SILICON VALLEY BANK USED FORMER MCCARTHY STAFFERS TO WEAKEN REGULATIONS, LOBBY FDIC

[Guno צְבִי]

Two senior aides to House Speaker Kevin McCarthy were among the top lobbyists for the bank at the center of a new financial crisis.

AFTER SUCCESSFULLY LOBBYING for the rollback of new rules applied to Wall Street in the wake of the financial crisis, lobbyists for Silicon Valley Bank immediately began pressing their case further to the federal authority that insures bank deposits in the event of another crisis, according to lobbying disclosures reviewed by The Intercept. The lobbying effort managed to exempt banks the size of Silicon Valley Bank from more stringent regulations, including stress tests aimed at uncovering the type of weaknesses that led to the bank’s implosion Friday. Two of the bank’s top lobbyists previously served as senior staffers for House Speaker Kevin McCarthy, who himself pushed for the repeal of significant pieces of the landmark Wall Street reform legislation known as Dodd-Frank.

The meltdown of Silicon Valley Bank represents the second-largest bank collapse in American history and the first since the 2008 financial crisis. Over 90 percent of the bank’s deposits exceed the amount federally guaranteed by the Federal Deposit Insurance Corporation, meaning that those people may either never see their money again or lose substantial amounts.

https://theintercept.com/2023/03/11...hy-staffers-to-weaken-regulations-lobby-fdic/

 

[Lionfish]

This must have one of the evil bastards,

The head of 'risk assessment' at Silicon Valley Bank has been accused of prioritizing pro-diversity initiatives over her actual role after the firm imploded on Friday. Jay Ersapah - who describes herself as a 'queer person of color from a working-class background' - organized a host of LGBTQ initiatives including a month-long Pride campaign and implemented 'safe space' catch-ups for staff. In a corporate video published just nine months ago, she said she 'could not be prouder' to work for SVB serving 'underrepresented entrepreneurs.' It comes after the firm became the largest bank to collapse since the 2008 financial crisis - disclosing a $1.8 billion loss in its finances. The spectacular fall from grace puts Ersapah under scrutiny as 'Head of Financial Risk Management and Model Risk' for the company's presence in Europe, the Middle East and Africa. Ersapah was based at the bank's London office.

 

[floridafan]

This must have one of the evil bastards,

The head of 'risk assessment' at Silicon Valley Bank has been accused of prioritizing pro-diversity initiatives over her actual role after the firm imploded on Friday. Jay Ersapah - who describes herself as a 'queer person of color from a working-class background' - organized a host of LGBTQ initiatives including a month-long Pride campaign and implemented 'safe space' catch-ups for staff. In a corporate video published just nine months ago, she said she 'could not be prouder' to work for SVB serving 'underrepresented entrepreneurs.' It comes after the firm became the largest bank to collapse since the 2008 financial crisis - disclosing a $1.8 billion loss in its finances. The spectacular fall from grace puts Ersapah under scrutiny as 'Head of Financial Risk Management and Model Risk' for the company's presence in Europe, the Middle East and Africa. Ersapah was based at the bank's London office.

handjob
You need some help- the term WOKE has a very positive meaning among independents, Democrats, and a good number of Republicans. Do keep it up! Something close to 60% of all Americans think that term is good1

Secondly, what you see from this bank collapse is what happens with fewer regulations. The same regulations you want to rid us of.

 

[PostmodernProphet]

lol.....are lib'ruls pretending the heads of this bank in Silicon Valley weren't Biden voters?......

 

[Nordberg]

After Bush's bank collapse, the banking regulations were not restored as they were before Gramms bill. They back up a little, but the financial sector was not going back. They wanted to gamble with your money.