Commentary Banking regulators, along with the board of directors and management of Silicon Valley Bank (SVB), each failed to see or prevent the problems that destroyed in less than a week one of the largest banks in the country. The regulators, whose mandate is explicitly designed to prevent such a disaster, allowed SVB to grow…
The Costs and Consequences of the SVB Bailout
March 20, 2023
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Too Wrong to Fail
March 20, 2023
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Commentary As the old saw goes, a banker is someone who lends you his umbrella when the sun is shining and then wants it back as soon as the first drops of rain fall. Hostility toward money lenders goes way back. In the Middle Ages in Europe, to deposit your money with one was unlawful,…
What’s Ailing Regional Banks?
Commentary Bank runs, as they say, have a way of spiraling. The first two bank failures, those of Silvergate Bank and Silicon Valley Bank (SVB), were the results of idiosyncratic circumstances at those two entities. Or so the analysts say. But when New York-based Signature Bank was also taken over by regulators on March 12,…
Is Your Bank Safe Now?
March 19, 2023
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Commentary One week ago Sunday, the Federal Reserve Board, alongside the FDIC and the U.S. Treasury, announced plans—in the wake of the failure of Silicon Valley Bank (SVB)—to provide liquidity to U.S. banks in an attempt to “bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and…
A Mismanaged Silicon Valley Bank Failure Has Grave Consequences
March 18, 2023
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Commentary This was undoubtedly the week that was. Silicon Valley Bank’s (SVB) failure sent the markets into the worst turmoil since the 2008 financial crisis. And, as I write this Friday morning, St. Patrick’s Day, there are “little fires everywhere” in regional banks that have unsettled markets. Most of them could have been avoided. What…
‘Not QE’ as Fed Trapped Between a ‘Rock and a Hard Place’
March 18, 2023
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Commentary “QE” or Quantitative Easing has been the bull’s siren song for the last decade, but will “Not QE” be the same? Last week, amid a rash of bank insolvencies, government agencies took action to stem a potential banking crisis. The Federal Deposit Insurance Corporation (FDIC), the Treasury, and the Fed issued a Bank Term…
President Biden Urges Congress to Toughen Penalties for Executives of Failed Banks
President Joe Biden recommended that executives of failed banks should be banned from working in the banking sector again. The White House released a plan to hold senior management more accountable when their financial institutions collapse and enter Federal Deposit Insurance Corporation (FDIC) receivership. In addition, the administration urged Congress to make it easier for…
Biden Urges Congress to Toughen Penalties for Executives of Failed Banks
President Joe Biden recommended that executives of failed banks should be banned from working in the banking sector again. The White House released a plan to hold senior management more accountable when their financial institutions collapse and enter Federal Deposit Insurance Corporation (FDIC) receivership. In addition, the administration urged Congress to make it easier for…
First Republic’s Stock Resumes Slide Despite Cash Infusion
March 17, 2023
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The share price of First Republic Bank tanked again Friday morning, but did not return to Monday’s lows. Wedbush Securities, a prominent financial services and investment firm, recently issued a downgrade of the stock, citing concerns about the company’s prospects. Its stock fell more than 23 percent, hitting a low for the day of just…
First Republic Shares Tank Despite Cash Infusion by Big Banks
March 17, 2023
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The share price of First Republic Bank tanked again Friday morning, but did not return to Monday’s lows. Wedbush Securities, a prominent financial services and investment firm, recently issued a downgrade of the stock, citing concerns about the company’s prospects. Its stock fell more than 23 percent, hitting a low for the day of just…
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