stock market was up today...

#13,826
#13,826
utvolpj said:
It's the fault of easily bought politicians. So is the incoming bail out of those buying them
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I was referring to the claim that it happened because it favors liberal constituencies. Or DeSantis' utterly ridiculous claim today they the bank was so focused on diversity that it didn't realize what was happening.

Oh come the flock on.
 
#13,827
#13,827
lawgator1 said:
I was referring to the claim that it happened because it favors liberal constituencies. Or DeSantis' utterly ridiculous claim today they the bank was so focused on diversity that it didn't realize what was happening.

Oh come the flock on.
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Did you read where the bank took a contingent of female only employees on a lavish skiing trip a couple of weeks ago to celebrate their diversity?
 
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#13,828
#13,828
lawgator1 said:
I was referring to the claim that it happened because it favors liberal constituencies. Or DeSantis' utterly ridiculous claim today they the bank was so focused on diversity that it didn't realize what was happening.

Oh come the flock on.
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It was without a chief risk officer for almost a year while the chief risk officer of the branch in the UK concentrated on diversity month instead.
 
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#13,831
#13,831
lawgator1 said:
I was referring to the claim that it happened because it favors liberal constituencies. Or DeSantis' utterly ridiculous claim today they the bank was so focused on diversity that it didn't realize what was happening.

Oh come the flock on.
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Of course you weren’t referring to the accusations of Trump loosening DF regulations. I’m sure you’re perfectly fine with that kind of partisanship.
 
#13,833
#13,833
lawgator1 said:
Do you believe that caused this?

Please.
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It’s pretty hard to ignore the facts that the bank officers have had rather questionable priorities for the last year. In the time of the highest inflation since the early 1980’s which it doesn’t take a bank officer to know has a depressing impact on bond valuations the bank clearly chose to not insure the one officer post specifically designed to navigate these extremely difficult times, the risk officer, was in place and making sure they didn’t wind up in the exact position they did. The additional fact that they clearly instead put priorities on tasks and activities that merely present their virtue signaling stupidity instead of doing their fiduciary duty to their depositors is just bonus material that rightly deserves mocking since if they’d have done their damn jobs first nobody would give a damn about their virtue signaling
 
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#13,834
#13,834
NorthDallas40 said:
It’s pretty hard to ignore the facts that the bank officers have had rather questionable priorities for the last year. In the time of the highest inflation since the early 1980’s which it doesn’t take a bank officer to know has a depressing impact on bond valuations the bank clearly chose to not insure the one officer post specifically designed to navigate these extremely difficult times, the risk officer, was in place and making sure they didn’t wind up in the exact position they did. The additional fact that they clearly instead put priorities on tasks and activities that merely present their virtue signaling stupidity instead of doing their fiduciary duty to their depositors is just bonus material that rightly deserves mocking since if they’d have done their damn jobs first nobody would give a damn about their virtue signaling
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Sometimes people are just not capable of doing their job. Some banks seem to be a place where the Peter Principle thrives.
 
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#13,835
#13,835
Go aeiou said:
Sometimes people are just not capable of doing their job. Some banks seem to be a place where the Peter Principle thrives.
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It’s fairly clear this bank was ran by incompetent idiots. That’s the fundamental issue that caused this whole situation. The fact that their behavior just armed their political opponents with material to dunk on them and amplify their self inflicted misery is their own damn fault. Nobody is going to pull punches on these fools and frankly they’ve earned that ridicule.
 
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#13,837
#13,837
sonofUT62 said:
It doesn’t matter whether that caused it or not. When you take 1 red cent of taxpayer money, there better be no ******** like that going on.
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I agree the management of that banks risk was a problem. But the top players were selling as the ship went down and the problems with t bills are pretty out there now. Blaming it on being distracted by diversity goals is just idiotic.
 
#13,838
#13,838
lawgator1 said:
I agree the management of that banks risk was a problem. But the top players were selling as the ship went down and the problems with t bills are pretty out there now. Blaming it on being distracted by diversity goals is just idiotic.
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Nobody is blaming it on diversity goals. Everyone is blaming it on their stupidity and incompetence. They’re merely using the diversity goals to dunk on their idiot asses and they earned that dunk.
 
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#13,839
#13,839
lawgator1 said:
I agree the management of that banks risk was a problem. But the top players were selling as the ship went down and the problems with t bills are pretty out there now. Blaming it on being distracted by diversity goals is just idiotic.
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The top risk management executive for EMEA was neck deep in ESG / DEI / LGBTQIA+ for weeks leading up to the failure.

They had simply taken their eye off the ball.

It’s fair to ask what their priorities were - seeing as how Risk Management clearly wasn’t a pressing one.
 
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#13,840
#13,840
Go aeiou said:
Sometimes people are just not capable of doing their job. Some banks seem to be a place where the Peter Principle thrives.
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Perfectly fine to start your day at 9 AM. Today we were told that since POTUS took questions and addressed the public at a time when most of us have been up 3-4 hour, that made him a hard worker. I can only assume the same applies to those toiling bank executives.
 
#13,841
#13,841
Signature Bank execs starred in cringey Broadway-style musical sketch video

Executives at the doomed Signature Bank produced a Broadway-style musical video to launch the firm in the early 2000s — and its song branded the bank “the stupidest idea I ever heard” and even quipped that it could “diminish and fail.”

Clips of the musical number — now dripping with irony after regulators stepped in over the weekend and took control of the New York-based firm in a bid to stave off a US banking crisis — resurfaced online and went viral this week.

“Look, the only way we are going to do this thing is if we start a bank from scratch,” the bank’s co-founder and chairman, Scott Shay, declares at the start as he fidgets in front of a dressing-room mirror with fellow executives.

“From scratch?” replies John Tamberlane, the bank’s vice chairman. “You gotta be kidding.”

“What a terrible proposition — like convincing the world to eat kale!” the chorus continues. “What possible fate will become of our bank other than to diminish and fail?”

The video — which then launches into a number touting Signature’s aspirations for solid customer service and safe lending — was posted by Genevieve Roch-Decter, a money manager and Substack blogger.

Signature Bank execs starred in cringey Broadway sketch video
 
#13,845
#13,845
lawgator1 said:
I agree the management of that banks risk was a problem. But the top players were selling as the ship went down and the problems with t bills are pretty out there now. Blaming it on being distracted by diversity goals is just idiotic.
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Not if significant members of executive and management leadership were distracted by and focused on crap like that instead of running business properly.

Plenty of businesses have gone under when they failed to keep the main thing the main thing.
 
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#13,847
#13,847
GroverCleveland said:
Not if significant members of executive and management leadership were distracted by and focused on crap like that instead of running business properly.

Plenty of businesses have gone under when they failed to keep the main thing the main thing.
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Everyone agrees that SVB took their eye off the ball.

What were they looking at instead?

It’s a fair question imo.
 
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#13,849
#13,849
85SugarVol said:
Everyone agrees that SVB took their eye off the ball.

What were they looking at instead?

It’s a fair question imo.
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Did they really take their eye off the ball... or is it possible that all banks are in the same situation? From what I've seen, the main driver for SVB's failure is it took massive losses in US Treasuries. US Treasuries are supposed to be the lowest risk investment you can possibly make. All the banks that bought treasuries during ZIRP are going to take massive losses if they can't hold until maturity. It appears to me the reason SVB went first is because of the nature of their clientele. While I enjoy seeing a woke bank fail... I'm not sure there was much the executives could do.
 
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