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close video This is a crisis of faith, not a crisis of banking: Keith Fitz-Gerald

Fitz-Gerald Group principal Keith Fitz-Gerald says the bank coalition is not keeping the market afloat because many big traders believe there will be a bailout after the Dow responded negatively to collapses of Signature Bank and SVB.

The Oracle of Omaha has been in touch with Biden administration officials to lend his assistance during the current banking crisis.

Billionaire investor Warren Buffett has had multiple conversations with President Biden's team in recent days, according to Bloomberg.

 The calls have centered around Buffett possibly investing in the US regional banking sector in some way, but the billionaire 

Buffett has reportedly given advice and guidance about the crisis.

UBS CLOSING IN ON DEAL TO TAKE OVER STRUGGLING CREDIT SUISSE BANK: REPORT

Billionaire investor Warren Buffett (Daniel Zuchnik/WireImage / Getty Images)

Berkshire Hathaway's chief has a long history of stepping in to aid banks in crisis.

Among the companies Buffett has helped in the post are Bank of America and Goldman Sachs. 

Buffett gave Bank of America a cash injection in 2011 after its stock plunged amid losses tied to subprime mortgages. 

In 2008, Buffett gave Goldman a $5 billion lifeline to shore up the bank following Lehman Brothers' collapse.

BIG WEEK FOR MONEY MARKET FUNDS AMIDST FINANCIAL TURMOIL

FOX Business has reached out to Berkshire Hathaway for comment.

Close-up of sign with logo on facade at First Republic Bank branch in San Ramon, California. (Photo by Smith Collection/Gado/Getty Images) / Getty Images)

This past week, US regulators unveiled extraordinary measures to calm customers, promising to fully pay out uninsured deposits in the failed banks. 

Biden’s team created backstops that don’t require direct government spending from taxpayers, including the Federal Reserve’s actions. 

Big US banks voluntarily deposited $30 billion to stabilize First Republic Bank this week.

BANKING SYSTEM ON THE VERGE OF A 'BEAR STEARNS MOMENT': FORMER FDIC CHAIR

Customers in line outside Silicon Valley Bank headquarters in Santa Clara, California. (David Paul Morris/Bloomberg via Getty Images / Getty Images)

The crisis began when Silicon Valley Bank, the nation’s 17th largest, was shut down by the FDIC a week ago as regulators moved to protect customers as it faced a liquidity crunch following a $2 billion loss.

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It became the largest bank failure since the financial crisis. 

Federal regulators last Sunday, said New York-based Signature Bank was being shut down to protect consumers and the financial system following the collapse of SVB.

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Politics

Tories warned Mark Menzies misuse of funds claims ‘constituted fraud’ but whistleblower told there was no ‘duty’ to report it

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Tories warned Mark Menzies misuse of funds claims 'constituted fraud' but whistleblower told there was no 'duty' to report it

The Conservatives were warned ex-Tory MP Mark Menzies’s alleged misuse of party funds may have constituted fraud but the whistleblower was told there was no duty to report it

Mr Menzies, the MP for Fylde in Lancashire, gave up the Tory whip in the wake of reports in The Times that he misused party funds. He disputes the allegations.

The allegations came about after Mr Menzies former campaign manager, Katie Fieldhouse, spoke to the newspaper.

Mark Menzies pictured in Peru  in 2020
Pic: AP
Image:
Mark Menzies pictured in Peru in 2020. Pic: AP

In a new interview with The Times this evening, Ms Fieldhouse, 78, claims she was told the Conservative Party was aware the allegations were potentially criminal.

She says the Conservative Party’s chief of staff “told me that when they first took over the investigation [from the Whips’ Office] they had consulted solicitors”.

She added: “He told me on the phone, ‘the solicitor said it is fraud but you are not duty-bound to report it because it’s not Conservative Party money’.”

The whistleblower said she was told the decision not to inform the police was made because it was donors’ money and not the party’s.

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A Conservative spokesperson said: “The party is conducting an investigation into the claims made and has been doing so for several months.

“We will of course share any information with the police if they believe it would be helpful to any investigation they decide to undertake.

“Suggestions the party has not been seriously examining this matter are demonstrably false.”

Lancashire Police said today it was “reviewing” information about Mr Menzies after Labour asked for an investigation to take place.

In a statement, the force said: “We can confirm that we have now received a letter detailing concerns around this matter and we are in the process of reviewing the available information in more detail.”

Read more: All the Tory MPs suspended since Sunak became PM

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Ruth Davidson on Mark Menzies allegations

The party’s chief whip, Simon Hart, is said to have been made aware of the claims in January, when the former campaign manager reported what had happened.

Sky News understands there has been an investigation ongoing by Conservative Campaign Headquarters (CCHQ) since the allegations were first raised, but further information came to light this week and Mr Hart acted immediately.

Speaking tonight, Labour’s chair Anneliese Dodds said: “The Conservative chairman and chief whip must urgently come out of hiding and explain what they knew and what advice they received.

“If, as reported, they or Conservative officials​ were warned about potentially fraudulent activity and chose not to go to the police, this would be indefensible.”

Mr Menzies, who has served as an MP since May 2010, is reported to have phoned his 78-year-old former campaign manager at 3.15am last December, saying he was locked in a flat by “bad people” and needed £5,000 as a matter of “life and death”.

The sum, which rose to £6,500, was eventually paid by his office manager from her personal bank account and subsequently reimbursed from funds raised from donors in an account named Fylde Westminster Group, the newspaper says.

Speaking to Sky News, Ms Fieldhouse said: “I am feeling dreadful because I am a devout Tory and as I have said to everybody else, I reported his actions to the chief whip… it is now the middle of April.

“Come to your own conclusions [about] what is happening.”

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Asked if she was disappointed with the way the complaint was being handled, she said: “Yes.”

Mr Menzies said on Thursday: “I strongly dispute the allegations put to me. I have fully complied with all the rules for declarations. As there is an investigation ongoing I will not be commenting further.”

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Politics

Mark Menzies: Tory activist who reported MP over alleged misuse of funds disappointed by party response

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Mark Menzies: Tory activist who reported MP over alleged misuse of funds disappointed by party response

A Tory activist who reported an MP over claims he misused party funds has told Sky News she is disappointed by the way her complaint has been handled.

Mark Menzies voluntarily quit the Conservative parliamentary party this week after a report in The Times claimed he called his ex-campaign manager Katie Fieldhouse, 78, early one day to say he was locked in a flat by “bad people” and needed £5,000 as a matter of “life and death”.

The sum, which rose to £6,500, was eventually paid by his office manager from her personal bank account and subsequently reimbursed from funds raised from donors in an account named Fylde Westminster Group, the newspaper said.

Politics live: Sunak accused of ‘full on assault on disabled people’ after welfare speech

But despite the incident taking place in December – and Ms Fieldhouse submitting her complaint in January – the Fylde MP had remained part of the parliamentary party and as a trade envoy for the government until the press reports surfaced.

He has now lost the Conservative whip and was suspended as one of Rishi Sunak’s envoys.

Mr Menzies strongly disputes the claims, which also include accusations he used campaign funds to pay his personal medical bills.

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Speaking to Sky News’ Frazer Maude, Ms Fieldhouse said: “I am feeling dreadful because I am a devout Tory and as I have said to everybody else, I reported his actions to the chief whip… it is now the middle of April.

“Come to your own conclusions [about] what is happening.”

Asked if she was disappointed with the way the complaint was being handled, she said: “Yes.”

And asked if Mr Menzies should step down, she added: “It is for his conscience and the party to deal with. I have put my faith in the party, it is for them to deal with it.”

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Mr Sunak was also asked by reporters on Friday whether his former colleague should quit the Commons, and why it had taken until now for the party to act, but he said he would not comment while an investigation was being carried out.

Instead, the prime minister said: “It’s right that Mark Menzies has resigned the Conservative whip. He’s been suspended from his position as a trade envoy whilst the investigations into those allegations continue.

“For our part, I can’t comment on an ongoing investigation while it’s happening and he’s no longer a Conservative MP.”

Meanwhile, the Labour Party has written to Lancashire Police to demand an investigation into allegations of fraud and misconduct in public office.

Leader Sir Keir Starmer told broadcasters that the Conservatives “seem to have sat on their hands” over the allegations.

He added: “If they thought they could sweep this under the carpet somehow they were obviously very mistaken and that is why I think there are very serious questions now that need to be answered – not just by the individual but also by the government on this.”

And the Liberal Democrats have called for the ministerial ethics adviser to investigate chief whip Simon Hart’s handling of the complaint.

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Sports

Rocky flight: FAA probes MLB coach’s video post

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Rocky flight: FAA probes MLB coach's video post

The Federal Aviation Administration and United Airlines are investigating an incident involving the Colorado Rockies during a chartered flight from Denver to Toronto.

In a since-deleted video posted to social media, Rockies hitting coach Hensley Meulens is seen sitting in a pilot’s seat in the cockpit while the plane is in flight.

“Had some fun in the cockpit on our flight from Denver to Toronto. Thanks to the captain and the first officer of our United charter that allowed me this great experience,” Meulens wrote in a caption for the social media post.

A United spokesperson said the airline was conducting its own investigation of the April 10 flight. The airline said the cockpit visit was “a clear violation of our safety and operational policies” and was reported to the Federal Aviation Administration.

“We’re deeply disturbed by what we see in that video, which appears to show an unauthorized person in the flight deck at cruise altitude while the autopilot was engaged,” United spokesperson Russell Carlton said.

The pilots on the flight have been withheld from service while the airline investigates, Carlton said.

A spokesman for the FAA said it does not “comment on the details of open investigations” but noted that “federal regulations restrict flight deck access to specific individuals.”

Rockies manager Bud Black said Friday that Meulens apologized to the organization and United Airlines.

“I can’t comment really any further because of the investigation of the matter,” Black said, according to The Denver Post. He also said the incident won’t impact Meulens’ employment.

Meulens is in his second year as the team’s hitting coach. He has previously served as a coach and manager for the Dutch national team.

Colorado (4-15) has lost five straight, including its final two games against the Blue Jays.

Information from The Associated Press was used in this report.

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