Matt Strabone

BANK FAILURES PROMPT LA MESA CITY TREASURER TO ISSUE STATEMENT ON CITY’S FINANCIAL INVESTMENTS

By Miriam Raftery

Photo:  CC by NC-ND

Updated March 22 with responses from East County cities and the County.

March 13, 2023 (La Mesa) – Two failed banks have been taken over by federal regulators.  The Federal  Deposit Insurance Corporation (FDIC) has taken control Silicon Valley Bank on Friday and Signature Bank on Monday.  That’s sent ripples  of concern through the financial community, also prompting La Mesa’s Treasurer to assure residents that at least 99% of the city’s assets are safe.

How did the bank failures happen?

The failures are tied to the Trump administration’s rollback of Dodd-Frank banking regulations, an action that eased restrictions on banks with under $250 billion in assets. That measure passed Congress in 2018 with overwhelming Republican support, though a few Democrats also backed the regulatory rollbacks. Both failed banks had under $250 billion in assets and would have been subject to stress tests and other regulatory scrutiny before the rollback of regulations.

Silicon Valley Bank got in trouble when many of its tech industry and business start-up customers needed money and made large withdrawals. So SVB had to start selling assets, mainly bonds, at a loss to free up funds for those withdrawals until its losses became too high, fueling a bank run by customers fearful of losing their money. That prompted the FDIC to take action. Like SVB, Signature Bank had over 90% of its deposits that were unisured, over the federally insured amount.  Now, the federal government is stepping in to help restore funds for investors -- but will not bail out the banks, leaving shareholders and holders of unsecured corporate bonds to absorb the losses.


Error message

Support community news in the public interest! As nonprofit news, we rely on donations from the public to fund our reporting -- not special interests. Please donate to sustain East County Magazine's local reporting and/or wildfire alerts at https://www.eastcountymedia.org/donate to help us keep people safe and informed across our region.

MATT STRABONE SET TO BECOME FIRST MILLENNIAL ELECTED IN LA MESA AND FIRST DEMOCRAT TO SERVE AS CITY TREASURER

East County News Service

November 16, 2022 (La Mesa) – Matt Strabone appears all but certain to have won election as City Treasurer in La Mesa. He currently has 9,621 votes, or 54.01%, leading William “Bill” Exeter who has 8,192 votes, or 45.99%.


Error message

Support community news in the public interest! As nonprofit news, we rely on donations from the public to fund our reporting -- not special interests. Please donate to sustain East County Magazine's local reporting and/or wildfire alerts at https://www.eastcountymedia.org/donate to help us keep people safe and informed across our region.

REPUBLICANS SWEEP FOUR SAN DIEGO COUNTYWIDE ELECTIONS

 

Story and photos by Jonathan Goetz

June 6, 2018 (San Diego) – It was a strong night for Republicans running countywide in San Diego yesterday. The GOP swept all four countywide seats on the ballot June 5, 2018.

East County Magazine met up with all four winners at Golden Hall, and received some of their reactions as early results arrived at Golden Hall, Election Central.


Error message

Support community news in the public interest! As nonprofit news, we rely on donations from the public to fund our reporting -- not special interests. Please donate to sustain East County Magazine's local reporting and/or wildfire alerts at https://www.eastcountymedia.org/donate to help us keep people safe and informed across our region.

COUNTYWIDE ELECTION FOR ASSESOR-RECORDER-CLERK INCLUDES INCUMBENT DRONENBERG VS. CHALLENGER STRABONE

 

East County News Service

Photos: Ernest J. Dronenberg, incumbent, left; challenger Matt Strabone, right

May 23, 2018 (San Diego) – A normally low-profile, countywide political race that often falls under the radar for many voters features incumbent Ernie Dronenburg seeking his third term the office of San Diego County assessor-recorder-clerk.   San Diego ethics attorney Matt Strabone is the challenger.


Error message

Support community news in the public interest! As nonprofit news, we rely on donations from the public to fund our reporting -- not special interests. Please donate to sustain East County Magazine's local reporting and/or wildfire alerts at https://www.eastcountymedia.org/donate to help us keep people safe and informed across our region.

MATT STRABONE LAUNCHES CAMPAIGN FOR ASSESSOR/RECORDER/COUNTY CLERK

 

East County News Service

April 9, 2017 (San Diego) -- San Diego nonprofit attorney and business owner Matt Strabone has announced his candidacy for Assessor / Recorder / County Clerk centered around ethics and improved records access.

“Ours is a campaign of new ideas and new energy. We will ensure that the Assessor/Recorder/Clerk’s office serves all people of our county equally and treats everyone fairly," he said. "From impartial and fair property tax assessment to ensuring that you can quickly and easily access your own public records and documents, our primary commitment will always be to provide excellent customer service to everyone,” Strabone states.


Error message

Support community news in the public interest! As nonprofit news, we rely on donations from the public to fund our reporting -- not special interests. Please donate to sustain East County Magazine's local reporting and/or wildfire alerts at https://www.eastcountymedia.org/donate to help us keep people safe and informed across our region.