CEO of failed Silicon Valley Bank no longer a director at SF Fed

[cbabe]

https://www.rawstory.com/ceo-of-failed-silicon-valley-bank-no-longer-a-director-at-sf-fed-2659581682/

CEO of failed Silicon Valley Bank no longer a director at SF Fed

Reuters
March 10, 2023
By Michael S. Derby

(Reuters) - The chief executive officer of failed Silicon Valley Bank, Greg Becker, is no longer on the board of directors at the Federal Reserve Bank of San Francisco.

Becker's departure was effective on Friday, a spokesperson for the Federal Reserve said. Earlier on Friday, Silicon Valley Bank was closed by regulators.

…

The boards have also created issues for the Fed in years past. The New York Fed’s board was heavily dominated by bankers at the onset of the global financial crisis and even included the leader of Lehman Brothers, a firm whose failure in the fall of 2008 is widely seen as kicking off the most acute phase of the financial crisis.

…more…

(How rigged is the game?)

[leftieNanner]

1. I think I read that

He recently sold $3.5 million in stock.

Oops.

[TexasTowelie]

2. I just posted a thread from Joe Blogs that covers the SVB and Silvergate bank failures. nt

[cbabe]

3. Thanks. Do you have thoughts/opinions?

[TexasTowelie]

4. I haven't dug into the news about SVB since I was catching up on my sleep today.

The failure of Silvergate that preceded the failure of SVB was related to the crypto business run by FTX and Sam Bankman-Fried. It will be interesting to review what problems SVB is encountering and whether it is tied to crypto. It does seem implausible that one sector of the economy (crypto) could experience such massive failures that it doesn't affect other portions of the economy.

[cbabe]

5. Mary Poppins on British Bank Stability

“ Mr. Dawes Sr.: When stand the banks of England, England stands.”

Mary Poppins on British Bank Stability

https://m.

[dalton99a]

6. Kick

[LonePirate]

7. Why is there not a federal law preventing this conflict of interest?

It should be a no-brainer to pass a bill that prohibits members of any Fed board from serving as an executive or board member of any bank. Absolutely stunning lack of regulation and oversight here.

[Kid Berwyn]

8. It only SEEMS crooked.

“One of the things that is interesting about reading conspiracy theory is that much of what folks think is conspiracy is really many people acting in concert to make or protect their money.” — Catherine Austin Fitts

And the rich get richer and the poor know the routine.