The Federal Deposit Insurance Corporation took over Signature Bank and is looking for buyer of its assets [Patrick Cooley](/author/patrick-cooley) The Federal Deposit Insurance Corporation is looking to offload the assets of the failed Signature Bank, and Blackstone Inc.now appears to be the frontrunner to buy a large portfolio of loans, mostly in commercial real estate, Bloomberg reported Sunday.The FDIC is in final discussions to declare Blackstone’s bid the lowest cost to the agency, the business news outlet reported, citing unnamed sources familiar with the deliberations.The value of the Signature portfolio of loans is about $17 billion, Bloomberg reported, citing sources familiar with the matter.Although Bloomberg stressed that no deal has been finalized and transactions like this one are complex.Signature Bank collapsed on March 12, shortly after the failure of Silicon Valley Bank fanned worries of widespread problems in the banking industry.A bank run forced regulators to take over the Signature Bank and bail out its depositors in order to stop contagion throughout the banking sector.Fears of a banking crisis the likes of which spawned the Great Recession in 2008 never materialized.
[Commercial Real Estate Developers Defaulted on $2 Billion in Loans in June as Office Vacancies Rise](/business/commercial-real-estate-developers-defaulted-on-2-billion-in-loans-in-june-as-office-vacancies-rise?utm_source=onsite&utm_medium=related_story) [Hundreds of Bank Failures? The Danger from Empty Office Buildings and Rising Rates](/business/hundreds-of-bank-failures-the-danger-from-empty-office-buildings-and-rising-rates?utm_source=onsite&utm_medium=related_story) [The $1.5 Trillion Mortgage Crisis Looming for Commercial Real Estate](/business/the-1-5-trillion-mortgage-crisis-looming-for-commercial-real-estate?utm_source=onsite&utm_medium=related_story) [The Answer to Failing Banks is Not Unregulated Bank Mergers](/opinion/the-answer-to-failing-banks-is-not-unregulated-bank-mergers?utm_source=onsite&utm_medium=related_story) [Disney Reportedly in Talks With Blackstone to Sell India Businesses](/business/disney-reportedly-in-talks-with-blackstone-to-sell-india-businesses?utm_source=onsite&utm_medium=related_story) [Real Estate May Have a New ‘Predatory’ Problem](/business/commercial-loans-predatory-mortgage-backed-securities-loans-property?utm_source=onsite&utm_medium=related_story) An FDIC investigation found Signature Bank had poor management.The bank made sizable bets on crypto currency without fully understanding the risks, the agency found.[Rosalynn Carter Has Died](/news/rosalynn-carter-has-died) [privacy policy](/info/privacy-policy)and [terms of use](/info/terms-of-use).- Bayer’s Monsanto To Pay More Than $1.5 Billion Over Claims Weed-Killer Caused CancerBusiness – ‘Silicon Valley’s Party Animal’ Convicted on Fraud and Money Laundering ChargesBusiness – Elon Musk Threatens ‘Thermonuclear’ Lawsuit Against Media Matters Over Reports of Antisemitic ContentBusiness – Legendary Tesla and Enron Short-Seller Jim Chanos Is Shuttering His Hedge FundsBusiness – Taco Bell Sued By Former Employee Over Debauched Holiday PartyBusiness – Target Takes Heat From Conservatives Again — This Time Over Its ‘Gay Nutcracker’Business – Inflation Is Still a Scorcher in MiamiBusiness – Elon Musk’s Starship Is Ready to Launch.
Here’s What You Need To KnowTech – Ford Workers Approve Labor Deal, Ending Major Bargaining Round for Top Auto MakersBusiness – Amazon Cutting Hundreds of Jobs in Alexa UnitBusiness – Apple Pauses Ads on X After Elon Musk Endorses Antisemitic Post: ReportBusiness – Suddenly We’re Talking About ‘Deflation.’ Here’s What That Means for YouBusiness.
