Chris Whalen, chairman of Whalen Global Advisors, blamed Federal Reserve Chair Jerome Powell for the failure of Silicon Valley Bank.
Chris Whalen, chairman of Whalen Global Advisors, blamed Federal Reserve Chair Jerome Powell for the failure of Silicon Valley Bank in a Friday interview on Forward Guidance with host Jack Farley.
This all goes to the feet of Jerome Powell and the members of the Federal Open Market Committee because they did this. There is nothing wrong with that bank. There was nothing wrong with Silicon Valley Bank six months ago, three months ago, and now they’re dead. The Fed should have known that when you concentrate all of the risk of the banking sector and the bond market into three points, in terms of coupons on securities and loans, and then you move the market 600 basis points in terms of interest rates, you’re obviously going to have a problem. A first-year banking associate can figure this out without a calculator, b“The Fed’s actions essentially rendered the bank insolvent,” he added.
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