Posted on 03/23/2023 11:16:29 AM PDT by george76
Wokeness has replaced competence and merit across the banking sector, and San Francisco Fed Chief Mary Daly is the poster child of this pernicious trend.
A protege of Treasury Secretary Janet Yellen and short-list candidate for Federal Reserve vice chair, Daly was supposed to be supervising Silicon Valley Bank but apparently was too busy playing politics and pushing woke agendas to regulate rogue banks like SVB, the second-biggest bank failure on record.
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Daly missed all the warning signs of runaway inflation, which led to the steep interest-rate hikes that made SVB’s investments worthless.
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she said inflation didn’t affect her personally, so what’s the big deal? “I don’t feel the pain of inflation
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Easy for her to say: She pulls down more than $422,000 a year.
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Daly has no background in banking or managing risk. ...
she was inspired by Marxian economist Gene Wagner, who “has mentored me my whole life.”
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Daly landed a job as a labor inequality researcher at the San Francisco Fed, where she ingratiated herself with then-SF Fed President Janet Yellen, who helped her fail upward.
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the “first openly gay” regional Fed bank chief.
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Another Daly cheerleader was Greg Becker, the chief executive who presided over collapsed SVB. Until his Friday ouster, he conveniently also sat on SF Fed’s board. It was one big happy woke family.
SVB’s board is packed with Trump-hating Hillary, Biden and Obama donors
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woke SF Fed failed to notice SVB making risky bets on long-term mortgage bonds, even as Federal Reserve Chair Jerome Powell was telegraphing his intent to jack up interest rates
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Daly, the social activist posing as a bank regulator. Who’s regulating the regulators?
(Excerpt) Read more at nypost.com ...
Financial risk management science deniers.
Banks should align deposit and loan maturities.
Missed? Hah. Ignored!
Oh, so true. A case of premeditated ignorance.
“Missed?”
Try ignored
A chip off the Yellen block is not promising on any level.
Too bad she doesn’t listen to Warroom. They could have tipped her off.
Since I work in risk management for banks, I told y’all last week there is simply no way they could have passed their CCAR stress tests.
Which means the Fed did not do its job. Its supposed to be overseeing the banks.
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