WASHINGTON, March 30 — The scope of blame for Silicon Valley Bank’s failure stretches across bank executives, Federal Reserve supervisors and other regulators, the banking...
WASHINGTON, March 30 — The scope of blame for Silicon Valley Bank’s failure stretches across bank executives, Federal Reserve supervisors and other regulators, the banking system’s top cop on Wednesday told US lawmakers demanding answers for the lender’s swift collapse.
Depositors tried to pull more than US$42 billion in a single day at SVB in early March, surprising regulators and kicking off deposit flight across other regional banks.“I think all of us were caught incredibly off-guard by the massive bank run that occurred when it did.” Barr on Tuesday criticised SVB for going months without a chief risk officer and for how it modelled interest rate risk, but lawmakers said the response wasn’t aggressive enough, with Democrat Juan Vargas saying, “it seems like they blew you guys off and you didn’t do anything.”Both the Fed and FDIC are is expected to produce reports on the failure of Silicon Valley Bank by May 1.
SVB and Signature became the second- and third-largest bank failures in US history. Investors fled to safe havens like bonds while depositors moved funds to bigger institutions and money market funds.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tibet faces ‘slow death’ under China, exiled leader tells US CongressTibet faces ‘slow death’ under China, exiled leader tells US Congress FMTNews FMTWorld
Read more »
Prasarana directed to meet on Klang Valley train disruptions, says LokeJOHOR BARU: Prasarana Malaysia Bhd has been told to conduct a special meeting to identify the root of the technical issues occurring along the MRT and LRT lines in the Klang Valley, says Anthony Loke.
Read more »
US senators slam regulators for SVB oversight failuresWASHINGTON, March 29 ― US lawmakers accused regulators yesterday of failing to do enough to prevent the collapse of Silicon Valley Bank earlier this month, despite knowing it...
Read more »
Dr M sends letter of demand to Anwar, wants apology for PKR congress remarksPUTRAJAYA: Tun Dr Mahathir Mohamad wants the Prime Minister to retract an allegedly defamatory statement made towards him at a PKR gathering.
Read more »
Congress Finds Time To Yell At Sony On Microsoft's Behalf10 sitting Congress members sent letters to Biden officials about Japanese antitrust laws
Read more »
China denounces US for hosting Tibet’s leader-in-exileChina denounces US for hosting Tibet’s leader-in-exile FMTNews FMTWorld
Read more »