Gladwyn d’SouzaMar 15, 2023

#Surveillance Capitalism’s #taxpayer funded #RiskyBusiness: federal #regulators gave #SVB a #SpecialExemption from rules designed to prevent deposit-taking #banks from engaging in #RiskyInvestments and #FinancialSpeculation, a precursor to regulators later extending a similar exemption to the entire #BankingIndustry!!! #Kleptocracy, #BusinessAsUsual, #RegulatoryCapture, #WealthTransfer, #MassiveInequality

https://open.substack.com/pub/rssg7c7gxlbkmwwwdailypostercom/p/6410fa70cefd82003df98d29-b2e6ea4f

Regulators Greenlit Silicon Valley Bank's Risky Investments

Following lobbying efforts, the Federal Reserve exempted Silicon Valley Bank’s venture capital investments from a key risk management rule.

The Lever
Arena Cops 🇺🇦✌Mar 13, 2023

What Katie Porter rightly had to say about the #SVB debacle on the birdsite:

"The collapse of Silicon Valley Bank was totally avoidable. In 2018, Wall Street pushed a deregulation bill that allowed banks like SVB to take reckless risks. It passed, even as I and many others warned of the risks. I am writing legislation to reverse that law."

Between 2015 & 2018 (passage of "GOP's" rollback legislation) SVB spent more than $500,000 to lobby/ bribe/ coerce Members of Congress to implement the deregulation that let SVB fuck up its own business.

#SiliconValleyBank #SVB #RiskyInvestments #DoddFrank #GOPSabotage #TrumpCorruption #IncompetentGOP #Corruption #AmericaDeservesBetter #Democracy #WeCanDoThis
https://www.commondreams.org/news/trump-era-deregulation-deemed-a-key-culprit-in-failure-of-silicon-valley-bank

Trump-Era Deregulation Deemed a Key Culprit in Failure of Silicon Valley Bank

"President Trump and congressional Republicans' decision to roll back Dodd-Frank's 'too big to fail' rules for banks like SVB—reducing both oversight and capital requirements—contributed to a costly collapse," said Sen. Elizabeth Warren.

Common Dreams