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Top executives at Silicon Valley Bank and Signature Bank largely avoided taking responsibility for their banks’ dramatic failures at a Senate hearing Tuesday, instead using their time to assign blame to events they said were largely out of their control.
Top executives at Silicon Valley Bank and Signature Bank largely avoid taking responsibility for their banks’ dramatic failures at Senate hearing.
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The former chief executive of Silicon Valley Bank defended the U.S. lender's efforts to manage risk in his first public comments after the bank's shock collapse, as regulators promised better supervision to prevent more such failures.
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A number of senators faulted the executives for failing to guard against the impact of rising interest rates.
The U.S. Senate Committee on Banking, Housing and Urban Affairs is holding three hearings this coming week centered around the collapses of Silicon Valley Bank and Signature Bank in March.