Here are the SVB facts you can bank on

Flopping Aces ^ | 03-13-23 | DrJohn

[Starman417]

As you know, Silicon Valley Bank has folded along with Signature Bank and a few other banks are showing signs of trouble. Predictably, Joe Biden- on whose watch his happened- immediately blamed Donald Trump.

President Joe Biden blamed former President Donald Trump for the collapse of Silicon Valley Bank (SVB) and Signature Bank, attributing their demise to Trump’s rollback of some Obama-era policies.

“During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law to make sure that the crisis we saw in 2008 would not happen again,” Biden said during his Monday remarks.

Dodd-Frank law, you say? Hold that thought.

He was followed closely by Indian princess Elizabeth Warren who pointed a smoke signal at Trump.

Bank failures are the direct result of leaders in Washington weakening the financial rules. In 2018, President Trump signed a law rolling back critical protections. I fought these changes. I warned that banks would run up risk. I wish I’d been wrong.

It is true that Trump signed a bi-partisan bill which rolled back some regulations in 2018:

In 2018, Congress passed bipartisan legislation signed into law by President Donald Trump weakening regulations on mid-sized financial institutions like Silicon Valley Bank, whose collapse last week set off fears of another 2008-like financial crisis.

The measure was supported by 33 House Democrats and 17 Democratic senators, delivering Trump and the banking industry a key bipartisan victory.

Barney Frank disagreed:

"I don't think that had any effect," Frank said. "I don't think there was any laxity on the part of regulators in regulating the banks in that category, from $50 billion to $250 billion."

But regulators watching SVB were lax, but it had nothing to do with the 2018 legislation.

Paul Sperry #1: The SVB regulator had Joe Biden eyes.

In early 2022, failed Silicon Valley Bank regulator Mary Daly, San Francisco Fed chief, denied the economy was suffering from painful inflation: "That’s not what I see." She also didn't see need for steep rate hikes. She missed EVERYTHING. Who's regulating the regulators?

Paul Sperry #2 nails it

Fed Reserve Bank of SF that missed massive red flags @ SV Bank run by openly gay diversity quota & Janet Yellen protege Mary Daly who focused more on "climate change and inequities" than regulating rogue banks like SVB. Also chairs SF Fed Diversity & Inclusion Council

SVB had no Risk Officer for nine months.

Collapsed lender Silicon Valley Bank operated without a chief risk officer between April 2022 and January 2023 while the operation's United Kingdom-based Head of Risk stands accused of prioritizing pro-diversity initiatives over her actual role.

And there it is. It was all about woke investing: ESG and DEI.

[FlyingEagle]

I have to believe that this bank Silicon Valley was where Nancy Pelosi, Maxine Waters, Adam Schitt, Gavin Newsom, and all the California poltico grifters keep their hundreds of stolen millions. Otherwise, why would FDIC, FedGov guarantee the deposits in full, above the $250k limit?

[RideForever]

BS. Biden is depleting the FDIC Insurance Fund by paying full restitution from the fund instead of the $250k per account. So a single $300m account will deny 1200 accounts from restitution later.

[Rumplemeyer]

Allways follow the money...

[Bshaw]

Depends on their ESG score probably.

[Tench_Coxe]

In other words, one of the places our tax dollars sent to Ukraine get laundered back to US politicians.

[Captain Compassion]

The FDIC insures individual accounts up to $250,000. This amount was set by congress. If the fed wants to pay more than that than congress will have to approve whatever amount the fed chooses. This is one more thing that Joe can’t do on his own.

[mewzilla]

Meanwhile...

Israeli Banks Transferred $1 Billion Out of SVB Before Collapse Times of Israel report confirms money was withdrawn before feds seized Silicon Valley Bank.