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In a letter to customers, Silicon Valley Bank's new CEO states, "We are operating business as usual"

Late on Monday night, Silicon Valley Bank’s customers unexpectedly got an email in their inboxes from the bank’s new CEO, Tim Mayopoulos, claiming that the institution was not only open but also conducting business as usual. The email, which TechCrunch got from various sources, stated that Silicon Valley Bank, N.A. was open and operating normally. …
United Kingdom United States Tim Mayopoulos Gerald Brady Greg Becker Silicon Valley Bank

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Not Buying Central Banks' Favorite Excuse

May 30, 2023 // In the SVB collapse, executives profited by ignoring risks that long-dormant interest rates would rise. Yet the Fed was also guilty of ignoring the consequences of an extended period of easy money by adhering to the "separation principle," a common failing among central banks writes Raghuram G. Rajan.
Gabriel Jim Greg Becker Silicon Valley Bank International Settlements Us Federal Deposit Insurance Corporation Federal Reserve

Not buying central banks' favourite excuse

CHICAGO — As institutional mea culpas go, the US Federal Reserve’s recent report on the events leading up to Silicon Valley Bank’s failure is surprisingly self-critical, detailed, and informative. While pointing out that SVB did not manage its risks appropriately (when its own models showed that it was taking too much interest-rate risk, the bank changed the model’s
United States University Of Chicago Greg Becker Raghuramg Rajan Gabriel Jim University Of Chicago Booth School Business

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