Posted on 03/29/2023 7:59:41 AM PDT by C210N
A top Federal Reserve official told Congress Tuesday that Silicon Valley Bank (SVB) failed because it didn't effectively address problems raised by the Fed as early as November 2021.
"SVB's failure is a textbook case of mismanagement," said Federal Reserve Vice Chair of Supervision Michael Barr. He listed the factors that led to its failure, noting its concentrated business model, with clients in the technology and venture capital sector.
[articles all over the financial news this week, including Rooters, WallStJournal, CNBC, WashCompost, etc]
(Excerpt) Read more at cbsnews.com ...
The FED/FDIC treading very nasty Waters... they are completely to blame, and the whole banking system is on the verge of collapse due to holding interest rates near 0 for decades, and now quickly raising rates thus trashing MANY banks that bought long-term US bonds.
This is all linked internationally, with Swisse failures (Credit Swisse/UBS), Germany (their central bank) and China (Evergrande bankrupted).
“SVB’s failure is a textbook case of mismanagement,”
AKA going woke.
But Newsome, Pelosi and Oprah had their money in that corrupt failed bank, they needed to be bailed out...
Just found out the tech company my son-in-law works for had almost all their money in SVB. They told their employees they couldn’t pay them about 2 weeks ago, but that all changed when they got bailed out by Uncle Sam. My SIL makes over $150k so losing his job would have been devastating for my daughter and grandkids.
Interesting. Very interesting.
More than likely, based on the news, that tech company had way WAY over the FDIC minimums for insurance on their account.
Putting MAD MAX in charge of the banking committee is like asking O J Simpson to run a nationwide chain of battered women’s shelters.
AND HARRY & MARKLE
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