Silicon Valley Bank / SVB Financial Group
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wrote on 12 Mar 2023, 13:29 last edited by
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wrote on 12 Mar 2023, 15:23 last edited by
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."
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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?
wrote on 12 Mar 2023, 20:33 last edited by@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.
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wrote on 12 Mar 2023, 21:49 last edited by
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?
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wrote on 12 Mar 2023, 22:58 last edited by
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wrote on 12 Mar 2023, 23:19 last edited by
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.
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wrote on 12 Mar 2023, 23:53 last edited by
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.
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wrote on 13 Mar 2023, 00:00 last edited by
no losses will be borne by the taxpayers…
Well, today’s taxpayers… Your kids, otoh…
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wrote on 13 Mar 2023, 12:03 last edited by
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wrote on 13 Mar 2023, 18:42 last edited by
@Jolly said in Silicon Valley Bank / SVB Financial Group:
Go woke, go broke?
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/
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wrote on 13 Mar 2023, 19:28 last edited by
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wrote on 13 Mar 2023, 19:52 last edited by
DEI is just vacuous virtue signaling. The bankers still gonna bank and fail as usual.
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wrote on 13 Mar 2023, 19:56 last edited by
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@Jolly said in Silicon Valley Bank / SVB Financial Group:
Go woke, go broke?
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/
wrote on 13 Mar 2023, 20:02 last edited by@Axtremus said in Silicon Valley Bank / SVB Financial Group:
@Jolly said in Silicon Valley Bank / SVB Financial Group:
Go woke, go broke?
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...
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@Jolly said in Silicon Valley Bank / SVB Financial Group:
Go woke, go broke?
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/
wrote on 13 Mar 2023, 20:35 last edited by@Axtremus said in Silicon Valley Bank / SVB Financial Group:
@Jolly said in Silicon Valley Bank / SVB Financial Group:
Go woke, go broke?
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…
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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.
wrote on 13 Mar 2023, 22:30 last edited by Renauda@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.
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wrote on 13 Mar 2023, 22:50 last edited by jon-nyc
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wrote on 13 Mar 2023, 23:45 last edited by
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wrote on 14 Mar 2023, 00:09 last edited by
LOL...
