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Silicon Valley Bank Collapse Worst Bank Failure Since 2008

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Silicon Valley Bank Collapse

According to TechCrunch, over 60 YC-backed Indian startups have more than $250,000 stuck in accounts with Silicon Valley Bank, and nearly two dozen have more than $1 million tied to the lender, demonstrating how the worst bank failure since the 2008 financial crisis is also affecting firms 8,000 miles away.

Dozens of young Indian startups backed by YC, Accel, Sequoia India, Lightspeed, SoftBank, and Bessemer Venture Partners banked with Silicon Valley Bank, sometimes as their sole banking partner, and were unable to withdraw funds on Thursday, according to multiple people familiar with the situation.

VCs are wary of disclosing the names of the affected startups for fear of jeopardizing the young firms’ ability to raise capital in the future. Silicon Valley Bank, the 16th largest bank in the United States and a lifeline for startups, was shut down by regulators on Friday, citing “inadequate liquidity and insolvency.” The Federal Deposit Insurance Corporation will work to recover “the maximum amount possible from asset disposition,” according to its website.

Many venture capitalists reported that some Indian firms could not withdraw their deposits from Silicon Valley Bank on time because they did not have another US banking account readily available to hold that capital.

india startupsIndian startups affected by Silicon Valley Bank Collapse

Many Indian startups incorporate in Delaware to raise capital from US venture firms such as Y Combinator. Some SaaS companies are registered in the United States because, despite operating from India, they want to serve international markets and be perceived as a US companies.

Furthermore, for many firms that “flipped” their home base from India to the United States, Silicon Valley Bank was the preferred choice, according to another person familiar with the matter, citing the fact that SVB sponsored many events in India as the lender’s executives pushed to strengthen ties with Indian firms.

According to a partner at one of the top venture funds, nearly all Indian SaaS startups with a significant presence in the United States banked with SVB. Over a dozen Indian SaaS unicorns and many more “soonicorns” are based in the United States.

Many of these young firms did not diversify their funds across multiple banks because operators prefer to avoid increasing administrative costs in the early days of a business. A US-based investor, who spoke anonymously, said he knew that many Indian firms had $4-10 million in their SVB accounts.

SVB was often the default bank for Indian SaaS startups and others backed by YC, who set up shop in the United States and raised their first round there. Mirae Asset’s India head, Ashish Dave, tweeted. “Uncertainty kills them. Growth stocks are safer because they are more diverse.”

Silicon Valley Bank whitehouse

White House and Treasury Department

The failure of SVB has affected more than 1,000 Y Combinator-backed startups, according to Garry Tan, president of Y Combinator. “30% of YC companies exposed through SVB will be unable to pay employees in the next 30 days,” he tweeted.

Meanwhile, California Gov. Gavin Newsom says he’s working with the FDIC and the White House after Silicon Valley Bank was closed down by regulators on Friday.

“I’ve been in contact with the highest levels of leadership at the White House and Treasury in the last 48 hours. Everyone is collaborating with the FDIC to restore order as soon as possible to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy, “On Saturday, Newsom stated.

According to a press release issued by the FDIC on Friday, SVP was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver of the bank’s insured deposits.

Geoff Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas' articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.

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Dozens In Italy Give A Fascist Salute On The Anniversary Of Mussolini’s Execution

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ROME — During the celebrations on Sunday to commemorate the 79th anniversary of the execution of Italian dictator Benito Mussolini, numerous individuals performed the fascist salute and vocalized a fascist chant.

Clad in black attire, the adherents of neo-fascism paraded around places in northern Italy where Mussolini was apprehended and put to death after World War II. They also marched at Predappio, the birthplace and burial site of Mussolini.

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Dozens In Italy Give A Fascist Salute On The Anniversary Of Mussolini’s Execution

Mussolini was apprehended by anti-fascist partisans in Dongo, located on the shores of Lake Como, on April 27, 1945, while attempting to flee with his lover, Clara Petacci, after the Allied forces liberated Italy.

According to footage captured by the LaPresse news agency, a gathering of neo-fascists paraded through Dongo on Sunday, where they solemnly deposited 15 roses into the lake as a tribute to the deceased ministers and executives of the Mussolini government.

The partisans killed Mussolini and Petacci on the next day in the neighboring lakeside town of Mezzegra-Giulino. Commemorations were also conducted there on Sunday. Following a performance of Taps, the person in charge of the commemorations loudly exclaimed, “Comrade Benito Mussolini,” prompting the crowd to respond with a rigid-armed fascist salute and a chant of “present.”

A contingent of police trucks formed a barrier between the protestors in Dongo and the large crowd of protesters singing the renowned partisan anthem “Bella Ciao” during the ceremony.

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Dozens In Italy Give A Fascist Salute On The Anniversary Of Mussolini’s Execution

Premier Giorgia Meloni coincidentally led her far-right Brothers of Italy party in an election rally in the city of Pescara on the anniversary of Mussolini’s execution. A high-ranking official in Mussolini’s final cabinet founded the Italian Social Movement in 1946, which is where Brothers of Italy gets its name. Following Mussolini’s downfall, the party attracted individuals who sympathized with fascism and former government officials.

Meloni, who became a member of the MSI’s youth branch during her teenage years, has made efforts to separate her party from its neo-fascist origins. She has criticized fascism’s suppression of democracy and emphasized that the Italian right-wing movement relinquished fascism to history several decades ago. On Sunday, Meloni asserted that the left poses a greater threat of totalitarianism to Italy.

She saw that Communist Party members had lodged a formal protest against the tents constructed on the Pescara seafront to host the Brothers of Italy demonstration.

fascist

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Dozens In Italy Give A Fascist Salute On The Anniversary Of Mussolini’s Execution

During this rally, Meloni declared her intention to lead the party’s campaign for the upcoming European Parliament elections in June.

“I observe that the Communist Party continues to exist, and I mention this fact to highlight the current presence of those who long for totalitarianism in Italy,” she stated.

SOURCE – (AP)

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Journalists Critical Of Their Own Companies Cause Headaches For News Organizations

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The following information is from a news article published by the Associated Press: In recent months, NBC News, The New York Times, and National Public Radio have all faced upheaval due to journalists applying their critical scrutiny, typically used to report on the world, to their employers.

Whistleblowing is not exclusive to any particular business. However, the opposing perspective ingrained in several journalists, which is often an integral aspect of their profession, along with shifts in how activism is perceived across generations, have resulted in a high likelihood of these instances persisting.

NBC recently rescinded its intention to employ Ronna McDaniel, the former chief of the Republican National Committee, as a political contributor. This reversal occurred when a group of its most prominent personalities staged a revolt. A senior editor at NPR was suspended and resigned after criticizing his company’s tolerance for varied opinions. Additionally, an internal investigation at the Times, which was initiated due to their coverage of Gaza, has concluded.

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Journalists Critical Of Their Own Companies Cause Headaches For News Organizations

Journalism as a vocation appeals to individuals who oppose authority and perceive themselves as purveyors of truth. According to Tom Rosenstiel, a professor at the University of Maryland and co-author of “The Elements of Journalism,” many people believe that criticism is the most effective approach to improving an organization.

“We are instructed to scrutinize those in positions of authority,” stated Kate O’Brian, the president of news for the E.W. Scripps Co.

It is inherent to their nature.

Was it truly unexpected to witness Chuck Todd, who has spent years interrogating politicians on “Meet the Press,” employ the same approach with his superiors when they hesitated to hire McDaniel? MSNBC’s Rachel Maddow, Joy Reid, Joe Scarborough, Jen Psaki, Nicolle Wallace, and Lawrence O’Donnell all participated in a protest that was remarkable because it occurred on the network’s own television broadcasts.

Uri Berliner, an editor at National Public Radio, faced minimal internal backing for his grievances, ironically strengthening his argument. He asserted that NPR had become too biased in pushing a liberal perspective, and he made his grievances public by publishing an essay in a different news medium after his superiors failed to address his concerns.

NPR management refutes his statement. However, Berliner swiftly gained admiration from conservatives who shared the same conviction.

The history of journalism is replete with numerous instances of significant internal protests. In the 1970s, female journalists initiated legal action against The New York Times and The Associated Press to compel them to address gender discrimination. Journalists from the Los Angeles Times uncovered a business agreement in which their employer agreed to distribute revenues with a sports arena as part of a special publication. A Chicago television news anchor resigned in objection to her station’s decision to employ talk show host Jerry Springer as a pundit.

NEWS

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Journalists Critical Of Their Own Companies Cause Headaches For News Organizations

The death of George Floyd in 2020, which Minneapolis police’s actions were to blame for, served as a turning point that forced news organizations all over the country to address their coverage of racial issues, both historical and current, sometimes under pressure from their employees. Additionally, it prompted an examination of the absence of diversity in newsrooms.

Other factors contribute to the increasing tendency of journalists to publicly express grievances that they may have previously only shared with colleagues in informal settings. Joel Kaplan, a former reporter for the Chicago Tribune and the associate dean for graduate studies at Syracuse University’s Newhouse communications department, suggests that it’s possible that a distant hedge fund, rather than a local family, is in charge of their outlet.

The emergence of a new generation has also empowered numerous young journalists. Within his classroom, Kaplan observes a growing number of young journalists who are challenging conventional ideas of neutrality, which hinder them from freely expressing their viewpoints. According to him, numerous individuals assert their entitlement to express their ideas and advocate for causes.

“Currently, there are journalists who function as advocates,” stated Rosenstiel. This indicates a conflict of values within the field of journalism.”

Discussions regarding the extent of media attention on the Trump administration had a comparable stimulating impact.

“Certain journalists express disinterest in covering conservatives due to their perceived lack of commitment to truth,” Rosenstiel stated.

A counter-reaction to the previous counter-reaction

Certain traditionalists, such as former Washington Post editor Marty Baron, have expressed deep concern over some of these alterations. Engaging in conflicts with young employees on their way of expressing thoughts on social media left him disheartened, ultimately contributing to his decision to resign.

In his 2023 book, “Collision of Power,” he expressed a sense of alienation from his colleagues during a staff meeting on journalism.

Journalist Wesley Lowery, a highly influential figure in this field, has argued that certain proponents of objectivity prioritize avoiding controversy and maintaining a certain image rather than focusing on the rigorous standards of journalism.

“At the peak of the debate, Ajay V. Singh, a Harvard student, expressed that by striving for objectivity, we suppress the voices of marginalized individuals,” “By suppressing the voices of the marginalized, we shift the control of the ‘truth’ narrative to those in positions of power.”

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Journalists Critical Of Their Own Companies Cause Headaches For News Organizations

Journalists at The New York Times have regularly been at the forefront, questioning their organization. After the newspaper disavowed a column by U.S. Senator Tom Cotton about Floyd-related protests in response to a staff demonstration in 2020, the editorial page editor resigned. Occasionally, members of the Times staff have expressed strong criticism of the newspaper’s reporting on matters related to gender.

However, the CEOs seemed impatient with the ongoing discussion over another controversial matter: the conflict in Gaza.

An internal inquiry was initiated to identify the source responsible for leaking information to an external media, the Intercept, about a podcast centered around an article from late December discussing Hamas and sexual violence. The podcast needed to be completed. Some staff members were angry at the Times’ perceived retaliation against employees who engaged in a common practice among its reporters: writing stories based on leaked material.

However, the Times’ management perceived the conduct as a breach of trust, specifically sharing preliminary versions of content that were never published.

Joe Kahn, the Times executive editor, stated in a memo to staff on April 15 that reporters, editors, and producers should engage in open and honest discussions and debates about the most effective approach to challenging journalism. These exchanges should enhance the quality of the story rather than become the focus of the story itself. He said the investigation ended without identifying the person responsible for leaking the documents.

Amidst this context, there is another fact: The public is now more interested in the media itself and its news coverage than before, which has created a demand for the kind of content that Kahn was referring to – and this story.

According to Rosenstiel, due to the high level of interest and the strong presence of media in the debate, there will certainly be an abundance of sources for such material.

“Newsrooms,” he stated, “are frequently populated by individuals who are frequently dissatisfied.”

SOURCE – (AP)

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Retrial Of Harvey Weinstein Unlikely To Occur Soon, If Ever, Experts Say

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Harvey Weinstein Sentenced to an Additional 16 Years in Prison
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Legal experts have stated that the retrial of Harvey Weinstein in New York, a previously highly regarded figure in the film industry, is unlikely to take place in a courtroom in the near future, if at all. This comes as one of the two women who are deemed vital to the case expressed uncertainty about testifying again.

The New York Court of Appeals issued a verdict on Thursday invalidating the 2020 conviction of the former influential figure in the film industry. Prosecutors alleged that he coerced young actors into fulfilling his sexual needs by using his authority to control their professional success. He is incarcerated in New York state following his conviction in a comparable case in California.

In a 4-3 ruling, the appeals court nullified a 23-year prison sentence and mandated a new trial for Weinstein. The court determined that the trial judge made mistakes by allowing three women to testify about allegations that were not included in the charges, as well as by permitting questions about Weinstein’s past instances of “bad behavior” if he chose to testify.

He did not. The individual was found guilty of engaging in non-consensual oral sexual activity with a television and film production assistant, as well as committing third-degree rape against an aspiring actor in 2013.

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Retrial Of Harvey Weinstein Unlikely To Occur Soon, If Ever, Experts Say

According to discussions with several lawyers on Friday, it is anticipated that obtaining a new trial for the 72-year-old movie mogul, who is currently in poor health and has become a symbol of the #MeToo movement, will be a lengthy process. It is still being determined whether a new trial will begin next year.

Joshua Naftalis, a former Manhattan federal prosecutor now in private practice, expressed his belief that there will not be a trial in the end. “I believe he is unwilling to undergo another trial, and I believe the state is uninterested in prosecuting him again.”

Naftalis suggested that all parties might pursue a resolution, such as a plea, in order to save his accusers from the distress of a second trial.

Deborah Tuerkheimer, a professor at Northwestern University Pritzker School of Law and former assistant district attorney in Manhattan, stated that the decision to have a second trial will depend on the inclinations of the women who would be required to testify once more and undergo the arduous process of a retrial.

“Ultimately, the decision will depend on their willingness and capability,” she stated.

Jane Manning, the director of Women’s Equal Justice, a nonprofit organization that offers advocacy assistance to survivors of sexual assault, concurred that the primary concern is whether the two women are willing to submit testimony once more.

If the conditions are met, Manhattan District Attorney Alvin Bragg will unequivocally pursue a new trial for the case, as stated by Manning, who previously handled sex crime prosecutions during her tenure at the Queens district attorney’s office in the late 1990s and early 2000s.

Tama Kudman, a criminal defense attorney based in West Palm Beach, Florida, who also practices law in New Jersey and New York, stated that it is probable that prosecutors will soon engage in discussions with crucial witnesses in preparation for a new trial.

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Retrial Of Harvey Weinstein Unlikely To Occur Soon, If Ever, Experts Say

“Ultimately, the decision to undergo another trial lies with the individuals themselves,” Kudman remarked, emphasizing that prosecutors must assess the witnesses’ ability to endure a second legal proceeding. “Having the willingness and having the desire are two distinct concepts.”

The legal proceedings are still underway, and Weinstein is set to appear in court in Manhattan on Wednesday. This appearance will likely determine the location of his incarceration during his wait for a fresh trial.

Bragg’s office promptly issued a statement following Thursday’s public release of the appeals verdict, expressing its commitment to exhausting all available efforts to initiate a new trial for this matter.

However, legal experts assert that the path to a trial will involve protracted legal disputes between attorneys on the admissibility of evidence and testimony in a retrial.

During an electronic news conference on Friday, Miriam Haley, one of the key individuals involved in the charges against Weinstein, expressed her willingness to testify again in the event of another trial. However, when further questioned, she refrained from making a firm commitment to participate in a new trial.

Haley, a previous production assistant on the television show “Project Runway,” also known as Mimi Haleyi, gave evidence during Weinstein’s trial. She stated that she consistently expressed her refusal to Weinstein when he assaulted her inside his apartment in July 2006, forcefully engaging in oral sexual activity with her. In a civil complaint filed in 2020, Haley expressed enduring feelings of horror, humiliation, and persistent anguish.

During the press conference alongside her attorney, Gloria Allred, Haley expressed her strong disapproval of the appeals verdict, characterizing it as a profoundly discouraging message to victims of sexual assault worldwide.

She expressed that testifying was a distressing, draining, and frightening experience. She is still unsure whether she will testify in a retrial, as we are all still processing the court’s decision.

“I desire that it could be as effortless as confidently stating, ‘Certainly, I will undertake it once more!'” Haley stated.

She remarked that individuals possess a limited comprehension.

“It’s utterly absurd.” It is demanding. It isn’t easy. “You have been experiencing persistent fear for several years,” Haley stated. “In that case, you are experiencing harassment.” There are numerous things that people are unaware of, and I had to endure them. Indeed, I need to allocate a moment to contemplate that.

Allred stated during the press conference on Friday afternoon that Bragg’s office had not yet contacted Haley regarding her testimony.

Erika Rosenbaum, a Canadian actor who levied her allegations against Weinstein in 2017, has dedicated years to vocally denouncing harassment and abuse. However, she has not been summoned to provide testimony in either of Weinstein’s trials.

In an interview on Friday, she expressed that recounting her personal experience of abuse in the media was already distressing, and she can only fathom the added challenges of testifying in court, especially on two separate occasions.

weinstein

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Retrial Of Harvey Weinstein Unlikely To Occur Soon, If Ever, Experts Say

“Whenever I discuss the topic, whether it’s with the media or with a gathering of students or young individuals, I experience a sensation of increased body temperature and discomfort.” Strong bodily and automatic responses are accompanying the intense throbbing in my head. “It exacts a physical, mental, and emotional toll,” stated Rosenbaum.

She expressed that she envisions testifying as a frightening experience and desires to either testify on behalf of or with them.

“However, these women are incredibly courageous, and I hold them in high esteem and appreciation,” Rosenbaum remarked.

The standard practice of the Associated Press is to refrain from disclosing the identities of those who claim to have experienced sexual assault, unless those individuals explicitly consent to being identified, as is the case with Haley and Rosenbaum.

SOURCE – (AP)

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