Yeah, and once you do that, the shareholders at other banks will be asking their CEOs questions, like 'Prove to us that you're not doing the same shit that sunk SVB.'
True, we've invented new classes of "mistakes". It's fucking ridiculous. There's something very wrong with American banks and if the only solution we can come up with is further consolidation we're going to be in for a bumpy ride.
ING, before they bailed on US retail operations, only offered adjustable rate mortgages. They were also the only financial institution I ever dealt with that required the use of separate credentials for external banking integration (e.g. tax prep, quicken, whatever shiny new app).
SVB shareholders losing 100% of their investment seems like a consequence. They are probably kicking themselves for not doing more DD over the C-suite.
Sure. The point I was making that the mistakes which caused bank failures in 1930s and bank failures today, is fundamentally the same kind of mistakes. Ergo, we still make those mistakes; they still happen, we just don't let depositors bear the consequences of it anymore.
