CEO of 2nd largest bank failure in history asked congress to waive some banking regs on 'em, cuz, reasons
For three years the CEO of regulator-closed Silicon Valley Bank (SVB) asked Congress to give his bank special relief from banking regulations he said were too burdensome. He claimed his bank should be exempted from “enhanced prudential standards” on required capital standards and "stress tests" set by regulators after the financial collapse of 2008, due to what he claimed was “the low risk profile of our activities.”
According to the Daily Mail, CEO Greg Becker told Congress his bank had a “deep understanding of the markets it serves, [and] our strong risk management practices.”
Roll that around your mind for a minute: Says his bank as a "low risk-profile," "strong risk-management practices" and "a deep understanding of the market it serves."
All that was horseshit. Question is, did SVB ever get any unique, specific relief from some "enhanced" banking regulations--and if so, who made that decision?
Not that any American would think even for a moment that our government officials could be bribed or anything like that. Perish the thought! I mean, it's not like federal banking officials can be bribed with, say, a million-dollar-a-year paycheck, like "the president's" drug-addict son with his seat on the board of directors of a foreign gas company, eh?
Dis ain't no banana republic, citizen. We gots standards, yo.
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