It certainly played a part. Only one person on the Board had any financial knowledge at all. How can a board that has very limited knowledge effectively run a bank? How many of the Board members were placed on the Board because of woke polices dictating the decisions to pick them? How many of them made decisions that created the problems?
A true truth. I was not aware that mgmt at SVB went so lopsidedly woke. I still do not understand (well, I understand the mechanics, but not the stupidity of the strategy) of “parking” short term funds in 10 year bonds, when Powell has stood up behind his gilded podium and promised in no uncertain terms that rates would be jacked.
I heard that as well, that only one person on that board of directors has any banking or financial business experience.
The obvious question is, how can you have a group of people with no Financial knowledge running that business? And did their lack of knowledge of the banking business contribute to the bank failure, because that group of people didn’t know what they were doing?