Today's headlines: The FDIC abruptly overtook Silicon Valley Bank this weekend due to poor risk management, which was exacerbated by the fact that the company had no chief risk officer from April 2022 through this January. New reporting reveals that George Santos orchestrated a credit card skimming ring in Seattle in 2017. Finally for today, Chinese president Xi Jinping has been elected to an unprecedented third 5-year term. 
Resources/Articles mentioned this episode:

Bloomberg: US Backstops Bank Deposits to Avert Crisis After SVB Collapse

NBC: Etsy warns sellers of delay in processing payments due to Silicon Valley Bank collapse

CNBC: Trump signs the biggest rollback of bank rules since the financial crisis

Insider: How Silicon Valley Bank imploded

CNBC: Silicon Valley Bank employees received bonuses hours before government takeover

Intercept: SILICON VALLEY BANK USED FORMER MCCARTHY STAFFERS TO WEAKEN REGULATIONS, LOBBY FDIC

Politico: George Santos masterminded 2017 ATM fraud, former roommate tells feds

Guardian: Xi Jinping handed unprecedented third term as China’s president

Host: Sami Sage
Morning Announcements is produced by Sami Sage alongside Amanda Duberman and Bridget Schwartz
Original Music and Editing by Brandon Lee Bjornson