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AM Business Notebook

>>The Week Ahead In Economic Reports

(Undated) -- After a long week of commotion and turmoil in the banking industry, investors will be on the lookout for a number of key economic reports in the coming days. Existing home sales are due on Tuesday. Wednesday brings the Fed interest rate decision. We'll see weekly jobless claims and data on new home sales the following day.


>>Study: Nearly 200 Banks Face Risk Of Collapse

(Rochester, NY) -- Almost 200 banks risk facing the same fate as Silicon Valley Bank. That's according to a recent study from the Social Science Research Network. The study found that 186 banks across the country could collapse if half of their depositers make a bank run. It also said that even insured depositers at those at-risk banks could face issues getting their money if the same type of quick withdrawals happen. The study's economists noted, "Our calculations suggest these banks are certainly at a potential risk of a run, absent other government intervention or recapitalization."


>>Swiss Banking Giant Buying Rival Credit Suisse

(Zurich) -- Swiss banking giant UBS is buying its troubled rival Credit Suisse for more than three-billion dollars. A statement from the Swiss National Bank notes the takeover will "secure financial stability" and protect the country's economy. UBS Chairman Colm Kelleher explained the move is "attractive" for its shareholders but stressed "this is an emergency rescue" of Credit Suisse. This comes after the bank was dealing with a series of losses in the last two weeks.


>>Elizabeth Warren: Powell Has Failed As Fed Chair

(Washington, DC) -- Senator Elizabeth Warren says Jerome Powell has failed as the Chairman of the Federal Reserve. Speaking on NBC's Meet the Press, the Massachusetts Democrat said Powell "took a flamethrower" to bank regulations, making him partly responsible for the recent collapse of two multi-billion-dollar banks. Warren also said Powell has also failed when it comes to monetary policy. She said the Fed should stop hiking interest rates to control inflation because all it does is put people out of work.


>>LAUSD Files Legal Challenge To Stop Strike

(Los Angeles, CA) -- Los Angeles Unified School District officials are making a last-ditch attempt to head off a three-day strike that would shut down campuses in the nation's second-largest school district. On Friday, the LAUSD asked California state labor regulators to issue an injunction to block the strike -- which district leaders say would be illegal. Sources told the Los Angeles Times that they don't know if the state Public Employment Relations Board will act on the filing in time to keep thousands of support staff and teachers from going on strike Tuesday. 


>>Twitter Now Responds To Press Requests With Feces Emoji

(San Francisco, CA) -- Twitter is sending a strong message to journalists. On Sunday morning, Elon Musk tweeted that the company's automatic email reply system will now respond to all press requests with a feces emoji. Tons of Twitter users tested it out and posted the proof.


>>Mega Millions Jackpot Climbs To $272 Million

(Undated) -- The Mega Millions jackpot is getting bigger after Friday night's grand prize went unclaimed. That means Tuesday's jackpot in the multi-state lottery game will be worth an estimated 272-million-dollars. The cash option on that works out to 146-point-five million.

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