dwy000 Posted March 16, 2023 Posted March 16, 2023 (edited) 41 minutes ago, james22 said: No question. Doesn't sound like the UK CRO did. It may come out that she knew the UK executives knew the risks taken by the parent and were just hoping like hell for the best. So no reason to do her job. It's somewhat moot. The CRO reports to the CEO. So if they didn't do their job or got overridden by CEO or committee it's ultimately CEO responsibility. And she was CRO for the UK which for SIVB was a tiny sub (and first to get acquired). Its not her responsibility to manage the risk of the parent (thats why you have a CRO at the parent). She is many levels removed. You really can't blame that person for the failure of the parent. That is really scraping the bottom of the wokeness barrel. Edited March 16, 2023 by dwy000
whatstheofficerproblem Posted March 16, 2023 Posted March 16, 2023 If I can have 30 mins of your time.
james22 Posted March 17, 2023 Posted March 17, 2023 For nearly 2 months, a short seller was warning on Twitter that Silicon Valley Bank was about to blow up. ‘It was sitting there in plain sight.’ https://fortune.com/2023/03/10/silicon-valley-bank-svb-short-seller-william-martin-twitter-2-months/
james22 Posted March 17, 2023 Posted March 17, 2023 However, insiders complained as the bank grew at breakneck speed, its top management became inordinately focused on social issues... SVB executives were also deeply committed to social justice, according to several of its ex-employees. “I almost felt like I was at work on a college campus,” said another former executive, who recalled weekly internal “TED talks” on social issues and classes on “how to make sure you were not committing a microaggression”. https://www.ft.com/content/6e23a2fb-484e-418d-b309-bf558b3a6a17
Parsad Posted March 18, 2023 Posted March 18, 2023 15 hours ago, james22 said: For nearly 2 months, a short seller was warning on Twitter that Silicon Valley Bank was about to blow up. ‘It was sitting there in plain sight.’ https://fortune.com/2023/03/10/silicon-valley-bank-svb-short-seller-william-martin-twitter-2-months/ Great pickup by him! Cheers!
Parsad Posted March 18, 2023 Posted March 18, 2023 About friggin' time! Not sure why this wasn't implemented after 2008/2009. Clawback compensation and ban executives/directors from the industry if a bank fails! Cheers! https://finance.yahoo.com/news/biden-asks-congress-to-give-regulators-authority-to-claw-back-executive-compensation-171255897.html
CorpRaider Posted March 19, 2023 Posted March 19, 2023 (edited) Bloomberg says my boys over at FCNCA are in the data room at SIVB, might bid. Prior "very low" bid during FDIC process was rejected. They have helped FDIC resolve a lot of smaller bank assets over the years. Edited March 19, 2023 by CorpRaider
Xerxes Posted March 19, 2023 Posted March 19, 2023 Great interview. folks call the recent SVB akin to tightening, Gundlach sees it as easing (disinflationary) as the bonds are being paid full face value (I am guessing he is referring to SVB securities portfolio)
LearningMachine Posted March 20, 2023 Posted March 20, 2023 (edited) 4 hours ago, Xerxes said: Great interview. folks call the recent SVB akin to tightening, Gundlach sees it as easing (disinflationary) as the bonds are being paid full face value (I am guessing he is referring to SVB securities portfolio) @Xerxes, did you mean to say Gundlach thinks Fed/treasury giving banks par-value for their treasuries is inflationary not disinflationary? Edited March 20, 2023 by LearningMachine
Spekulatius Posted March 20, 2023 Posted March 20, 2023 The Fed does not give the banks par value for their securities, it lets them borrow in exchange for par value for the securities, but they still need to pay the current 4.5% ST interest rates. So this may solve some liquidity issues, but it becomes a negative carry trade and the banks will lose money doing so.
Xerxes Posted March 20, 2023 Posted March 20, 2023 11 hours ago, LearningMachine said: @Xerxes, did you mean to say Gundlach thinks Fed/treasury giving banks par-value for their treasuries is inflationary not disinflationary? yes I always mix up “disinflation” since it has both a D and a I.
Spekulatius Posted March 23, 2023 Posted March 23, 2023 All you need to know about the last 2 weeks worth of financial news from El risitas:
John Hjorth Posted March 23, 2023 Posted March 23, 2023 And a photo of the phone Bill Ackman has been tweeting from about the whole mess, calling for Ms. Yellen to save the world:
Dinar Posted March 23, 2023 Posted March 23, 2023 4 hours ago, Paarslaars said: https://9gag.com/gag/aL1zLMv good times That's why Spain was an economic basket case for centuries
Paarslaars Posted March 23, 2023 Posted March 23, 2023 Yeah sure but there has to be some middle ground here?
Spekulatius Posted March 23, 2023 Posted March 23, 2023 2 hours ago, Dinar said: That's why Spain was an economic basket case for centuries You run out of bankers pretty quick that way.
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