Shortfall

Budget “Shocking Turn in California’s Budget: $50 Billion Shortfall Rocks the Golden State, Putting Governor’s Presidential Dreams in Jeopardy”

by

Sacramento, California – Once boasting a $100 billion surplus, California now faces a daunting challenge as it grapples with a nearly $50 billion budget shortfall for the upcoming fiscal year. The drastic shift in financial fortunes has put Governor Gavin Newsom in a precarious position, forcing him to declare a statewide fiscal emergency and implement austerity measures that may jeopardize his progressive policy agenda. The budget crisis has tested Newsom’s leadership and could impact his …

Read more

Fintech Meltdown: FDIC Chair Uncovers $85 Million Shortfall in Synapse Bankruptcy Tangle

by

Washington, D.C., U.S. – Jelena McWilliams, the chair of the Federal Deposit Insurance Corporation (FDIC), revealed a significant $85 million shortfall in the midst of the Synapse bankruptcy case. The trustee appointed in the case disclosed that partner banks of the fintech middleman Synapse are currently holding $85 million less than what depositors are owed. According to trustee Jelena McWilliams, customers of fintech firms that utilized Synapse to connect with banks had a total of …

Read more