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Did the company or individuals sell the stock? Probably individuals which does not give the company any money to pay bonuses. But paying bonuses on March 10 was bad, nevertheless.
That does sound really bad and I hope they hold people responsible. It is not uncommon to find inappropriate activity like this when things like this go down, I am sure mismanagement will run deep when they thoroughly explore this. The bad taste of mismanagement lasts for many years.
I'm wondering if their loan standards were motivated by something other than revenue. The list of board members and their qualifications seem to be in question.
I'm wondering if their loan standards were motivated by something other than revenue. The list of board members and their qualifications seem to be in question.
Follow the money trail.
Ding , Ding, Ding, I think you are likely correct on this.
The other failed bank that is somewhat related hired Barney Frank to be on their Board of Directors, given his history after the last financial meltdown they likely felt that would give them some leverage and protection to keep the Federal Reserve from snooping around too much. You never know what lengths people go to cover up and avoid being caught .
I will observe to being a little peeved that they sold off stock in the days coming up to the default so they could pay out bonuses on March 10th.
I do hope that they can law back those payouts.
Personally I would call that stock fraud and throw the leadership team ( CEO, CFO) in jail to think about their actions for a while.
Not to mention ban them from all future executive roles.
Two executives at SVB served in doomed/scandal linked companies before this.
SVB Securities CFO Joe Gentile was with CFO for the fixed income division at Lehman Brothers before it collapsed in 2008.
Then you have SVB Kim Olson who was SVB's Chief Risk Officer. She had served as senior risk management at Deutsche Bank during the Great recession. In 2017 DB paid $7.2 BILLION in penalties for lying to investors about the risk of mortgage backed securities.
Credit Suisse is getting a huge infusion of $54 billion from the The Swiss National Bank SNB said Wednesday that it was prepared to back Credit Suisse because it meets the higher financial requirements imposed on “systemically important banks,” In other words, too big to fail.
SVB, Silvergate Bank, and Signature Bank are apparently not too big to fail.
Gold and silver are going crazy right now. Platinum and palladium are not. That tells me it's not an industrial demand but a place to protect funds. I wonder how much of this started with the bit coin debacle a couple months ago. It appears bit coins were a large part of their asset structure.
I think the highest gold has been was around 2600. If the trend continue it will surpass that.
Always looks great on the upswing. My son is always after me to buy gold. Looking at this chart it's not much above where it was 10+ years ago. And look at the risk in the middle. And it doesn't pay any dividends.
03-15-2023, 10:20 AM
