Silicon Valley Bank Paid Out Bonuses HOURS Before Collapsing & Lobbied For Years To Deregulate
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- เผยแพร่เมื่อ 21 ก.ย. 2024
- The President of Silicon Valley Bank argued to exempt his bank from regulations. Ana Kasparian and Cenk Uygur discuss on The Young Turks. Watch TYT LIVE on weekdays 6-8 pm ET. th-cam.com/users/the...
Read more HERE: www.axios.com/...
"Silicon Valley Bank on Friday paid out annual bonuses to eligible U.S. employees, just hours before the bank was seized by the U.S. government, Axios has learned from multiple sources.
What to know: The bonuses were for work done during 2022, and were previously scheduled to be disbursed on March 10. That date ultimately coincided with the bank's takeover by the Federal Deposit Insurance Corporation.
Bonuses for employees in some other countries were scheduled for later in the month, so those haven't yet been paid.
State of play: An unknown number of SVB employees were emailed by the FDIC on Friday evening, offering them employment with the remnant organization for the next 45 days."*
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230313__TA03Regulations
The records of those who voted for deregulation should be checked for what contributions they received,from who.
Still find it amazing someone who bankrupted a casino and who wouldn't be able to operate a hotdog cart business, was projected into president of the United states.😔
America really sure has many winders
Lol. Yeah, Trump really would have trouble with a hot dog cart.
Banks and other big businesses: We don't need no stinking regulations. WE know what we're doing!
Government: OK then, more profits for everyone! (Except the workers.)
*Banks/markets collapse*
Banks and other big businesses: WAH!!! WE SCREWED UP (again)!!WE'RE IN TROUBLE! BAIL US OUT NOW!!! (But no regulations, please.)
Government: OK, money for everyone!!! (Except the poor).
Whenever you hear deregulation you should instantly think they want to screw me for the benefit, exclusively, of the very rich. There will be no benefits to you in any deregulation, in fact more likely it will have a direct impact on your personal safety or negative impact on your financial situation. Ironically, they argue that regulations do that
That's right.
I WANT THE NAMES OF THE CONGRESSIONAL MEMBERS THAT VOTED TO DEREGULATE THIS INDUSTRY IN 2018. REPUBLICANS AND DEMOCRATS.
The lessons learned from Silicon Valley Bank 🏦 and Norfolk Southern is you can’t trust any of these companies to regulate themselves.
In the words that Ronald Reagan popularized from that famous Russian proverb: “Trust; but verify!” ⚖️ ❤️
Ronald Reagan is the cause of a lot of this boom and bust cycles but he was correct about that.
Which makes it all the more ironic that he, Ronald Reagan, championed the very deregulation attitude which brings us SVB bank failures. His policy actions *made* true his words, "...government is not the solution to our problem; government _IS_ [emphasis added] the problem." And as much as I hate that man and feel that he (along with every other republican administration since) bear the bulk of the responsibility which bring us to this, and many more like it, point in time; they are merely the delivery method. They are the Grubhub/DoorDash, if you will--sure, a festering cancer in and of themselves, but aren't to blame for the pizzeria overcharging you for your order because they can. Reagan's administration opened the flood gates for wealth, special interests and corporate entities to take over governmental levers of power. Something they had been dying to get their fat hands on ever since it was strong-armed away from them at the turn of the 20th century. But even in their wildest dreams could they not have predicted the success their recapture bid would bring. Regrettably, also something which the Clinton, Obama, and sadly, the Biden administrations had and have no appetite for correcting. So at this point, it should be, verify _then_ trust. Because government, having become part of the problem, is only the fall-man for the much more insidious forces which plague society.
edit: for clarity
Deregulation of any industries is at the expense of safety and tax payers. We are no fools.
I remember Trump bragging at one time that they had done away with 1500 regulations and he was expecting to near 2000 soon, and I wondered to myself is no one interested as to what exactly they were deregulating?
It's citizens united. Gotta get the money out of politics. The Supreme Court was wrong. Money is not speech it is an amplifier of speech. Two totally different things.
Banks with no regulation. What could go wrong? Besides a second Great Republican Depression.
Bank executive getting big bonuses for high annual profits is like brain and heart surgeons getting big bonuses for doing more surgeries in a day, and nobody taking the bonuses back if the patients die in a month.
Corruption everywhere 💔
Banking deregulation goes all the way back to Clinton. One party two names.
What about the CEO selling off shares a few weeks before the collapse? Sounds like some insider trading crap right there.
Imagine a car (or toaster or anything) with no regulation in the design. It would blow itself apart in seconds. But somehow the business types think regulation “doesn’t work”.
Innovation in banking is not obscured. Here in Italy, our banking system is 50 years ahead of what you have in the USA. Greater transparency should be the goal of banking innovation. I am speaking as an American ex-pat living in Italy.
SO deregulating security regulations in trains and financial requirements in banks course accidents and collapses, - who knew? ( besides all logic thinking humans)
Everything Obama put in place trump roll back on have crash...train crash bank's crash....
Orange man bad right npc? 🙄
Pre-planned bonuses? Are they the same as the pre-planned dumping of the SVB stock by the CEO and his ilk? Absolutely scandalous.
Lol rich corrupt people doing what rich corrupt do best pay out their bonus and bail
Well, at least the CEO & the board got their money. That's what's important, right? Who cares about the employees or small money accounts that actually lost money? Smh. When are Republican voters going to learn that your Republican politicians are only out for themselves?
Your poor business decisions caused our bank to collapse. Heres your bonus. Good work. Geez...I wish I got a bonus every time I screwed up, maybe I'd be a Billionaire by now.
Problem is you have to be a billionaire before your allowed those bonuses.
@@jacobrzeszewski6527 really?? Damn..I was hoping to screw up at work and get a bonus for a new car.
Ana's "Bingo" at 4:37. You've got it.
All bonuses for execs, ceo's, and shareholdres should not be paid out before a bank failure or bailout.
In Canada, banks are heavily regulated, and bankers are regarded with civic approval. Here, banks are barely regulated, and bankers are rightfully called banksters.
An example of LOLcow, is someone thinking they can deficit spend to fall for the criminals running a bank for FDIC insurance on a ponzi scheme.
Definitely people going to prison for bank running. AND Ponzi schemes.
An institution with a (ponzi scheme) stocks (based on "growth") is not a traditional bank that gets FDIC insurance.
And one can't defict spend on FDIC insurance anyways. A huge math violation there.
And deficit spending on "growth" is a completely different huge math violation.
"Growth" doesn't have a capital "bond" to it. For example; a car title or home deed is a bond. That is why banks hold onto your car title (the bond) when you take out a car loan.
And interest is not capital. AKA growth. "Money making money" is not a thing. The math violation is two excomponents labeled the same.
#FBI bank running and ponzi schemes
Why the collapse happened?
Are you familiar with the term risk management?
In April 2022, the SVB chief risk officer left the company. He was replaced in January 2023. Do you know what they did when he left? The stopped purchasing interest swap or insurance against bonds depreciation. You may ask yourself why the FDIC didn’t take action earlier? In 2018, SVB president convinced president Trump to pass a bill that loosen regulations his bank had to follow. Are you kidding me 🤦♂️ This is bank 101. It is abysmal to think these people were managing over $200B assets.
Why is bribing legal? Every other country, it's not. I don't understand.
I’m going to be honest here - can’t argue with anything you said here. Deregulation is almost never safe, and politicians in this country are absolutely corrupt. It’s getting hard to even imagine this country being fixed when it’s already been bought and paid for.
Yep. We are imploding but here is your $40 million parachute. Have a nice day
Prosecute them. Put them in prison
Money NEVER "Disappears"....
Watch what happens over the next couple weeks. I agree with you but that’s not what they’re gonna tell us of course
It just goes to the top 1% where all money goes.
They need innovation because they are competing with each other in the scam.
Every network should be opening with that trump opening.
Ana at 4:17, "M-hmm...", and then at 4:19, "M-HMM" - you go, girl! 😊
Privatize profits and publicize debt. Tax payers in US are dumb.
Wow! Cenk is multi talented. He could work tuning instruments or in an electronics lab. He just emitted a perfect sine wave in middle C.
Ugh how is it fair or lawful for those bankers to do that? It’s absolutely infuriating!!! Meanwhile the conservatives try to pivot the focus of the world onto on pronouns, trans and immigrants as the problem.
Are you saying SVB lobbied for the very regulation that destroyed them?
No, they lobbied for the removal of the regulations that would have saved them.
It destroyed the organization, but they payed out bonuses to the bad actors. Unless they are jailed and stripped of all money, they won’t count it as a fail.
@@petert3355 ok, so it's still Trump fault...That's all I care about...He made them do it, bcuz he said "I'm making you do this!" lol 😅
Why tf Trump give them enough rope to hang themselves...It's all a big set up 😒
Things Liberals Say 🙄
@@almonaster4328 "ok, so it's still Trump fault...That's all I care about...He made them do it, bcuz he said "I'm making you do this!" lol 😅
Why tf Trump give them enough rope to hang themselves...It's all a big set up 😒"
Yes it is Trumps fault, he claims to be a great businessman and yet this is just one example of him not knowing shit.
The banks lobbied Trump to remove the regulations so that they could make more money. Him not not having a clue means he just said OK. Gotta Make America Great Again.....
And the result was the bank folding.
Just like the railroads lobbied to remove the requirement to put WORKING brakes on train cars. Well we all saw how that turned out.
"Things Liberals Say 🙄"
Yeah, the things conservatives say....
Why did it take more than a quarter minute, eighteen full seconds, starting at 1:21, to say that deregulation allowed SVB to take risks that caused it to fail?
Trump literally said, well take the community out of there
They hate the concept of community. They consider it “commun”-istic.
Definitely Claw Back Executives Who Didn't Ever Deserve a Bonus.
I was in IT for an insurance company that also used to own banks, but sold them. We still maintained their servers, however. They were seized by the Feds, and I got a call at 11:30pm - it took texts, 4 calls since I was asleep) but I had to come in and monitor the guys taking the servers. They were VERY serious, did not speak at all to me outside of specific questions. ABSOLUTELY no "pleasantries". It was pretty intense.
I hope so people could lose their jobs and their fortunes by careless bankers
If a larger bank had deposited $200 billion in SVB, the collapse could have been averted. Why didn't another bank come to their aid? Why don't we set up a system where the large banks will bail out a failing bank with an instant cash infusion?
1) Because other banks are for profit. Why help your competitor out?
2) Central bank already plays that role. Which is the institution that is currently saving the depositors. The Central bank is known as the lender of last resort.
If that is how the banks want to act, and politicians are bought willing to let then do so, there needs to be a stipulation. It being that, all executives should have all their profits (exceeding what is necessary to pay for their bills) should be confiscated to be used to pay to their customers. Or, they can simply add regulations again
SVB fought Regulations. Bonuses were distributed before collapse!
@@zumatoobs So?
@@zumatoobs What exactly were those bad investments and in what way were diversity hires responsible?
@@zumatoobs have you not found a new imaginary circumstance to be upset at people about? nobody i know (or in this thread you are responding to, for that matter..) ever bothers to waste their breath mentioning that flabby ephedrine laden goofball anymore
Fraud! Lock them up! Lock them up! Lock them up!
Kind of funny!! So SVP supported the deregulation of banks and then they got screwed by it!! There's karma for you!!!
Well that’s a gigantic red flag about what was going on there. Where are the freaking charges???
Get those bonuses back and give it to the clients!
Bonuses for execs happen all the time whether the company is doing good or bad.
Cenk, you really nailed it on this one. You didn't fall for Nancy's big smile and populist platitudes. Neither should we.
Thanks!
This should be repeated at every opportunity. Some bills are complicated and use complicated terms. But showing what that results in helps the masses see what that nonsense does. Follow the money always! Repugnatants and corporate trash are driving this society off a cliff
Dodd-Frank actually harmed community banks but what they did was speed up the growth of the largest banks in the country.
Perfect closing in this video Cenk, perfect!
So they ran their bank into the ground and they got "performance bonuses"? Nice work if you can get it...
No no Trump has been out of office for 2 years now.
Yes yes he deregulated several years ago 🤡
Way to listen to the video
It's likely to be a decade to recover from the Trump Administration damage, maybe longer depends on what pops unexpectedly. Such as the Trump deregulation of the banking system and Rail safety regulations, it takes time for the damage to rear it's ugly head. Those two were regulations added by the Obama Administration.
the bottom line is the banks want to "take risks" with your money. They get the bonuses. You get to pay for the bailouts.
@@zumatoobs How exactly is being a lesbian and being a person of color relevant to this discussion?
@@zumatoobs Define "woke".
@@zumatoobs Biden has done better at creating jobs than Trump.
I learned something today.
What a complicated and confusing sentence at 1:21, all just to say that the deregulation of these banks allowed SVB to take risks that caused it to collapse.
U don't get a bonus.....when u crash your bank !!!
Hell yea!!!!!! Hit'em Cenk
On thing to rule them all and in the corruption bind them.
Once again the GOP is on the wrong side of an issue
Guys what about the bonuses? They should be clawed back!!!
America and its Banks. Jokes 🤣🤣🤣🤣
Those lobbyists don't visit Elizabeth Warren, AOC, Bernie Sander, however. There are only about 100 members of both combined are not in the pockets of lobbyist.
I like how you call out all the bad players irregardless of political affiliation
“no check, no come!” 😂
Did Peter Thiel short SVB stock? That’s what I’d want to know……
Probably did. lmao. At this point shorts ought to be illegal for "too big to fail" institutions.
@@Armeddragon12 I agree 100%. I think it should be illegal to short banks.
Jesus Christ Cenk, dial it back to about an 8.5. I agree with you, man. It's exhausting being yelled at and beaten over the head.
Make sure those executive bonus checks bounce, because all their other checks will.
I love that deregulation back fired on them.
deregulation hit the people using the banks, bankers dont lose a thing just their jobs.
@@bustercrimes5434 it’s a damn shame the idiots creating these laws. Never truly pay the consequences.
I love alternative media like this channel. Been around since the start.
Did bank execs withdraw their bonuses before announcing the bank failure?
Yep
He's rolled back a lot of regulations that caused harm. He rolled back the ban on gain of function research that caused the pandemic. He rolled back the regulations for electronic braking systems that would've prevented the derailment in Ohio. He rolled back the regulations on Silicon Valley Bank. You know the 6 bankruptcies he had should've been a clue he only knows how to run things into the ground. We will find out about more and more of the regulations he rolled back and the damage he causes years from now.
Sleepy Joe sure has done all those things, to bad Trump isn't still in office, I really just miss the mean tweets and great economy.
It doesn't matter these idiot Trump supporters will allow him to scam them and then bail out his criminal friends. How about Steve Bannon and his privatizing of the build the wall fund and then getting caught on a boat bought from the investors money. After the financial crash we had Dott Frank to ensure 2008 didn't happen again. Trump gutted it along with consumer protection that helped against fraud. The pay raise hasn't gone up for many of the working class many are poor or struggling also the homeless population has spiked after the financial crash. The corporate Dems didn't help either as they bailed out the banks. Biden should have not played biapartinship with these corrupt politicians who serve the donors. The Dems need to go after the corrupt financial institutions crushing the common worker. Bernie warned about this happening. Now they are using culture wars to cover up their deregulation of banks and transportation. There is an economic crisis happening and the right are worried about books in schools and culture wars.
Why cant the figure out regulations on finances may br burdensom but the regulations have a reason. 1929 taught us and fdr regulated the banks. Reagan deregulated and we had the 90s recession. Clinton reregulated and bush came
And we had the 2008 crash. Please learn why we need regulation
1. Capital is not liquidity; 2. SVB would have passed bank liquidity regulations if it was applied to them; 3. “If that means investing depositor money into risky assets, they are going to do it” - SVB invested in US treasuries, the safest assets outside cash 4. SVB failed because of a bank run… that’s not contemplated in bank regulations (but probably should)
Sounds like a payola sham to me!!
Bryne Hobart's newsletter, "The Diff", says: "Silicon Valley Bank had a debt-to-asset ratio of 185:1 and that it was 'technically insolvent' in the last quarter of last year."
To sum up, it's greed. Sad part is, they will never learn and history will repeat itself.
So between the banks and the trains, we see how well FGs legacy is doing
FG?
If capitalism was done the right way, we wouldn't have these problems.
Idiots. Why do hardworking, ordinary Americans understand that you shouldn't expose yourself financially to this degree, yet the very institutions that we literally deposit our money into, demonstrating the utmost degree of trust, and for which they inherit the utmost degree of responsibility, don't grasp the concept? Unbelievable.
Corrupt Bankers? in America?
I AM SHOCKED 😂
Next you’re going to tell me they launder cartel money
Remember how there was that special Senate election in Alabama where Doug Jones was voted in over Roy Moore and he immediately turned around and voted for the law that deregulated the banks?
What about Bernie frank on the signature bank board ? Please provide some context
Financial innovation? Sounds like new and creative ways to cook the books and shift money to the Power Pockets.
I need student loan forgiveness, I need help w/ medical, I cant pay my rent, gas, utilities & food, child care etc.but when banks fails they must be bailed out w/ your $$. oh big daddy will come rescue us why is that lol?
I wonder why Trump not saying anything about this bank bill he signed.
Hopefully the people who invested other peoples money should be investigated. And where they invested the money. It sounds to me like part of a bank secrecy act fail.
Nancy is just better at it.
Surprise surprise surprise…in my best Gomer Pyle voice.
Huge suprise!!! Wake up 🌎
Oooooo Trump repealed the Dodd Frank Act….figures.
Shouldn’t this be considered racketeering…🤔
Too bad they're getting bailed out
Everything Trump touches instantly fades. He's never made one right decision in his life and after 4years as Pres these problems downfalls will just continue to pop up. He's an absolute disaster of a human being. Railroads, banks i wonder what's next.
"If you dont come with a check they dont even talk to you"
"After you give them the check they say What a great Idea! I have been convinced by rigorous debate on this issue"
Why do you think they say Money is speech Cenk? It is the only speech they understand.
Instead of wolf pac, I believe progressives should organise pacs through crowdfunding for small meaningful regulations locally and move to higher level politics as we grow. But that would require us to be organised and interested in doing actual work on the ground. TBH we are not.
How long can the general public deal with such corruption! With the systemic issues with face politically, let alone environmentally, I don’t see any change actually happening. And this is what makes the movie “Don’t look up” so real. We’re all going to sit back and watch big business destroy everything because most of us are simple bystanders, pessimists and gentle souls who are too naïve, stressed, and busy to organize real movements! So sad.
Better bail them out to stick it to Trump.
How would that stick it to trump?
Fraudumpty is stupid.
Exactly?