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  3. Silicon Valley Bank / SVB Financial Group

Silicon Valley Bank / SVB Financial Group

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  • D Doctor Phibes
    12 Mar 2023, 13:04

    @Jolly said in Silicon Valley Bank / SVB Financial Group:

    Again, banking law reform. I don't think we have to go back to the 1930's, but things have to tighten up.

    You'd really think we'd have learned our lesson from 2008.

    And when I say 'we', I mean the government.

    J Offline
    J Offline
    Jolly
    wrote on 12 Mar 2023, 13:13 last edited by
    #22

    @Doctor-Phibes said in Silicon Valley Bank / SVB Financial Group:

    @Jolly said in Silicon Valley Bank / SVB Financial Group:

    Again, banking law reform. I don't think we have to go back to the 1930's, but things have to tighten up.

    You'd really think we'd have learned our lesson from 2008.

    And when I say 'we', I mean the government.

    Money talks. I don't know what a pet senator or congressman costs nowadays, but banks do have money...

    “Cry havoc and let slip the DOGE of war!”

    Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

    1 Reply Last reply
    • L Offline
      L Offline
      LuFins Dad
      wrote on 12 Mar 2023, 13:18 last edited by
      #23

      I know a lot of people are pointing to the 2018 rollback of Dodd Frank, but I don’t see where that would have made a difference in this particular case?

      The Brad

      J 1 Reply Last reply 12 Mar 2023, 20:33
      • J Offline
        J Offline
        Jolly
        wrote on 12 Mar 2023, 13:29 last edited by
        #24

        Go woke, go broke?

        https://www.dailymail.co.uk/news/article-11848705/Woke-head-risk-assessment-Silicon-Valley-Bank-accused-prioritizing-diversity-issues.html

        “Cry havoc and let slip the DOGE of war!”

        Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

        A 1 Reply Last reply 13 Mar 2023, 18:42
        • J jon-nyc
          11 Mar 2023, 18:39

          G Offline
          G Offline
          George K
          wrote on 12 Mar 2023, 15:23 last edited by
          #25

          Silicon Valley Bank paid out bonuses hours before seizure

          Silicon Valley Bank on Friday paid out annual bonuses to eligible U.S. employees, just hours before the bank was seized by the U.S. government, Axios has learned from multiple sources.

          What to know: The bonuses were for work done during 2022, and were previously scheduled to be disbursed on March 10. That date ultimately coincided with the bank's takeover by the Federal Deposit Insurance Corporation.

          • Bonuses for employees in some other countries were scheduled for later in the month, so those haven't yet been paid.

          State of play: An unknown number of SVB employees were emailed by the FDIC on Friday evening, offering them employment with the remnant organization for the next 45 days.

          • The employees would be compensated 1.5x times their normal salaries, while hourly workers would receive 2x their normal wages for overtime.
          • An FDIC spokesperson tells Axios: "Without commenting on salaries, it’s our standard practice to ask retain [sic] bank employees to assist with an orderly transition as part of our resolution process."

          "Now look here, you Baltic gas passer... " - Mik, 6/14/08

          The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

          1 Reply Last reply
          • L Offline
            L Offline
            LuFins Dad
            wrote on 12 Mar 2023, 19:42 last edited by
            #26

            https://babylonbee.com/news/investor-relieved-he-pulled-all-his-money-out-of-crypto-to-keep-it-safe-in-bank

            The Brad

            1 Reply Last reply
            • L LuFins Dad
              12 Mar 2023, 13:18

              I know a lot of people are pointing to the 2018 rollback of Dodd Frank, but I don’t see where that would have made a difference in this particular case?

              J Online
              J Online
              jon-nyc
              wrote on 12 Mar 2023, 20:33 last edited by
              #27

              @LuFins-Dad said in Silicon Valley Bank / SVB Financial Group:

              I know a lot of people are pointing to the 2018 rollback of Dodd Frank, but I don’t see where that would have made a difference in this particular case?

              Doesn’t make much sense. This bank took an unusual amount of interest rate risk, depositors got nervous and started a run.

              Only non-witches get due process.

              • Cotton Mather, Salem Massachusetts, 1692
              1 Reply Last reply
              • K Offline
                K Offline
                kluurs
                wrote on 12 Mar 2023, 21:49 last edited by
                #28

                Which do you think will more likely bring about the apocalypse, the snowball effect of SVB's failure or the coming US default from not raising the debt ceiling?

                1 Reply Last reply
                • G Offline
                  G Offline
                  George K
                  wrote on 12 Mar 2023, 22:58 last edited by
                  #29

                  image.png

                  "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                  The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                  1 Reply Last reply
                  • C Offline
                    C Offline
                    Copper
                    wrote on 12 Mar 2023, 23:19 last edited by
                    #30

                    All depositors will be made whole

                    Does that include education loan forgiveness?

                    How about a new Cadillac in every garage?

                    No garage? No problem, we can get you one of those too.

                    1 Reply Last reply
                    • H Offline
                      H Offline
                      Horace
                      wrote on 12 Mar 2023, 23:53 last edited by
                      #31

                      It really makes you think. If the best of us, our bankers, can fail at their jobs, it can happen to any of us. There but for grace of God.

                      Education is extremely important.

                      R 1 Reply Last reply 13 Mar 2023, 22:30
                      • L Offline
                        L Offline
                        LuFins Dad
                        wrote on 13 Mar 2023, 00:00 last edited by
                        #32

                        no losses will be borne by the taxpayers…

                        Well, today’s taxpayers… Your kids, otoh…

                        The Brad

                        1 Reply Last reply
                        • G Offline
                          G Offline
                          George K
                          wrote on 13 Mar 2023, 12:03 last edited by
                          #33

                          "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                          The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                          1 Reply Last reply
                          • J Jolly
                            12 Mar 2023, 13:29

                            Go woke, go broke?

                            https://www.dailymail.co.uk/news/article-11848705/Woke-head-risk-assessment-Silicon-Valley-Bank-accused-prioritizing-diversity-issues.html

                            A Offline
                            A Offline
                            Axtremus
                            wrote on 13 Mar 2023, 18:42 last edited by
                            #34

                            @Jolly said in Silicon Valley Bank / SVB Financial Group:

                            Go woke, go broke?

                            https://www.dailymail.co.uk/news/article-11848705/Woke-head-risk-assessment-Silicon-Valley-Bank-accused-prioritizing-diversity-issues.html

                            So astoundingly stupid to blame SVB's failure on wokeness.

                            https://www.theatlantic.com/ideas/archive/2023/03/republicans-svb-collapse-wokeness-esg-dei/673378/

                            J L 2 Replies Last reply 13 Mar 2023, 20:02
                            • J Online
                              J Online
                              jon-nyc
                              wrote on 13 Mar 2023, 19:28 last edited by
                              #35

                              Only non-witches get due process.

                              • Cotton Mather, Salem Massachusetts, 1692
                              1 Reply Last reply
                              • H Offline
                                H Offline
                                Horace
                                wrote on 13 Mar 2023, 19:52 last edited by
                                #36

                                DEI is just vacuous virtue signaling. The bankers still gonna bank and fail as usual.

                                Education is extremely important.

                                1 Reply Last reply
                                • G Offline
                                  G Offline
                                  George K
                                  wrote on 13 Mar 2023, 19:56 last edited by
                                  #37

                                  Screenshot 2023-03-13 at 2.56.33 PM.png

                                  "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                                  The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                                  1 Reply Last reply
                                  • A Axtremus
                                    13 Mar 2023, 18:42

                                    @Jolly said in Silicon Valley Bank / SVB Financial Group:

                                    Go woke, go broke?

                                    https://www.dailymail.co.uk/news/article-11848705/Woke-head-risk-assessment-Silicon-Valley-Bank-accused-prioritizing-diversity-issues.html

                                    So astoundingly stupid to blame SVB's failure on wokeness.

                                    https://www.theatlantic.com/ideas/archive/2023/03/republicans-svb-collapse-wokeness-esg-dei/673378/

                                    J Offline
                                    J Offline
                                    Jolly
                                    wrote on 13 Mar 2023, 20:02 last edited by
                                    #38

                                    @Axtremus said in Silicon Valley Bank / SVB Financial Group:

                                    @Jolly said in Silicon Valley Bank / SVB Financial Group:

                                    Go woke, go broke?

                                    https://www.dailymail.co.uk/news/article-11848705/Woke-head-risk-assessment-Silicon-Valley-Bank-accused-prioritizing-diversity-issues.html

                                    So astoundingly stupid to blame SVB's failure on wokeness.

                                    https://www.theatlantic.com/ideas/archive/2023/03/republicans-svb-collapse-wokeness-esg-dei/673378/

                                    Ya think so? Do tell, banker boy...

                                    “Cry havoc and let slip the DOGE of war!”

                                    Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                                    1 Reply Last reply
                                    • A Axtremus
                                      13 Mar 2023, 18:42

                                      @Jolly said in Silicon Valley Bank / SVB Financial Group:

                                      Go woke, go broke?

                                      https://www.dailymail.co.uk/news/article-11848705/Woke-head-risk-assessment-Silicon-Valley-Bank-accused-prioritizing-diversity-issues.html

                                      So astoundingly stupid to blame SVB's failure on wokeness.

                                      https://www.theatlantic.com/ideas/archive/2023/03/republicans-svb-collapse-wokeness-esg-dei/673378/

                                      L Offline
                                      L Offline
                                      LuFins Dad
                                      wrote on 13 Mar 2023, 20:35 last edited by
                                      #39

                                      @Axtremus said in Silicon Valley Bank / SVB Financial Group:

                                      @Jolly said in Silicon Valley Bank / SVB Financial Group:

                                      Go woke, go broke?

                                      https://www.dailymail.co.uk/news/article-11848705/Woke-head-risk-assessment-Silicon-Valley-Bank-accused-prioritizing-diversity-issues.html

                                      So astoundingly stupid to blame SVB's failure on wokeness.

                                      https://www.theatlantic.com/ideas/archive/2023/03/republicans-svb-collapse-wokeness-esg-dei/673378/

                                      Trump Jr., for example, focused on a screenshot of an executive at SVB who touted her work on LGBTQ issues.

                                      The problem is that the executive that TJ focused on was the head Risk Officer for SVB’s European Division and was really the only Risk Assessment Officer over the past year until SVB hired Kim Olson in January. So can the argument be made that Xe/Xer should have seen the potential problems earlier? Absolutely. Can the argument also be made that the officer was more interested in social causes than the actual job? Sure…

                                      The Brad

                                      1 Reply Last reply
                                      • H Horace
                                        12 Mar 2023, 23:53

                                        It really makes you think. If the best of us, our bankers, can fail at their jobs, it can happen to any of us. There but for grace of God.

                                        R Offline
                                        R Offline
                                        Renauda
                                        wrote on 13 Mar 2023, 22:30 last edited by Renauda
                                        #40

                                        @Horace said in Silicon Valley Bank / SVB Financial Group:

                                        It really makes you think. If the best of us, our bankers, can fail at their jobs, it can happen to any of us. There but for grace of God.

                                        Bean counters, technocrats and MBAs are not the best of us or of any known civilisation, past or present.

                                        Elbows up!

                                        1 Reply Last reply
                                        • J Online
                                          J Online
                                          jon-nyc
                                          wrote on 13 Mar 2023, 22:50 last edited by jon-nyc
                                          #41

                                          Only non-witches get due process.

                                          • Cotton Mather, Salem Massachusetts, 1692
                                          G 1 Reply Last reply 13 Mar 2023, 23:45
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