Biden calls for tougher penalties for execs of failed banks

of Silicon Valley Bank and several congressional committees have announced some form of investigation into the bank failure.

The White House highlighted reports that Silicon Valley Bank CEO Gregory Becker sold $3 million worth of shares in the bank in the days before its collapse, saying Biden wants the FDIC to have the authority to go after that compensation. Sen. Sherrod Brown, D-Ohio, who chairs the Banking Committee, welcomed Biden’s call for congressional action, stating in an email that his committee “will be looking at all the ways we can protect working families’ money from risky bets that didn’t pay off in Silicon Valley or on Wall Street.

Dark Brandon needs to go Kaiju on the banking cartels. It must be bad if the lifetime senator from creditcardistan is irked.

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FDIC taps investment bank to lead Silicon Valley Bank saleThe FDIC has brought in the investment bank Piper Sandler to auction off Silicon Valley Bank, kicking off a high stakes sales process, according to two market sources who were granted anonymity to discuss the sale. No difference between this debacle in the making and the last one in 1990’s — it was junk bonds then and no regulations and it’s crypto - NFT’s and no regulations this time (also a ton of stupidity and corruption back then and will probably be true this time as well).
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