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  3. Silicon Valley Bank / SVB Financial Group

Silicon Valley Bank / SVB Financial Group

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  • 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
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      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 Offline
        J Offline
        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
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            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 Offline
                        J Offline
                        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 Offline
                                    J Offline
                                    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
                                    • J jon-nyc
                                      13 Mar 2023, 22:50

                                      G Offline
                                      G Offline
                                      George K
                                      wrote on 13 Mar 2023, 23:45 last edited by
                                      #42

                                      @jon-nyc said in Silicon Valley Bank / SVB Financial Group:

                                      Tweet unavailable...:man-shrugging:

                                      "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
                                      • G Offline
                                        G Offline
                                        George K
                                        wrote on 14 Mar 2023, 00:09 last edited by
                                        #43

                                        LOL...

                                        FrGfJOHWAAAb1Kb.jpeg

                                        "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 Offline
                                          A Offline
                                          Axtremus
                                          wrote on 16 Mar 2023, 13:30 last edited by
                                          #44

                                          https://rooseveltinstitute.org/2023/03/15/how-2018-regulatory-rollbacks-set-the-stage-for-the-silicon-valley-bank-collapse-and-how-to-change-course/

                                          The author argues that “2018’s Regulatory Rollback Made the SVB Catastrophe More Likely” and “S.2155 Allowed Regulators to Miss SVB’s Warning Signs.” Prior to the 2018 regulatory rollback, Dodd-Frank required sharp regulatory monitoring ad “stress testing” of liquidities for banks with assets over $50 Billion — this would have included SVB. But the 2018 regulatory rollback raised that threshold to $250 Billion, that higher threshold allowed SVB (and many other regional banks) to operate under weakened regulatory oversight and a bunch of less stringent rules (examples cited in the article). The argument goes that SVB might not have gotten to where it was had all the original Dodd-Frank rules were left in place.

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