These people are supposed to be smart. What do you do when you lose your risk manager and can’t find one? It’s not rocket science, you take one of your highly paid, supposedly well educated and intelligent guys and say, “you’re the risk manager until we find one. Now go figure it out.”
SVB executives were not serious. It really seems there’s a tremendous amount of complacency and stupidity. It’s not like they were a new bank. I’m pretty sure they were formed in the ‘81-‘83 timeframe.