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Situational awareness: U.S. prosecutors today unveiled additional charges against Sam Bankman-Fried, accusing the FTX co-founder and former CEO of bribing Chinese government officials.

The Fed will be in focus on Capitol Hill today, at the start of two days of hearings on the collapse of Silicon Valley Bank.

The big questions: What did Fed supervisors know, when did they know it and why did they sit on their hands?

Backstory: The Fed warned SVB about its shoddy risk management back in 2019, kicking off a series of similar notices, per the WSJ.

• But it doesn't appear to have insisted on any changes, nor even putting up roadblocks to SVB's $1.2 billion purchase of Boston Private in 2021.

Fast forward: Fed vice chair for supervision Michael Barr released prepared testimony for today's Senate Banking Committee hearing, which includes this doozy:

Yes, it's the bank management's job to fix the problems. But then, an addendum: It's the Fed's job to make sure those changes are made and, if not, take action.

• The Fed does have such authority (section 10b), in the form of cease and desist notices that can evolve into lawsuits.
• "Regulators have a lot of power," says Anat Admati, a finance and economics professor at Stanford University. "This is really banking 101; the problems with this bank should have been clear, particularly for the Federal Reserve. They should not act surprised that it happened."

For the record: None of this is meant to absolve SVB leadership of its central role in this debacle. Instead, it's to highlight issues that could help prevent the next bank failure.

The big question for Congress is what it can do to help prevent the next bank failure, besides just lecturing regulators during televised hearings.

• It's an issue that's created common ground between political progressives and bankers, Axios' Emily Peck wrote last week.
• Patricia McCoy, a Boston College Law professor, tells me via email that the Fed had a "light regulation" policy for mid-sized banks, and asks: "Does the supervision/enforcement system need to be reformed to speed up enforcement and make it mandatory in certain circumstances rather than at the agency's discretion?"

The bottom line: SVB as we knew it is gone. The autopsy is just beginning.

Alibaba (NYSE: BABA), the Chinese tech giant with a $228 billion market cap, said it will split into six businesses that will be able to pursue independent fundraising and IPOs.

Why it's the BFD: This is Big Tech breaking itself up, amidst increased regulation and competition.

The intrigue: The announcement came on the same day that Alibaba co-founder Jack Ma returned to China, after more than a year away.

Details: The six business units are cloud intelligence, global digital commerce, domestic e-commerce, local services (e.g., delivery), logistics and entertainment/media. Reuters has a smart breakdown.

The bottom line: Alibaba is no stranger to spinning off business units (e.g., Alipay/Ant Group), but this is a much more fundamental splintering of what was once an aggressive conglomerate.

🚀 Isar Aerospace, a Munich-based rocket launch startup, raised €155m in Series C funding from 7-Industries Holding, Bayern Kapital, Earlybird VC, HV Capital, Lakestar, Lombard Odier Investment Managers, Porsche SE, UVC Partners and Vsquared Ventures. https://axios.link/40xHkue

• Graphiant, a San Jose, Calif.-based edge services startup, raised $62m in Series B funding. Two Bear Capital led, and was joined by Sequoia Capital, Atlantic Bridge and Harpoon Venture Capital Partners. www.graphiant.com

• Raisin, a Berlin-based savings and investment startup, raised €60m in Series E funding from M&G's Catalyst and Goldman Sachs. https://axios.link/40vEEgQ

• Thunes, a Singapore-based cross-border payments startup, raised $30m in Series C funding from Marshall Wace. https://axios.link/40i2wEP

⚡ Type One Energy, a Madison, Wis.-based nuclear fusion developer, raised $29m in seed funding from Breakthrough Energy Ventures, TDK Ventures and Doral Energy Tech Ventures. https://axios.link/3nqLuWy

• Venti Technologies, a Weston, Mass.-based provider of autonomous logistics for supply chain and industrial hubs, raised $28.8m in Series A funding. LG Technology Ventures led, and was joined by Safar Partners, UOB Venture Management, and existing investors Alpha JWC and LDV Partners. www.ventitechnologies.com

• Norsepower, a Finnish maker of provider of mechanical sails for large ships, raised €28m in Series C funding. Mirova Environment Acceleration Capital led, and was joined by insider OGCI Climate Investments. www.norsepower.com

• Spiral, an impact-as-a-service platform for financial institutions, raised $28m in Series A funding. Team8 led, and was joined by Euclidean Capital and Intuition Fund, Communitas Capital, Phoenix and Nidoco AB. www.spiral.us

• Perplexity AI, an SF-based answer app, raised $25.6m in Series A funding. NEA led, and was joined by Databricks Ventures, Elad Gil, Bob Muglia (former CEO of Snowflake) and Paul Buchheit. www.perplexity.ai

🐱 Smalls, a New York-based DTC fresh cat food brand, raised $19m. Companion Fund led, and was joined by Left Lane Capital, Valor Capital and 301 INC. www.smalls.com

• StellarFi, an Austin, Texas-based bill pay tool, raised $15m in Series A funding. Acrew Capital led, and was joined by ATX Venture Partners, Trust Ventures, Dream Ventures, Interplay, Accomplice, Vera Equity, FJ Labs, Fiat Ventures, Gaingels, Kelmhurst, Oyster Funds, Hilltop Ventures, Permit Ventures, Kindergarten Ventures, J2 Capital, Socially Financed and Kapital Ventures. www.stellarfi.com

• Talpasolutions, a German provider of analytics SaaS for fleet operators, raised €15m in Series B funding. Bosch Ventures led, and was joined by MIG Capital. www.talpasolutions.com

• Toku, a Chilean payments startup, raised $7m in seed funding. F-Prime Capital led, and was joined by Wollef, Honey Island by 4UM, FundersClub and Clocktower. www.trytoku.com

• FedML, a Sunnyvale, Calif.-based collaborative AI startup, raised $6m. Camford Capital led, and was joined by Plug & Play Ventures, AimTop Ventures, Acequia Capital and LDV Partners. www.fedml.ai

🌎 Connect Earth, a London-based startup focused on decarbonizing finance, raised $5.6m in seed funding. Gresham House Ventures led, and was joined by Love Ventures, Global Brain, Portfolio Ventures, Super Capital, Market One Capital, Mustard Seed MAZE and Venista Ventures. www.connect.earth

🌎 3E Nano, a Toronto-based developer of solar control coatings for windows, raised US$4m in seed funding. Energy Foundry led, and was joined by MUUS Climate Partners, ACT Venture Partners, Creative Ventures, New Climate Ventures, Vectors Capital and VertueLab. www.3enano.com

• Nimbbl, an Indian one-click checkout startup, raised $3.5m from Sequoia Capital India, Global Founders Capital and Groww. https://axios.link/3JTQR7Y

• Hilos, a Portland, Ore.-based 3-D printed footwear startup, raised $3m from Better Ventures, Builders VC, XRC Labs and former Nike executives Eric Sprunk and Greg Bui. https://axios.link/3z8ISPt

🌎 Cardonaide, a Finnish green concrete startup, raised €1.8m in seed funding from Lakan Betoni and Vantaa Energy. https://axios.link/40Jr6hN

• Paraform, an SF-based recruiting marketplace, raised $1.4m in pre-seed funding led by Primer Sazze Partners. www.paraform.com

• 123 Baby Box, an Irvine, Calif.-based monthly subscription box for babies, raised a $1.2 million in pre-seed funding from XRC Labs, Sunstone Fund and Salt Lake City Angels. https://axios.link/3LUIwDW

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• Blackbaud (Nasdaq: BLKB), a Charleston, S.C.-based provider of donor management and related software for nonprofits and other community groups rejected an unsolicited $4.8b takeover offer from Clearlake Capital. https://axios.link/3KdjfmZ

• In-Place Machining, a Milwaukee-based portfolio company of LLCP, acquired Western Machine Works, a Portland, Ore.-based provider of mechanical design, repair, and maintenance services for precision components. www.inplace.com

🚑 NAMSA, a Northwood, Ohio-based portfolio company of Archimed, acquired Suazio, a medical device marketing and research consultancy with offices in Brussels and Philadelphia. www.namsa.com

• Trinity Hunt Partners invested in Riverside Services, a Southborough, Mass.-based provider of commercial landscaping and related services. www.riversideservco.com

• Ares Management is in talks to launch a new SPAC that could raise $400m in its IPO, per Bloomberg. https://axios.link/3Zoxgmr

⚡ Bestpath, a Shanghai-based hydrogen fuel cell developer, agreed to go public at an implied equity value of $1.2b via Aquaron Acquisition Corp. (Nasdaq: AQU). https://axios.link/3nqVEq7

🚑 CVS (NYSE: CVS) said it expects to close its $8b acquisition of Signify Health (NYSE: SGFY) this week. Sellers include New Mountain Capital.

• Be sure to catch CVS CEO Karen Lynch at tomorrow's Axios What's Next Summit.

🚑 Falcon House Partners hired Deutsche Bank to find a buyer for its majority stake in Brawijaya Hospital & Clinic, an Indonesian health care group that could fetch between $150m and $200m, per Bloomberg. https://axios.link/3lNXD7q

• Arko (Nasdaq: ARKO) offered to buy TravelCenters of America (Nasdaq: TA) for $1.4b, topping an accepted $1.3b bid from BP PLC (LSE: BP). https://axios.link/40wKMW8

🏈 Behdad Eghbali and José Feliciano, co-founders of PE firm Clearlake Capital, are weighing a bid for a minority stake in the NFL's Los Angeles Chargers, per Bloomberg. https://axios.link/42OfQCi

⚡ Energy Transfer (NYSE: ET) agreed to buy Permian Basin-focused Lotus Midstream for $1.45b in cash and stock. https://axios.link/3FXmX1z

• Investing.com agreed to acquire Michigan-based financial news site StreetInsider for more than $10m. https://axios.link/3zbcqMI

🚑 Jounce Therapeutics (Nasdaq: JNCE) terminated a merger agreement with Redx Pharma (LSE: REDX), in order to be acquired for around $96m by Concentra Biosciences, a privately held company backed by Tang Capital Partners. https://axios.link/40I9cM6

• Liontown Resources (ASX: LTR), an Australian lithium miner, rejected a $A5.5b all-cash takeover offer from Albemarle (NYSE: ALB), the world's largest lithium producer. https://axios.link/3ZnlubG

• Standard General is suing the FCC over its decision to hold an administrative court hearing on the hedge fund’s proposed $5.4b takeover of local television broadcaster Tegna (NYSE: TGNA).

• WPP (LSE: WPP) acquired Obviously, a New York-based social influencer marketing agency. https://axios.link/40pDAv5

• Blackstone is in talks to buy a passive minority stake in growth equity firm FTV Capital, per Bloomberg. https://axios.link/40lWmDu

🚑 DW Healthcare Partners raised $210m for a founders fund, which will back companies with between $3m and $6m in EBITDA. https://axios.link/40l7zEA

• Parthenon Capital raised more than $4.5b for its seventh flagship PE fund. www.parthenoncapital.com

• Playfair, a London-based pre-seed firm, raised $70m for its third fund. https://axios.link/3JN59aJ

• Bank of America said that Jill Schwartz will become co-head of leveraged finance, following the departure of Kevin Sherlock to BMO. Schwartz also will continue to service as executive vice chair of global corporate and investment banking. https://axios.link/3LV88jN

🌎 Alex Bell joined JPMorgan Private Capital as a partner focused on sustainable growth equity. He previously led North America climate private equity at Tikehau Capital.

🚑 Jim Mullen, executive chairman and former CEO of Editas Medicine, joined Advent International as an operating partner. www.adventinternational.com

• Andrew Stern joined Antares Capital as a managing director of liquid credit. He previously was with Apax Credit Partners. www.antares.com

⚡ Brian Tierney is stepping down as Blackstone’s global head of infrastructure portfolio operations and asset management, to become president and CEO of FirstEnergy Corp. (NYSE: FE). https://axios.link/3FYlus5

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