The cultural war is embarrassingly funny and sad. Like many things recently, silly, embarrassingly funny, sad, and deranged stuff have gone from the dark corner of the mentally weird and just plain stupidity to mainstream media. The WSJ argues that diversity (never mind the all-white-looking executive team there) might distract SVB executives from risk management. TC is TC. Woke is to be blamed for everything. Then there is the other side of the serious anger (right and left-wing populism). It's a bailout! Well, okay, fine. Stockholders of SVB got wiped out completely. They aren't getting any bailout. The executive management of SVB (sure, those bonuses right before the fed takeover suck, but hey, perhaps Republicans would support executives not getting to reap huge benefits when they mess up legislation) are no longer executives of the new SVB. No bailout there. The bailout (if any money from the fed is ever applied) is for any depositors that had more than $250k deposits (which is the vast majority of them at SVB). These include medium-sized companies like Roku and small mom-and-pop (yes, that small) that are running startups funded by VC. Maybe you don't like VC funded startups getting a "bailout," but then your anger of not wanting to "bail" them out will also hurt many small mom-and-pop. Acceptable collateral damages worth calming your anger? And yes, there were potential systematic risks that could harm you personally. Maybe hurting yourself is worth calming the anger. So be it then. I just think it's all silly.
I have a hard time seeing how the ethnic, gender makeup of the SVB board had anything to do with its failure. I don’t recall the WSJ blaming the failure of Lehman brothers or Wa Mutual in the ethnic and gender makeup of their boards.
At first, I thought it was just silly cultural wars. But to actually write an OpEd in the WSJ... I think some of these people have come to believe their own BS.
If they used 73 million for activist political campaigns and then don't have enough money to return the deposits, that's questionable. Doesn't make it the main reason for their business collapsing, but if they had used that money to hire some proper risk managers...
73m (if that's accurate) is 0.03% of their ~200B+ assets. That donation wasn't a risk to maintain enough margin. It's more likely that they used political donations to reduce regulation, which led to less oversight. As a result, regulators were not watching carefully enough to see the trouble until an actual bank run occurred. However, even that is a second or third-order, loosely weak connection to the root causes. Of course, there are multiple contributing factors here, but when it comes down to it, the primary root cause is bad allocation, with too much investment in one basket. Investment 101 says not to do that.
d&d has really gone down hill even more. this thread is a prime example guess some people just want to fling **** every where so they arent the only ones with a **** stain
Markets Fall as Banking Fears Go Global Shares fell sharply, with bank stocks taking a beating, as Tuesday’s rally quickly faded. https://www.nytimes.com/2023/03/15/business/stocks-today.html Stocks tumble as Credit Suisse woes add to banking sector jitters Shares of the Swiss banking giant fell more than 20 percent Wednesday, creating new uncertainty about bank stability in the wake of Silicon Valley Bank’s collapse https://www.washingtonpost.com/business/2023/03/15/svb-banking-credit-suisse-stocks/
Where is California getting the $5 million for the people who identify as Black in San Francisco? Oh the tax payers! Hahahaha draymond green going to get him another guest house next to Steph @Os Trigonum
Credit Suisse had issues last year too. Seems like the banks with the most incompetent management and tied to risky sectors are unsurprisingly having trouble.
Our US employees were affected by this. As to Biden, his decision was correct, I agree with David Sacks, not with Vivek on this one. But Biden also helped cause the issue im the first place, so...
.. lol biden created the mess because he deregulated the financial industry right. What don't you understand? Trump removed the stress tests strictly for this exact bank that had less than 250b in assets. Why are you so full of ****? If trump hadn't removed regulations the bank wouldn't have passed their stress tests. Quit the bs Jesus christ
You know the Hannity Show is for entertainment purposes only so why would sane respectable person like myself take him seriously?
