The change in bank regs during the Trump years did not cause this – the Fed still had authority to apply the old regs to both SVB and Signature if they chose…they chose not to. And no, neither the Fed nor FDIC examiners were underfunded. The rating agencies were also asleep at the switch, Moodys had SVB at “A1” and Signature at “A2”. At least Fitch’s had Signature on a negative credit watch, but still rated it “BBB” investment grade.
Fed had noting to do with SVB mismanagement. In the face of rising interest rates and overexposure to bonds, SVB decided it would be good to spend millions on climate change, woke training, BLM, and other such nonsense.
My children, of course bad mngt causes bank failures. However, as the smartest person here it appears I must again repeat that both the Fed and rating agencies missed the warning signs. And children the miss was not caused by Trump, Biden or Santa Claus policies. Class dismissed.
thelordthygod666 about 1 year ago
The change in bank regs during the Trump years did not cause this – the Fed still had authority to apply the old regs to both SVB and Signature if they chose…they chose not to. And no, neither the Fed nor FDIC examiners were underfunded. The rating agencies were also asleep at the switch, Moodys had SVB at “A1” and Signature at “A2”. At least Fitch’s had Signature on a negative credit watch, but still rated it “BBB” investment grade.
aristoclesplato9 about 1 year ago
Fed had noting to do with SVB mismanagement. In the face of rising interest rates and overexposure to bonds, SVB decided it would be good to spend millions on climate change, woke training, BLM, and other such nonsense.
Don’t blame the fed for doing its job.
wildthing about 1 year ago
Could inflation be the result of corporate greed and our deregulated financial system buying our politicians? The mind boggles.
thelordthygod666 about 1 year ago
My children, of course bad mngt causes bank failures. However, as the smartest person here it appears I must again repeat that both the Fed and rating agencies missed the warning signs. And children the miss was not caused by Trump, Biden or Santa Claus policies. Class dismissed.
pamela welch Premium Member about 1 year ago
Clever!
Imajs Premium Member about 1 year ago
Clever cartoon, thank you.