Biden calls for tougher penalties for failed bank execs

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BidenPresident

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WASHINGTON (AP) — President Joe Biden on Friday called on Congress to allow regulators to impose tougher penalties on the executives of failed banks, including clawing back compensation and making it easier to bar them from working in the industry.

Biden wants the Federal Deposit Insurance Corporation to be able to force the return of compensation paid to executives at a broader range of banks should they fail, and to lower the threshold for the regulator to impose fines and bar executives from working at another bank.

https://apnews.com/article/joe-bide...e&utm_medium=TopNews&utm_campaign=position_03
 
BidenPresident said:
WASHINGTON (AP) — President Joe Biden on Friday called on Congress to allow regulators to impose tougher penalties on the executives of failed banks, including clawing back compensation and making it easier to bar them from working in the industry.

Biden wants the Federal Deposit Insurance Corporation to be able to force the return of compensation paid to executives at a broader range of banks should they fail, and to lower the threshold for the regulator to impose fines and bar executives from working at another bank.

https://apnews.com/article/joe-bide...e&utm_medium=TopNews&utm_campaign=position_03
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And yet if you have contributed big bucks to the Democrat party Biden will bail you out.


The SVB collapsed on Friday amid a run on the bank and is now seeking a bailout from the government after years of significant contribution to the Democratic Party and President Biden's campaign.

During the 2020 election cycle, about 96% of SVB Financial Group's contributions went to Democrat candidates or campaign groups, totaling $156,255 in donations, while only 4% of funds, $7,273, went to Republicans.

That same year, SVB Financial Group gave $66,748 to Biden's campaign, $21,388 to DNC Services Corp and $7,786 to then-presidential candidate and now Transportation Secretary Pete Buttigieg, according to OpenSecrets.
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https://www.foxbusiness.com/politic...ats-past-two-elections-leading-bank-collapses
 
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Those who caused the 2008 bank crash skated. When the meetings to save the financial institutions were held, bankers said they would not help fix it, if they did not get full salaries and bonuses. We passed Dodd-Frank to protect the country from gambling bankers. From that second on, bankers used their lobbying power and donation money to cut it down. Trump, who is utterly ignorant, believed the banker's positions because they were rich and powerful. They owned golf club memberships. So he chopped away at banking regulations.
 
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