Burger King in South Los Angeles Friday afternoon.The victim is a 30-year-old Black man, according to the Los Angeles Police Department. His identity has not been released.Officers responded to reports of an assault with a deadly weapon at the fast food restaurant located on Vernon and Figueroa Street around 3:20 p.m. When police arrived, the victim was found in the parking lot, unconscious and not breathing, said LAPD.He was transported to a local hospital where he later died from his injuries, police said. Two teenage suspects were seen running westbound from Figueroa, police said. The suspects are described as Hispanic males with curly hair.Police investigating a shooting outside of a Burger King in South Los Angeles on March 17, 2023. (KTLA)Police investigating a shooting outside of a Burger King in South Los Angeles on March 17, 2023. (KTLA)Police investigating a shooting outside of a Burger King in South Los Angeles on March 17, 2...

This is how much a six figure income is worth in California

Published Fri, 07 Feb 2025 18:06:14 GMT

Earning a six-figure income has long been a sign of success and financial comfort for American workers. Still, with high inflation and cost of living expenses, the yearly income may not be enough to support a life in California.A new study from Smart Asset analyzed the after-tax income for $100,000 in 76 of the largest U.S. cities and adjusted those figures to represent the cost of living in each place. California cities ranked low for the places where $100,000 had the most purchasing power. Amid high cost of living expenses, Jack in the Box wants to help customers pay rent California cities where a six-figure income had low purchasing power:CityTake Home Pay adjusted for inflation and cost of living expensesBakersfield$63,539Sacramento$57,669Stockton$55,962Oakland$46,198San Diego$46,167Los Angeles$44,623Long Beach$44,623San Francisco$36,445Researchers used the Smart Asset paycheck calculator to determine the after-tax income for multiple cities. They used data from the Council fo...

Warriors notebook: Steph Curry, Kevon Looney available, Golden State faces road block

Published Fri, 07 Feb 2025 18:06:14 GMT

ATLANTA — Stephen Curry and Kevon Looney received the green light from the team’s medical staff to play Friday in Atlanta.Curry was listed as questionable with left thumb soreness and Looney has been dealing with a sore lower back in recent weeks. Both went through warm-ups without issue, paving the way for them to play.Curry and Looney started alongside Klay Thompson, Donte DiVincenzo and Jonathan Kuminga.Golden State will be without Draymond Green, who’s serving a one-game suspension after picking up his 16th technical foul of the season Wednesday night in Los Angeles. Andrew Wiggins remains away from the team to deal with a family matter, while Andre Iguodala (broken wrist) and Gary Payton II (abdominal injury) remain sidelined indefinitely.Warriors roster moves The Warriors officially filled their final roster spot, converting two-way forward Anthony Lamb to a standard NBA deal, the team announced Friday afternoon.Coach Steve Kerr said it was a “pretty ea...

Mexican leader says US fentanyl crisis due to lack of hugs

Published Fri, 07 Feb 2025 18:06:14 GMT

Associated PressMEXICO CITY — Mexico’s president said Friday that U.S. families were to blame for the fentanyl overdose crisis because they don’t hug their kids enough.The comment by President Andrés Manuel López Obrador caps a week of provocative statements from him about the crisis caused by the fentanyl, a synthetic opioid trafficked by Mexican cartels that has been blamed for about 70,000 overdose deaths per year in the United States.López Obrador said family values have broken down in the United States, because parents don’t let their children live at home long enough. He has also denied that Mexico produces fentanyl.On Friday, the Mexican president told a morning news briefing that the problem was caused by “a lack of hugs, of embraces.”“There is a lot of disintegration of families, there is a lot of individualism, there is a lack of love, of brotherhood, of hugs and embraces,” López Obrador said of the U.S. crisis. “That is why ...

2 minors arrested after reported fight at Montgomery HS in Santa Rosa

Published Fri, 07 Feb 2025 18:06:14 GMT

SANTA ROSA, Calif. (KRON) -- Two minors were arrested after a fight reportedly broke out at Montgomery High School in Santa Rosa Friday morning, the Santa Rosa Police Department said. A student was killed in a stabbing at the school on March 1, and there have been multiple arrests there since. Police responded to the school at 10:42 a.m. after a report that five or six juveniles were involved in a fight on Matanzas Way, just west of the campus. After officers arrived, they encountered two minors who admitted to spectating the fight. Principal at school where student was fatally stabbed placed on leave Officers detained and searched both subjects. One boy had a knife in his pocket and the other had metal knuckles in his front pocket, according to police. Officers also located marijuana. An officer stationed at the school said he had seen the boy with the knife leave Montgomery's campus before the fight. He was arrested for possession of a knife on school grounds. The other boy was ...