Biden seeks greater penalties for failed bank executives, including industry ban

  • 📰 ABC
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 51%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Pres. Biden is looking for new tools to punish failed bank executives in the wake of the collapse of Silicon Valley Bank and Signature Bank.

regulators missed red flags at the bank, including its reliance on uninsured deposits and on investments in government bonds that lost value due to high interest rates.the bank’s downfall was caused by a massive run on uninsured deposits that led to liquidity problems. She also called for a reexamination of regulatory rules, which have come under fire from lawmakers of differing political stripes.

A bank employee waits to be let in outside of the Silicon Valley Bank headquarters in Santa Clara, Calif., March 13, 2023.The abrupt demise of Signature Bank and Silicon Valley Bank last week stirred financial fears, prompting the Biden administration to take forceful action to stabilize the banking system -- including guaranteeing all deposits at the two banks.

Yellen defended the federal response during a Senate hearing on Thursday, telling lawmakers it was necessary to stem the risk of other bank runs."​​We felt that there was serious risk of contagion that could have brought down and triggered runs on many banks," she said. "Given that our judgment is that the banking system overall is safe and sound, depositors should have confidence in the system, and we took these actions.

. The banks, including JPMorgan and Citigroup, provided a $30 billion package to prevent First Republic from collapsing.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Same old story. Blame the individual bankers. When people forget, said actions inevitably lead to forgery. SignatureBank

What happened to Silicon Valley and other banks shows that the wolf can not be in charge of the chickens. There are so many chickens being hatched, only the wolves will know the chickens are missing.

He should be looking in the mirror.

How about punishing the Biden family for what they've been doing, ABC is avoiding this story at every means,you people are terrible doing this in America, sounds like china's media, your protecting the Biden family for some odd reason 🤔😳

LyinBiden is China bought - traitor - Time to Impeach.

President Biden is looking for a lot of things.

how about undoing the damage Trump did to banking regulations? Then do the same with railway regulations.

NO MENTION OF THE BIDENS RECEIVING CHINESE MONEY. CORRUPT —- MEDIA

So little less DEI and more risk management.

Sure like he is going to fire people in a private business. Think that is illegal.

Biden covered the rich SVB depositors who contributed $10’s of millions to his campaign.

When will the DNC return the money they got from them?

Oh yeah, I’m sure Yellen hasn’t told him she’s already sending cash to the elites who lost 💰

Jail?

How about clawing back all the bonuses they gave out 2 weeks prior to crashing

How about cover the black dude who paralyzed an Asian woman in Houston and stole $4,400 from her? Doesn’t fit your blacks can do no wrong narrative?

Don’t. Bail. Them. Out.

He should fire Yelen first

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 471. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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).
Source: politico - 🏆 381. / 59 Read more »