Now we know why SVB failed

[Copper]

Biden says banking system is safe, blames Trump for failure

Courtney Subramanian,
Los Angeles Times

WASHINGTON — President Joe Biden said Monday that the U.S. banking system is “safe and secure” following the failure of Silicon Valley Bank and closure of Signature Bank last week.

“Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” Biden said in remarks at the White House before leaving for a three-day visit to California and Nevada.

Biden blamed the bank collapses on former President Trump’s 2018 decision to scrap some Obama-era banking rules.

[jon-nyc]

And Trump blamed wokeness.

Neither explanation is supported by the facts.

Sometimes things happen that aren’t supportive of anyone’s favorite political narrative.

[Copper]

Tucker is blaming Mr. Obama and the DEI rules imposed by his administration.

Diversity
Equity
Inclusion

All these years without hiring the most competent have caught up to us.

[Jolly]

@jon-nyc said in Now we know why SVB failed:

And Trump blamed wokeness.

Neither explanation is supported by the facts.

Sometimes things happen that aren’t supportive of anyone’s favorite political narrative.

Wokeness comes a lot closer, when your risk manager is wacko.

[Doctor Phibes]

Is it too late to blame Hitler?

Because that guy was an asshole.

[Jolly]

@Doctor-Phibes said in Now we know why SVB failed:

Is it too late to blame Hitler?

Because that guy was an asshole.

Their risk management officer committed $5B to eco.

Don't think Hitler did that...Although he created a lot of fertilizer.