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Editorial: What Bay Area banks can learn from SVB, First Republic failures

Published Tue, 05 Nov 2024 03:28:02 GMT

Unbridled optimism is an essential quality for Bay Area entrepreneurs. For its bankers, not so much.That’s the hard lesson from the collapse of two of the Bay Area’s premier regional banking institutions: San Francisco’s First Republic Bank and Santa Clara’s Silicon Valley Bank.Congress and the Federal Reserve have a lot to answer for whiffing on their oversight and regulatory duties. But the reckless practices of the managers of the two banks were at the root of the problem and should serve as warnings for other regional bank managers striving to avoid future collapses.It’s clear that both managers were overly optimistic that interest rates would remain low, protecting their long-range investments.For First Republic, it was heavy bets in commercial real estate market, which was upended by the pandemic. For Silicon Valley Bank, it was overinvestment in Treasury bonds, leaving it vulnerable to rising interest rates during the tech slowdown, and overrelia...

San Jose office site near big Google tech hubs lands local buyer

Published Tue, 05 Nov 2024 03:28:02 GMT

SAN JOSE — A San Jose office building located near big Google tech hubs has been bought by a veteran real estate firm that’s active in the Bay Area.Dollinger Properties, acting through an affiliate, paid about $9.1 million for the 37-year-old building, according to documents filed on May 2 with the Santa Clara County Recorder’s Office.The just-bought building is located at 150 Nortech Parkway and is near a big office, research and industrial tech campus with several buildings that Google owns in San Jose’s Alviso district, the county documents show.The building totals about 40,000 square feet and occupies a 2.5-acre parcel. The parcel, which includes a big surface parking lot, is large enough that it might be possible to replace the structure with a modern office or life sciences building. The building was constructed in 1986.The Dollinger Properties affiliate also obtained a loan of about $6.5 million from Technology Credit Union at the time of the purchase....

Husband of missing Suzanne Morphew seeks $15 million in lawsuit over murder prosecution

Published Tue, 05 Nov 2024 03:28:02 GMT

Suzanne Morphew (Chaffee County Sheriff’s Office) The Colorado man once accused of killing his missing wife filed a federal civil rights lawsuit Tuesday alleging the now-dropped criminal prosecution violated his constitutional rights.Barry Morphew, 55, is seeking $15 million for what he says was a malicious criminal prosecution in his wife’s disappearance.He is suing Chaffee County, the sheriff’s office and board of commissioners, 11th Judicial District Attorney Linda Stanley and members of her staff, as well as Colorado Bureau of Investigation and FBI agents.Morphew claims in the 185-page complaint that authorities conspired to wrongly arrest him, fabricated evidence, concealed exculpatory evidence and conducted a reckless investigation that led to Morphew’s being wrongly held in jail and prosecuted.The lawsuit follows a professional complaint filed last month by his attorney, Iris Eytan, against Stanley and several members of her office. Eytan accused the prosecutors of misco...

Opinion: For teachers, revolution promised by ChatGPT isn’t new

Published Tue, 05 Nov 2024 03:28:02 GMT

Last month, Ezra Klein wrote that ChatGPT changes everything. Judging by the frequent outcries in education circles, that certainly seems the fear. As professors of education in Silicon Valley, we have found ourselves immersed within these conversations – and the attendant anxieties.But the educational revolution that ChatGPT promises, or threatens, is nothing new. AI is only the latest technology rolled out in service to a perennial effort in education: the continuous push to de-skill teaching and deprofessionalize teachers.And it’s working.Shannon Ahern, a high school math and science teacher, recently made the case that educators should embrace ChatGPT because its automating functions make the job easier. Using the chatbot to develop lesson plans, create worksheets and devise quiz questions saves tons of time and energy, Ahern writes.She is not alone. Across social media platforms, teachers have shared their excitement at AI’s potential to transform their work. The promise of tim...

Single-family house in Palo Alto sells for $3.9 million

Published Tue, 05 Nov 2024 03:28:02 GMT

957 Colonial Lane – Google Street ViewA spacious house located in the 900 block of Colonial Lane in Palo Alto has a new owner. The 2,310-square-foot property, built in 1997, was sold on April 17, 2023. The $3,911,000 purchase price works out to $1,693 per square foot. The property features four bedrooms, three baths, a garage, and two parking spaces, as well as a pool in the backyard. The unit sits on a 6,200-square-foot lot.Additional houses have recently been purchased nearby:On Celia Drive, Palo Alto, in March 2023, a 1,594-square-foot home was sold for $3,100,000, a price per square foot of $1,945. The home has 4 bedrooms and 2 bathrooms.In November 2022, a 2,735-square-foot home on Amarillo Avenue in Palo Alto sold for $5,250,000, a price per square foot of $1,920. The home has 5 bedrooms and 4 bathrooms.A 1,069-square-foot home on the 1000 block of Amarillo Avenue in Palo Alto sold in April 2023, for $2,363,000, a price per square foot of $2,210. The home has 3 bedrooms and 1 ...

Colony Credit: Q1 Earnings Snapshot

Published Tue, 05 Nov 2024 03:28:02 GMT

NEW YORK (AP) — NEW YORK (AP) — BrightSpire Capital, Inc. (BRSP) on Wednesday reported a first-quarter loss of $4.1 million, after reporting a profit in the same period a year earlier.The New York-based company said it had a loss of 3 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 27 cents per share.The real estate investment trust posted revenue of $33 million in the period.Colony Credit shares have declined 13% since the beginning of the year. The stock has dropped 36% in the last 12 months._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BRSP at https://www.zacks.com/ap/BRSPSource

Sheriff tells AP the wife of man suspected of killing 5 neighbors, including a 9-year-old boy, has also been arrested

Published Tue, 05 Nov 2024 03:28:02 GMT

CLEVELAND, Texas (AP) — Sheriff tells AP the wife of man suspected of killing 5 neighbors, including a 9-year-old boy, has also been arrested.Source

Standard Motor Products: Q1 Earnings Snapshot

Published Tue, 05 Nov 2024 03:28:02 GMT

LONG ISLAND CITY, N.Y. (AP) — LONG ISLAND CITY, N.Y. (AP) — Standard Motor Products Inc. (SMP) on Wednesday reported first-quarter net income of $11.9 million.The Long Island City, New York-based company said it had profit of 54 cents per share. Earnings, adjusted to account for discontinued operations and restructuring costs, came to 61 cents per share.The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.The auto parts maker posted revenue of $328 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $328.6 million._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SMP at https://www.zacks.com/ap/SMPSource

Graham Holdings: Q1 Earnings Snapshot

Published Tue, 05 Nov 2024 03:28:02 GMT

ARLINGTON, Va. (AP) — ARLINGTON, Va. (AP) — Graham Holdings Co. (GHC) on Wednesday reported net income of $52.3 million in its first quarter.On a per-share basis, the Arlington, Virginia-based company said it had net income of $10.88. Earnings, adjusted for non-recurring gains, were $8.36 per share.The education and media company posted revenue of $1.03 billion in the period._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GHC at https://www.zacks.com/ap/GHCSource

Maxar: Q1 Earnings Snapshot

Published Tue, 05 Nov 2024 03:28:02 GMT

WESTMINSTER, Colo. (AP) — WESTMINSTER, Colo. (AP) — Maxar Technologies Inc. (MAXR) on Wednesday reported a loss of $14 million in its first quarter.On a per-share basis, the Westminster, Colorado-based company said it had a loss of 19 cents.The satellite company posted revenue of $419 million in the period._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MAXR at https://www.zacks.com/ap/MAXRSource