Shame on you Mark Wrote:
> Eight years before the second-largest bank failure
> in American history occurred this week, the
> bank’s president personally pressed Congress to
> reduce scrutiny of his financial institution,
> citing the “low risk profile of our activities
> and business model,” according to federal
> records reviewed by The Lever.
> Three years later — after the bank spent more
> than half a million dollars on federal lobbying
> — lawmakers obliged.
> On Friday, California regulators shut down the
> Silicon Valley Bank (SVB), a top lender to venture
> capital firms and tech startups, and the Federal
> Deposit Insurance Corporation took it over,
> following a bank run by its customers. The bank
> reportedly did not have a chief risk officer in
> the months leading up to the collapse, while more
> than 90 percent of its deposits were not insured.
> The bill was supported in the Senate by 50
> Republicans and 17 Democrats, including Virginia
> Sen. Mark Warner (D), for whom Becker held a
> fundraiser at his Menlo Park, California, home in
> 2016, according to an invite obtained by The
> Sunlight Foundation and OpenSecrets. The bank’s
> political action committee also donated a total of
> $10,000 to Warner’s campaigns in the 2016 and
> 2018 election cycles.
So what you clueless fuck? I detest Warner, but this has nothing to do with the bank becoming insolvent. The Biden Administration and Janice Yellen saying inflation was transitory was one of the reasons they were invested in long term bonds and mortgage backed securities which soon lost value as the interest rates increased.