LOL WUTGet woke, start a run on the banking system - SVB hired woke board obsessed with diversity who held month long Pride celebration but failed to hire Chief Risk Management Officer for 8 months.

submitted by ClassroomPast6178 from dailymail.co.uk

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[–]UncleWillard56 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

I'm not a fan of it (and how does that even jibe with Risk Management??), but that's not why they went broke. They went broke because they invested their depositors money in Treasury Bonds, that are usually pretty stable and guarantee a low, but "bankable" return. The the Fed released high-yield T-bonds that tanked their investment income and made them insoluble. That's when the FDIC took over, but they only guarantee $250K on your account. Anything over that, you get fucked. UNLESS, the government bails you out because you're a "systemically critical bank." Ironically, SVB's CEO tried to lobby Congress to allow them to avoid that label and the regulations and money it would cost them to maintain it. Lucky it didn't work as their depositors would be SOL. The price is the tax dollars it'll take to cover their deposits. I guess that's better than a run on banks?

[–]William_World 4 insightful - 2 fun4 insightful - 1 fun5 insightful - 2 fun -  (0 children)

they should be just guaranteed for $250k, that's the rule. We're bailing them all the way out just to be nice. You shouldn't put more than $250 k in a bank, especially a woke one. They should lose all that money past $250k, that would be good because it would make people afraid to put their money in woke banks going forward.