In the brief but spectacular collapse of Silicon Valley Bank, we may just have witnessed the best banking crisis ever. It might even have been useful.
that the bankers’ political leanings, “woke” or otherwise, affected their balance sheet.
The collapse of SVB, frightening though it was, could be a useful corrective to excessive bank deregulation, like a brief health crisis that prompts people to exercise more and eat better. The mystery is why neither SVB Chief Executive Greg Becker nor the federal and state authorities assigned to regulate the bank acted to prevent the crisis. The Fed or the California Department of Financial Protection and Innovation could have required SVB to raise more capital last year, when it was less vulnerable. They didn’t.a banking expert at New York University’s Stern School of Business, told my colleague Don Lee.
Becker will get a chance to explain himself at congressional hearings, the Capitol Hill version of theon “Game of Thrones.” He’ll presumably be asked whether he was really too woke to notice that his long-term bonds were losing value.
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