Posted on 03/13/2023 1:09:09 PM PDT by grundle
AP:
On Monday, Powell announced that the Fed would review its supervision of Silicon Valley to understand how it might have better managed its regulation of the bank. The review will be conducted by Michael Barr, the Fed vice chair who oversees bank oversight, and will be publicly released May 1.
“We need to have humility,” Barr said, “and conduct a careful and thorough review of how we supervised and regulated this firm and what we should learn from this experience.”
Silicon Valley’s CEO, Greg Becker, in the past had lobbied Congress for a lighter regulatory touch, and he served on the board of the Federal Reserve Bank of San Francisco until the day of the Silicon Valley collapse.
“I’m at a loss for words to understand how this business model was deemed acceptable by their regulators,” said Aaron Klein, a congressional aide who worked on the Dodd-Frank banking regulation law that was passed after the 2008 financial crisis.
This is Good. From Cold Fusion:
Silicon Valley Bank, Signature Bank and Silvergate bank have all collapsed throwing up a warning signs that something horrible is happening in the economy. But what’s the truth here? This is a story of incompetence, a changing economic environment and political lobbying.
https://www.youtube.com/watch?v=OU72wcPyUfM
I would hazard a guess that not a single employee involved in strategic aspects will leave banking.
I really don’t think it matters.
They bought T at 2.0.
Never hedged it. Players took it out.
Well she describes herself as “a queer woman of color.”
Yay! Lesbians! Meanwhile SVB gave over $73 million to “BLM and similar causes.”
Lesbian Visability Day.........Lesbians, every banker should have one to lick those rising interest rates!(snark sarc.)
“Everything woke turns to shit.”
———————-
“Everything the government touches turns to shit.” - Ringo Starr
Essentially the same thing - it’s what happens when logic, common sense, a knowledge of history and knowledge of basic human psychology are removed from the decision-making process.
Well said and so true!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.