Microsoft's delayed effort to ensure its partners don't enjoy unduly privileged access to their clients' systems will run for just nine days before pausing for a month. From a report: Partners of the Redmond-based software colossus have historically relied on "delegated admin privileges" (DAP) to manage and monitor clients' systems and software purchases. In the wake of criminal attacks on managed services providers and the software they use to tend their clients, Microsoft decided DAP privileges offered dangerously extensive access.

The company therefore created granular delegated admin privileges (GDAP). As the name implies, GDAP limits the resources and permissions partners enjoy when driving their customers' systems. It also adds zero-trust principles to further reduce the likelihood that an attack on a partner will mean pain for end customers. Partners and Microsoft customers alike were told they would need to stop using DAPs and instead move to GDAPs. So far, so sensible. But also a little controversial, because partners can create GDAP profiles in customers' Active Directory implementations -- customers don't need to give permission for the creation of GDAP profiles, but do need to sign them off. The move from DAP to GDAP has been slow. Microsoft set October 31, 2022, as the date on which it would discontinue the software that automates DAP to GDAP migrations, then moved that date to March 1, 2023. Those delays came after Redmondt's initial ambition was for DAP to die by the end of 2022.

The Federal Reserve's digital payments system, which it promises will help speed up the way money moves, will debut in July. From a report: FedNow, as it will be known, will create "a leading-edge payments system that is resilient, adaptive, and accessible," said Richmond Fed President Tom Barkin, who is the program's executive sponsor. The system will allow bill payments, money transfers such as paychecks and disbursements from the government, as well as a host of other consumer activities to move more rapidly and at lower cost, according to the program's goals. Participants will complete a training and certification process in early April, according to a Fed announcement.

Liquidators at FTX said that founder Sam Bankman-Fried had received $2.2 billion in "loans and payments" while he was allegedly running a massive fraud at the crypto exchange. From a report: According to FTX's bankruptcy court filing, Bankman-Fried got more than $2 billion in loans -- primarily through Alameda Research, the hedge fund he founded that lost big on bad investments, then misused customer deposits from FTX accounts in an attempt to cover those losses. Bankman-Fried wasn't the only executive-roommate to be paid via Alameda: Former director of engineering Nishad Singh got $587 million, co-founder Gary Wang got $246 million, former co-CEO Ryan Salame got $87 million, and former Alameda co-CEO John Samuel Trabucco got $25 million. Caroline Ellison, Bankman-Fried's ex-girlfriend and ex-CEO at Alameda, was more frugal, receiving just $6 million in loans and payments. New management at FTX was careful to note that the $3.2 billion that FTX's and Alameda's top earners essentially lent themselves does not include the $240 million they spent on luxury property in the Bahamas or the political donations given directly by FTX.

Some of the biggest banks in the U.S. are stepping in to save First Republic Bank. From a report: A group of 11 lenders including J.P.Morgan, Bank of America, Citigroup and Wells Fargo said they will deposit $30 billion in First Republic Bank in an effort to prop up the beleagured midsized lender. The rescue comes after confidence in smaller lenders cratered following the collapse of Silicon Valley Bank and Signature Bank in what has been an extraordinary week for U.S. lenders. "This action by America's largest banks reflects their confidence in First Republic and in banks of all sizes, and it demonstrates their overall commitment to helping banks serve their customers and communities," the lenders said in their statement. "Regional, midsize and small banks are critical to the health and functioning of our financial system," the statement added.

California-based First Republic has experienced an exodus of depositors since the failures of those two banks, as many of its customers moved their money to larger rivals. That happened even after the lender said it had lined up $70 billion in new financing from both the Federal Reserve and the world's largest bank, J.P. Morgan Chase. First Republic also noted it was eligible to seek additional funding from the Fed if there were heightened demand for withdrawals. The bank has also said its balance sheet is sound and that depositors are safe, but investors have still worried they were vulnerable to a similar run on deposits as Silicon Valley Bank.

An anonymous reader quotes a report from Bloomberg: Convincing older British workers to stay in their jobs will cost the UK Treasury 75,000 pounds ($90,000) per person in tax breaks for some of the country's wealthiest savers, analysis of Chancellor of the Exchequer Jeremy Hunt's budget shows. In his budget speech on Wednesday Hunt scrapped the lifetime allowance on pensions -- the total that workers can pile into their retirement pot without incurring tax -- and increased the tax-free annual limit on contributions by 50%, to 60,000 pounds.

The shift is designed to reverse a trend in the number of older workers dropping out of jobs since the pandemic, which has contributed to a shortage of staff and is fanning inflation. But the Office for Budget Responsibility, the independent fiscal watchdog, calculated (PDF) that Hunt's pension reforms are likely to add just 15,000 more workers to the labor force by 2027/28. They will cost 1.1 billion pounds, meaning the reforms effectively offer a 75,000 pounds per person boost to those able to save enough in their pensions.

The top U.S. markets regulator on Wednesday proposed a suite of new policies designed to harden the financial system against hacking, data theft and systems failure. From a report: With some dissents from Republican members, the Securities and Exchange Commission's (SEC) five members voted at a public meeting to propose rules on protecting consumer financial data, preventing hacking at stock exchanges and broker-dealers and buttressing the resiliency of market infrastructure, part of a continuing concern with modernizing regulations to match advancing technological threats. SEC Chairman Gary Gensler also opened the meeting with a nod to unfolding market turmoil, making veiled reference to the failure of U.S. lender Silicon Valley Bank and fears for the viability of Credit Suisse by restating his agency's pledge to support market resiliency. The three rule proposals together govern how broker-dealers address hacking incidents and protect consumer data, and how stock exchanges, transaction clearing houses and others deemed critical to national economic security gird themselves against system failure and cyber-intrusion.

UPDATE: Switzerland's central bank says it will backstop Credit Suisse if necessary, according to an update from CNN.

Battered shares of Credit Suisse lost more than one-quarter of their value Wednesday, hitting a record low after its biggest shareholder -- the Saudi National Bank -- told news outlets that it would not inject more money into the Swiss bank beset by problems long before the failure of two U.S. lenders. From a report: The turmoil prompted an automatic pause in trading of Credit Suisse's shares on the Swiss market and sent shares of other European banks plunging by as much as double digits. That fanned new fears about the health of financial institutions following the collapse of Silicon Valley Bank and Signature Bank in the United States in recent days.

Credit Suisse stock dropped more than 27%, to about 1.6 Swiss francs ($1.73), in mid-afternoon trading on the SIX stock exchange Wednesday. That's down more than 85% from February 2021. The shares have suffered a long, sustained decline: In 2007, they were trading at more than 80 francs each. With concerns about the possibility of more hidden trouble in the banking system, investors were quick to sell bank stocks on bad news. Other European banks took a battering as concerns spread about the sector: France's Societe Generale SA dropped 12%, France's BNP Paribas fell more than 10%, Germany's Deutsche Bank was down 8% and Britain's Barclays Bank was down nearly 8%. Shares in the two French banks also were briefly suspended.

Americans lost more than $10 billion to online scammers last year, new government data show, the highest level since the Federal Bureau of Investigation began tracking losses in 2000. From a report: The FBI said its Internet Crime Complaint Center, or IC3, recorded more than 800,000 complaints in 2022, or more than 2,000 complaints a day. So-called phishing expeditions represented the largest number of scams with more than 300,000 complaints, the FBI said in a report. Phishing usually involves the use of unsolicited email, text messages and phone calls, purportedly from a legitimate company, requesting personal or financial information.

"Today's cyber landscape has provided ample opportunities for criminals and adversaries to target U.S. networks, attack our critical infrastructure, hold our money and data for ransom, facilitate large-scale fraud schemes, and threaten our national security," FBI Executive Assistant Director Timothy Langan said. The total losses to online scammers rose to $10.3 billion last year from $6.9 billion in 2021. However, the overall number of complaints recorded by IC3 fell slightly from 2021.

An anonymous reader quotes a report from Ars Technica: Today, the federal government's Joint Office of Energy and Transportation opened up applications for a $2.5 billion program to expand electric vehicle charging infrastructure in underserved communities. The Charging and Fueling Infrastructure Discretionary Grant Program was authorized along with the $5 billion National Electric Vehicle Infrastructure Formula Program as part of the Infrastructure Investment and Jobs Act of 2021. For starters, the Joint Office is making $700 million available for EV chargers -- but also other alternative fuels including hydrogen and natural gas.

The CFI program actually encompasses two discrete $1.25 billion grant programs. The first is for community charging and fueling grants in both urban and rural areas, particularly in underserved and disadvantaged communities, including low- and moderate-income neighborhoods as well as neighborhoods with a low ratio of private parking. The other half of the money is for the alternative fuel corridor grants, which will fund the deployment of EV chargers and other alternative fuel infrastructure along designated alternative fuel corridors. "It's critical that we build a national charging network that provides EV drivers with the right type of charging in the right location -- whether that's high-powered charging on highway corridors and in urban hubs or Level 2 charging where EV drivers or riders live, work, and play," said Joint Office Executive Director Gabe Klein. "By working with cities and communities through the CFI Program to get this mix right, we can ensure that everyone has convenient and affordable access to riding and driving electric."

Meta's head of commerce and financial technologies Stephane Kasriel posted on Twitter that the company will sunset its NFT and digital collectibles features on Instagram and Facebook. TechCrunch reports: This short-lived product only began testing with select Instagram creators last May, plus some Facebook users in June. By July, Meta expanded NFT support on Instagram for creators in 100 countries. Less than a year later, Meta is moving on from NFTs. "We're winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses," Kasriel wrote in a Twitter thread.

A Meta spokesperson told TechCrunch that it is shifting its investments away from NFTs toward products like Meta Pay, as well as features that enable creators to earn money directly on Meta platforms, like its tipping feature called gifts. The company also said it is testing ways for creators to earn ad revenue on Reels. "Let me be clear: creating opportunities for creators and businesses to connect with their fans and monetize remains a priority, and we're going to focus on areas where we can make impact at scale, such as messaging and monetization opps for Reels," Kasriel wrote.

DoNotPay, which describes itself as "the world's first robot lawyer," has been accused of practicing law without a license. From a report: It's facing a proposed class action lawsuit filed by Chicago-based law firm Edelson on March 3 and published Thursday on the website of the Superior Court of the State of California for the County of San Francisco. The complaint argues: "Unfortunately for its customers, DoNotPay is not actually a robot, a lawyer, nor a law firm. DoNotPay does not have a law degree, is not barred in any jurisdiction, and is not supervised by any lawyer." The lawsuit was filed on behalf of Jonathan Faridian, who said he'd used DoNotPay to draft various legal documents including demand letters, a small claims court filing, and a job discrimination complaint.

Per the complaint, Faridian believed he'd purchased legal documents "from a lawyer that was competent to provide them," but got "substandard" results. DoNotPay claims to use artificial intelligence to help customers handle an array of legal services without needing to hire a lawyer. It was founded in 2015 as an app to help customers fight parking tickets, but has since expanded its services. DoNotPay's website claims that it can help customers fight corporations, beat bureaucracy, find hidden money, and "sue anyone." DoNotPay told Insider: "DoNotPay respectfully denies the false allegations." It added: "We will defend ourselves vigorously."

President Joe Biden sought to assure customers of Silicon Valley Bank and Signature Bank on Monday that their money was safe -- insured by the Deposit Insurance Fund -- but said investors in the failed banks' securities aren't going to get the same guarantee. From a report: "Investors in the banks will not be protected," Biden said in a White House speech. "They knowingly took a risk and when the risk didn't pay off, the investors lose their money. That's how capitalism works." The nation's top bank regulators on Sunday announced the Federal Deposit Insurance Corp and Federal Reserve would fully cover deposits at both failed banks and rely on Wall Street and large financial institutions -- not taxpayers -- to foot the bill. Signature Bank in New York, which was shuttered Sunday over similar systemic contagion fears as SVB, had been a popular funding source for cryptocurrency companies.

"The FDIC on Friday took control of SVB's assets and over the weekend Signature's," Biden said. "All customers who had deposits in these banks can rest assured they will be protected and they'll have access to the money as of today." The Treasury Department designated both SVB and Signature as systemic risks, giving it authority to unwind both institutions. The FDIC's Deposit Insurance Fund, not taxpayer money, will be used to cover depositors, many of whom had significantly more than the $250,000 deposited at the banks that is normally covered by the FDIC. "No losses will be borne by the taxpayers," Biden stressed Monday. "I'm going to repeat that -- no losses will be borne by the taxpayers. Instead the money will come from the fees that banks pay into the Deposit Insurance Fund."/i?

Breaking news from CNN: Treasury Secretary Janet Yellen on Sunday instructed the Federal Deposit Insurance Corporation to guarantee Silicon Valley Bank customers will have access to all of their money starting Monday.

By guaranteeing all deposits — even the uninsured money customers kept with the failed SVB bank — the government can ensure public confidence in America's banking system, said Yellen, Federal Reserve Chair Jerome Powell and FDIC Chairman Martin J. Gruenberg in a joint statement....

The FDIC opened an auction Sunday for bids to acquire the bank, the Treasury Department said in a briefing with lawmakers in the California delegation, two sources familiar with the briefing told CNN.... Under Secretary for Domestic Finance Nellie Liang and Assistant Secretary for Legislative Affairs Jonathan Davidson led the briefing, during which they told members that the FDIC is prepared "to operate the institution" to ensure depositors can maintain payroll for their employees and that more operations will emerge in coming days, one of the sources said.
The treasury secretary's statement clarified that "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer." We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer. Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.
Meanwhile, congresswoman Nancy Pelosi said there are multiple potential buyers for SVB, and "What we would hope to see by tomorrow morning is for some other bank to buy the bank." The UK arm of the bank has already received a bid from the Bank of London.

From the treasury secretary's statement: The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry.

Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe.

"Recently, on a YouTube channel, I said something terrible," confesses a staff writer for the Atlantic. "But I don't know what it was." Whatever it was, it was enough to get the interview demonetized, meaning no ads could be placed against it, and my host received no revenue from it.

"It does start to drive you mad," says Andrew Gold, whose channel, On the Edge, was the place where I committed my unknowable offense. Like many full-time YouTubers, he relies on the Google-owned site's AdSense program, which gives him a cut of revenues from the advertisements inserted before and during his interviews. When launching a new episode, Gold explained to me, "you get a green dollar sign when it's monetizable, and it goes yellow if it's not." Creators can contest these rulings, but that takes time — and most videos receive the majority of their views in the first hours after launch. So it's better to avoid the yellow dollar sign in the first place. If you want to make money off of YouTube, you need to watch what you say....

YouTube operates a three-strike policy for infractions: The first strike is a warning; the second prevents creators from making new posts for a week; and the third (if received within 90 days of the second) gets the channel banned.... Although many types of content may never run afoul of the guidelines...political discussions are subject to the whims of algorithms. Absent enough human moderators to deal with the estimated 500 hours of videos uploaded every minute, YouTube uses artificial intelligence to enforce its guidelines. Bots scan auto-generated transcripts and flag individual words and phrases as problematic, hence the problem with saying heroin. Even though "educational" references to drug use are allowed, the word might snag the AI trip wire, forcing a creator to request a time-consuming review....

[T]alk with everyday creators, and they are more than willing to work inside the rules, which they acknowledge are designed to make YouTube safer and more accurate. They just want to know what those rules are, and to see them applied consistently. As it stands, Gold compared his experience of being impersonally notified of unspecified infractions to working for HAL9000, the computer overlord from 2001: A Space Odyssey. ["They don't tell me if it's Nazis, heroin, or anything," Gold says later. "You're just left wondering what it was."]
The article notes that YouTube's algorithm seems to flag people who are debunking misinformation as misinformation. (One study found that purveyors of controversial content simply stop worrying about YouTube demonetizing their videos, using them to direct viewers instead to their "affiliate" links offering commissions, or to their content on other still-monetized platforms.)

In just the last three months of 2022, YouTube made almost $8 billion in advertising revenue, the article concludes. "There's a very good reason journalism is not as profitable as that: Imagine if YouTube edited its content as diligently as a legacy newspaper or television channel — even quite a sloppy one. Its great river of videos would slow to a trickle."

Today U.S. Treasury Secretary Janet Yellen said Silicon Valley Bank would not be bailed out by the federal government. But the government is working on helping depositors, Yellen said on the CBS News show Face the Nation.

The Associated Press reports that deposits insured by the federal government are supposed to be available by Monday morning... The Federal Deposit Insurance Corporation insures deposits up to $250,000, but many of the companies and wealthy people who used the bank — known for its relationships with technology startups and venture capital — had more than that amount in their account. There are fears that some workers across the country won't receive their paychecks....

[Yellen] emphasized that the situation was much different from the financial crisis almost 15 years ago, which led to bank bailouts to protect the industry. "We're not going to do that again," she said. "But we are concerned about depositors, and we're focused on trying to meet their needs...."

Silicon Valley Bank is the nation's 16th-largest bank. It was the second biggest bank failure in U.S. history after the collapse of Washington Mutual in 2008. The bank served mostly technology workers and venture capital-backed companies, including some of the industry's best-known brands.... Yellen said she expected regulators to consider "a wide range of available options," including the acquisition of Silicon Valley Bank by another institution. So far, however, no buyer has stepped forward.
CNBC reports that just hours before regulators seized the failing bank — employees were paid their annual bonuses, "according to people with knowledge of the payments."

And the Intercept reports that earlier the bank had successfully lobbied for the rollback of protective rules established in the wake of the 2008 financial crisis. "The lobbying effort managed to exempt banks the size of Silicon Valley Bank from more stringent regulations, including stress tests aimed at uncovering the type of weaknesses that led to the bank's implosion Friday."

But the Washington Post reported that as dramatic as the seizure is, "one thing it doesn't seem likely to do — at least for now — is trigger a wider financial meltdown, banking experts said." Unlike the giant banks that ignited a global crisis in 2008, SVB was heavily dependent upon a single risky sector of the economy for both its depositors and its customers. That concentrated bet proved to be very bad news for the ambitious start-ups that dominate the high-technology world. But it means that the tech-friendly bank lacked the sophisticated financial entanglements with other institutions that can turn one bank's losses into a threat to the entire industry.

"Crypto firms should do their work within the bounds of the law, or they shouldn't do it at all," says the head of America's Securities and Exchange Commission, which regulates US. investment markets.

In an editorial published in The Hill, SEC chair Gary Gensler warns that instead cryptocurrency has many "trusted" intermediaries that are in fact non-compliant with U.S. securities law. Today, crypto is dominated by a handful of trading, lending, staking, and other financial intermediaries. The investing public is trusting these entities to be responsible with investors' assets. According to some data, the three largest crypto trading platforms purportedly account for almost three quarters of all trading volume. Crypto entrepreneurs might claim, in their own marketing materials, that they're transparent and regulated. But make no mistake: Very few, if any, are actually registered with the SEC and fully compliant with the federal securities laws.

The lack of compliance puts investors' hard-earned assets at risk. Investors lack fundamental disclosures about the crypto assets themselves and the firms who execute their trades and custody their assets: What are firms doing with customer assets? How are they funding their promised returns? Are they putting their hands in investors' pockets? When you buy or sell a token, are you trading against the house? What are the rules to protect against manipulation and fraud? Without disclosure and other investor protections, we simply don't know.

In essence, these firms are saying, "trust us." What's more, when firms go bankrupt (as many have of late), they turn to bankruptcy courts to sort out their mess.
"[B]ased upon how crypto platforms generally operate, investment advisers cannot rely on them today as qualified custodians," the editorial concludes. Rather than comply with the relevant laws, "it has felt like some have sought a stamp of approval for noncompliant activity, rather than changing a fundamentally non-compliant business model rife with conflicts." Of course, another tool in our toolbox is rooting out noncompliance through investigations and enforcement actions. The SEC has successfully brought or settled more than 100 cases against crypto intermediaries and token issuers, including some who operated Ponzi or pyramid schemes, engaged in unlawful touting, or committed other forms of fraud....

Some have said that we should let the innovation flourish or risk it going overseas. But forsaking investor protection puts real people's life savings at risk.
"It's a basic bargain in finance: If you want to raise money from the public, disclose certain facts and figures," Gensler told Politico this week. Their article notes "crypto giants are threatening to move their businesses across the Atlantic" from America to Europe, but with Gensler responding "We lose more if investors get harmed here." Crypto lobbyists have framed Gensler's push to force their industry to comply with 90-year-old securities laws as a war against financial innovation. Whatever changes brought by crypto markets will pale compared to what could come as brokerages and financial data aggregators move to incorporate artificial intelligence into their offerings, Gensler said.

"The much more transformative technology right now of our times is predictive data analytics and everything underlying artificial intelligence," he said, adding that he looked forward to working with lawmakers on how those tools could be regulated.

Politico reports: Governments and businesses have spent two decades rushing to the cloud — trusting some of their most sensitive data to tech giants that promised near-limitless storage, powerful software and the knowhow to keep it safe.

Now the White House worries that the cloud is becoming a huge security vulnerability.

So it's embarking on the nation's first comprehensive plan to regulate the security practices of cloud providers like Amazon, Microsoft, Google and Oracle, whose servers provide data storage and computing power for customers ranging from mom-and-pop businesses to the Pentagon and CIA.... Among other steps, the Biden administration recently said it will require cloud providers to verify the identity of their users to prevent foreign hackers from renting space on U.S. cloud servers (implementing an idea first introduced in a Trump administration executive order). And last week the administration warned in its national cybersecurity strategy that more cloud regulations are coming — saying it plans to identify and close regulatory gaps over the industry....

So far, cloud providers have haven't done enough to prevent criminal and nation-state hackers from abusing their services to stage attacks within the U.S., officials argued, pointing in particular to the 2020 SolarWinds espionage campaign, in which Russian spooks avoided detection in part by renting servers from Amazon and GoDaddy. For months, they used those to slip unnoticed into at least nine federal agencies and 100 companies. That risk is only growing, said Rob Knake, the deputy national cyber director for strategy and budget. Foreign hackers have become more adept at "spinning up and rapidly spinning down" new servers, he said — in effect, moving so quickly from one rented service to the next that new leads dry up for U.S. law enforcement faster than it can trace them down.

On top of that, U.S. officials express significant frustration that cloud providers often up-charge customers to add security protections — both taking advantage of the need for such measures and leaving a security hole when companies decide not to spend the extra money. That practice complicated the federal investigations into the SolarWinds attack, because the agencies that fell victim to the Russian hacking campaign had not paid extra for Microsoft's enhanced data-logging features.... Part of what makes that difficult is that neither the government nor companies using cloud providers fully know what security protections cloud providers have in place. In a study last month on the U.S. financial sector's use of cloud services, the Treasury Department found that cloud companies provided "insufficient transparency to support due diligence and monitoring" and U.S. banks could not "fully understand the risks associated with cloud services."

In America, the number of high school graduates going to college "was generally on the upswing," reports the Associated Press, "until the pandemic reversed decades of progress. Rates fell even as the nation's population of high school graduates grew."

Nationwide, undergraduate college enrollment dropped 8% from 2019 to 2022, with declines even after returning to in-person classes, according to data from the National Student Clearinghouse. The slide in the college-going rate since 2018 is the steepest on record, according to the U.S. Bureau of Labor Statistics. Economists say the impact could be dire. At worst, it could signal a new generation with little faith in the value of a college degree.

At minimum, it appears those who passed on college during the pandemic are opting out for good. Predictions that they would enroll after a year or two haven't borne out. Fewer college graduates could worsen labor shortages in fields from health care to information technology. For those who forgo college, it usually means lower lifetime earnings — 75% less compared with those who get bachelor's degrees, according to Georgetown University's Center on Education and the Workforce. And when the economy sours, those without degrees are more likely to lose jobs. "It's quite a dangerous proposition for the strength of our national economy," said Zack Mabel, a Georgetown researcher.

In dozens of interviews with The Associated Press, educators, researchers and students described a generation jaded by education institutions. Largely left on their own amid remote learning, many took part-time jobs. Some felt they weren't learning anything, and the idea of four more years of school, or even two, held little appeal. At the same time, the nation's student debt has soared.... If there's a bright spot, experts say, it's that more young people are pursuing education programs other than a four-year degree. Some states are seeing growing demand for apprenticeships in the trades, which usually provide certificates and other credentials.

After a dip in 2020, the number of new apprentices in the U.S. has rebounded to near pre-pandemic levels, according to the Department of Labor.
Community college is even free in Tennessee, the article notes. "Searching for answers, education officials crossed the state last year and heard that easy access to jobs, coupled with student debt worries, made college less attractive." They also found that restaurant and retail jobs pay better than they have before, with other high school graduates being recruited by manufacturing companies that have aggressively raised wages in response to labor shortages.

One 19-year-old making $24-an-hour at a new Ford plant gushed that "The type of money we're making out here, you're not going to be making that while you're trying to go to college."

Roku has $487 million of cash and cash equivalents in uninsured deposits at failed Silicon Valley Bank, the streaming media company said in an filing on Friday with the Securities and Exchange Commission. CNBC reports: About 26% of Roku's $1.9 billion in cash was deposited with SVB, which was placed into receivership by the Federal Deposit Insurance Corp. midday Friday. Roku shares fell over 4% in extended trading on the news. "At this time, the Company does not know to what extent the Company will be able to recover its cash on deposit at SVB," Roku said in a press release.

Nonetheless, Roku said it believed it would be able to meet its capital obligations for the "next twelve months and beyond" with its unaffected $1.4 billion in cash reserves at other "large financial institutions." "As stated in our 8-K, we expect that Roku's ability to operate and meet its contractual obligations will not be impacted," a Roku spokesperson said in a statement to CNBC. Important note: FDIC insurance only covers the first $250,000 in deposit accounts.

Krisztian Sandor writes via CoinDesk: U.S.-based stablecoin issuer Circle held a part of its USDC stablecoin's cash reserves at Silicon Valley Bank as of Jan. 17, according to the firm's latest attestation (PDF). USDC is the second-largest stablecoin on the market, with a $43 billion circulating supply that is fully backed by government bonds and cash-like assets. According to Circle's January reserve report, the firm held some $9.88 billion of cash deposited at regulated banks to back USDC's value. USDC's banking partners included Silicon Valley Bank (SVB), the California-based bank that was taken over by regulators and shut down on Friday. The full list of banks that held cash for Circle's USDC are Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank (a division of Flagstar Bank, N.A.), Signature Bank, Silicon Valley Bank and Silvergate Bank. Circle also keeps some part of USDC reserves in a dedicated BlackRock fund.

Circle said last week it had cut ties with Silvergate Bank, the crypto-friendly bank that halted operations and said it would "voluntarily liquidate" its assets earlier this week. Signature Bank's holding company's (SI) shares have dropped 12% on the news about SVB's shutdown. Signature said in December that it would reduce deposits tied to crypto firms by as much as $10 billion. Simon Dixon, CEO of online investment platform BnkToTheFuture, tweeted that Circle's chief executive Jeremy Allaire said the firm held "most of their cash is in BNY Melon," while sharing a screenshot from March 2. BnkToTheFuture is an investor and shareholder in Circle.