Aaron Klein, former deputy assistant secretary at the Treasury Department, discusses regulators' handling of Silicon Valley Bank.
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Ex-US Treasury official weighs in on Silicon Valley Bank failure
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If the government can’t forgive student loans, then it shouldn’t be allowed to bail out banks!
Especially since they played a part with the rapid interest. How much money is actual interest versus true funds??
If the former President wouldn’t have eased regulations we wouldn’t be in this mess. Let the bank fail. Pay the people.
@Jeremy DeCaro I’m glad to hear a conversation with you, even if we don’t agree with everything.we can still conversate with respect and I really appreciate that, I’ve been attacked a few times,ya, I think the antichrist will be white, but I’m not in a particular religion, I have a best friend that told me once that she has seen the beautiful parts of many different religions, my way of simplifying it is, believe in God, try to be a good person and care for others, it seems these days that simple empathy and human kindness is farther and farther away and that’s so very sad to me, I try to lift people up, I’ve never seen such hatred and division in my life,
Well we will see alot of this happening. As bankers flee to places they can keep your money without taxes like Geneva
The problem was the deregulation of the banks in the 1980s and again in 2008. The banks will not restraint their greed. The US put in place regulations on banks in 1933 that made sure the industry would not crash. Since deregulation in the 1980s it has been one crash after another. The regulations need to be brought back and the big banks broken up so no one is too big to fail and the government stops giving them a bailout. When you can’t pay your mortgage the bank will take your house. The US should do like Iceland did and put the bank officers in prison.
They played some risky moves and fell flat on their face.
You should have a 1,000 upvotes. Totally ON TARGET.
Time to re-regulate them
You’re spot on and there’s so much more that goes into it.
Shoplifting isn’t being enforced anymore.
I think the average American is very worried right now and any that have over $250k of assets in their bank may be moving money around to other banks to minimize their risks. The impact will be reduced capital at banks that may also be at risk due to their bond exposure resulting in a couple more failures in the next few weeks.
Most people work for a living and do not have $250,000 in the bank.
This is one of the few instances where the system works for the little guy but the big guy is screwed
Is this what the Fed meant to happen? Slow the economy ? Slow tech sectors ?
@Hello they have other things to worry about
Most individuals with more than $250,000 have invested in the markets. They are not putting it in a bank, which is not really much better than stuffing it in a mattress.
@James Ricker until they use your money to bail them out.
Those Doomsday Preppers were right all along. I guess they weren’t crazy after all if this gets worse. One had almost all his savings in gold bullion.
It’s why people should prep!
We might as well be our own bank. You just can’t trust a bank and can’t get any breaks from the government.
If there was Doomsday, your gold would not worth a dime.
They knew for 2 weeks. One investor sold 3.5 million in stock a week ago so they knew!!! they knew it was gonna happen they just didn’t care to tell everyone else…
That one investor was the CEO of the bank
The bank CEO of all people.
CEO, CFO and COO 😂
BOOM!!
“The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds.”(NY Post) Key point here – KNOW if any of your funds are not insured. So, since some are uninsured, does that receivership certificate mean that they will eventually get ALL of the money they had on deposit? Or is this a Depression era practice of scamming depositors of their money in a “bail-in”? Is this the excuse to start us on a path leading us down the yellow brick road to the control freak wizard & creator of the digital dollar? Make sure your deposits are in an FDIC insured bank account. This won’t guarantee that you’ll get your money any time soon but ‘supposedly’ you won’t lose your money. Maybe it’s supposed to wind up in your new digital online wallet. How much will you lose? Maybe legal &/or processing fees involved to get your money back after the government uses it for a while? Seems you should get interest not fees. We’ll see!
Controlling inflation by putting people out of work, or cracking down on corporate greed. Hmm…
That’s a tough one.
Asking banks that are deregulated to behave and not screw everyone as robber barons is like asking bacteria not to divide.
@jntj No, horrible analogy. The problem is that the Federal Reserve finally started raising interest rate prices after 15-years of suppressing rates. That is causing liquidity problems for banks. We need market rates, not rigged rates by the Fed
What could go wrong with 0 interest rate for prolong periods of time INFALTION IS WHAT! Then any responsible legislation like too big to fail republican fight tooth and nail. We are in a impossible situation where we have one party trying to wreck the USA so they can get their insurrection. We have one party that want the country to fail and its republicans. The democrat ALWAYS have to clean up after them and get shiate on the entire time as they are doing it.
A head of risk management at Silicon Valley Bank spent considerable time spearheading multiple “woke” LGBTQ+ programs, including a “safe space” for coming out stories, as the firm catapulted toward collapse.
Jay Ersapah, the boss of Financial Risk Management at SVB’s UK branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth.
“The phrase ‘you can’t be what you can’t see’ resonates with me,’” Ersapah was quoted as saying on the company website.
“As a queer person of color and a first-generation immigrant from a working-class background, there were not many role models for me to ‘see’ growing up.”
Any questions why this bank failed?
Ha
HAAAAA
It is beyond unbelievable to see how the chaos in the Silicon Valley bank impacts tech startups and employees’ paychecks.
While small businesses and employees will not be able to get paid and customers cannot withdraw their deposits, CEO Greg Becker sold over $3.5 million worth of stock — nearly 12,500 shares — in an automated, pre-planned sale on Feb. 27 just two weeks before the collapse which is absolutely disgusting and his money should be freezed since he knew in advance.
He and the management team should be behind bars till everyone gets their money back
All should be examined for insider trading.
The Feds generally prosecute that kind of transaction–especially when it’s general knowledge. Now we have to see to what extent he’ll be punished for it.
Aaron is a good communicator
Looks like we are heading into another depression, or a financial crisis at least. So sad.
If you bail them out then management needs to be fined or jailed. If you don’t bail them out then a lot of people suffer but unfortunately that is the risk of dealing with a non-diversified bank
Way better explanation than I saw in a Fox segment
The large companies that lost their money will probably have layoffs in order to offset the losses….it’s terrible for regular everyday people
It seems like banks argue against regulation saying let the free market do it’s thing. Then when that happens suddenly they want taxpayers to bail them out.
I can’t believe they didn’t see this coming. I can’t say I feel sorry for the venture capital community.
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The CEO sold his stock options knowing the bank would fail. Does this constitute insider trading? Should he be locked up?
People lining up at Wells Fargo Bank already to be first to pull out all their cash Monday morning. I pulled all of mine last year. My paranoia saved me again! Thank you Jesus! 🙏