Silicon Valley Bank’s CEO testimony before congress was a game of blame
(00:00.842)
Oh, we got that blame game. Yes, I don’t know if you got a chance to watch at all or check out Silicon Valley Bank. Greg Becker in front of Congress yesterday, and no, my fault. No, he didn’t even say my bad. You know, like the kids do when they screw, and my bad. No, no, it wasn’t him. He’s just the CEO of the company making millions upon millions of dollars.
(00:30.342)
Yeah, I see nothing. I know nothing. Sure. Okay, so let’s let’s give an assessment here. You got you got the regulators out there and they’re obviously saying one well one us. Well, we weren’t asleep at the wheel either. And you know, our job is just to regulate. Yeah, yeah, he he said that, guess what? You know, it was the feds fault.
(00:59.662)
The Fed made me do it. In essence, you know, the devil made me do it. No, no, no, no, no, the Fed made me do it. They had deposits that were coming in. They were going through the roof. Oh, it’s all because of the Fed’s cheap money policy. Yeah, no doubt about it. But you asked for those deposits. You gave really rich people below market rate mortgages, 1% as long as they kept their money there.
(01:27.798)
What are you talking about, man? Yeah, did all of the zero interest rate nonsense drive up the price of dog shit companies outside of San Francisco to Silicon Valley area? Sure they did, but you were connected to your buddies on Wall Street too, helping them get IPO deals when they got laddered up. Lot of BS going on, that’s for darn sure. Anyway, he says, liquidity and capital rules
(01:57.798)
encourage Silicon Valley Bank to invest its flood of new deposits in long-dated government-backed securities that regulators said were safe. Safe. Yeah. Yeah. We did have messaging, they have fed inflation is transitory, interest rates are going to remain low. But if you had half a brain.
(02:26.734)
If you only had a brain, you could see that inflation was ever present. And at some point in time, the Fed was going to have to deal with it. Maybe the folks over at Silicon Valley Bank should have been listening to my radio show or podcast or giving me a call. Yeah, this guy, this guy’s talking about how, because he became a larger institution, he had a higher more, more people.
(02:54.154)
more people to work in regards to dealing with regulations. And I guess he said he had a thousand people, thousand people focused on risk management of some type. Oh, give me a break, buddy. Yeah, what type of risk management? Making sure the boxes are checked and you had proper diversity and you had multiple logos on bathroom doors. Who the hell you trying to kid?
(03:20.446)
You didn’t have a chief risk management officer for over a year from crying out loud. I mean, it’s one bunch of BS after another. And again, he’s trying to deflect blame. The regulators are trying to deflect blame. The Federal Reserve is trying to deflect blame, but they all have blame. They all do. They all played their part in this. Again, you know, they’re a part of a big club, OK?
(03:48.674)
Congress got Greg Becker there. Oh, I know, you’re hearing the term clawbacks. Yes, yes, we’re gonna be looking at clawing back some of the money that these executives made. Okay, you’ll get a few million bucks. Golf clap, you’ll get a few million bucks, just like you did with the executives from Wells Fargo with all the scams that were going on. Is it gonna change the lifestyle of any of these people? No!
(04:18.034)
Not in the slightest. And again, let’s go back to our George Carlin, it’s a big club, you ain’t in it. It’s a big club and you and I ain’t in it. Watchdog on wallstreet.com.