XPost: alt.fan.rush-limbaugh, alt.politics.democrats, sac.politics
XPost: talk.politics.guns
From: joe.the.dumber@nytimes.com
On 09 Nov 2021, hamilton posted some
news:smfefh$kjo$74@news.dns-netz.com:
> Rudy Canoza wrote
>
>> She's a woman. She's qualified if she spreads her legs.
Sloppy oversight by Federal Reserve regulators contributed to a rapid
failure of Silicon Valley Bank that shook the global banking sector
earlier this year, according to the findings of the Fed’s hotly
anticipated probe of the lender’s downfall released Friday.
Fed supervisors “did not fully appreciate the extent of the
vulnerabilities as Silicon Valley Bank grew in size and complexity,”
according to the report compiled by the Fed’s vice chair for supervision,
Michael Barr.
The supervisory issues were one of “four key takeaways” Barr cited from
his review of the crisis. He also called out poor risk management from
SVB’s top brass and board of directors, a lack of decisive action from
supervisors to address the bank’s vulnerabilities, and shifts in policy
that “impeded effective supervision.”
“SVB’s failure demonstrates that there are weaknesses in regulation and
supervision that must be addressed,” the Fed’s report concluded.
“Regulatory standards for SVB were too low, the supervision of SVB did not
work with sufficient force and urgency, and contagion from the firm’s
failure posed systemic consequences not contemplated by the Federal
Reserve’s tailoring framework,” the report added.
The feds ordered a probe in the immediate aftermath of SVB’s collapse into
federal receivership on March 10. Once the preferred lender to tech
startups and venture capital funds, SVB fell apart after disclosing a $1.8
billion loss on bond sales as it scrambled to fix a liquidity crunch —
prompting worried depositors to pull their money en masse.
--- SoupGate-Win32 v1.05
* Origin: you cannot sedate... all the things you hate (1:229/2)
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