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GOOD NEWS: Authorities looking into possible executive malfeasance in #SiliconValleyBankCrisis
The executives lost their jobs, shareholders were zeroed out --> There was no bailout a la 2008
But we still need systemic change 🧵 1/6
nytimes.com/2023/03/14/bus…
The executives lost their jobs, shareholders were zeroed out --> There was no bailout a la 2008
But we still need systemic change 🧵 1/6
nytimes.com/2023/03/14/bus…
Thanks to the #BankLobbyistAct back in 2019, and the Trump-era Fed's further deregulation, the Fed took its eyes off large banks like SVB. AFR fought against that tooth and nail. 2/6
The government moved decisively to avoid a panic by guaranteeing deposits. Banks that benefit from that now need tougher supervision. AFR's Renita Marcellin told the NYT ... 3/6
