Yellen rules out bailout for Silicon Valley Bank: "not going to do that again"/Greg Becker, SVB CEO, sold $3.5 million in stock 2weeks before collapse

[Synthaholic]

Has nothing to do with whether I like him or not.

His mistress (Fang Fang) was a spy for Communist China. After being discovered, she fled the country back to China.

You'll believe anything, won't you?

 

[Synthaholic]

About that.

HUD TO FIGHT DISCRIMINATION, BOOST MINORITY HOMEOWNERSHIP AND WORK WITH URBAN LEAGUE TO FURTHER GOALS
https://archives.hud.gov/news/1997/pr97-135.cfm

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New York Times - 1999
Fannie Mae Eases Credit To Aid Mortgage Lending -
http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html

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President Bush’s and the Administrations Unheeded Warnings About the Systemic Risk Posed by the GSEs – Fannie and Freddie dating back to 2001
http://swampie.wordpress.com/2008/0...gs-about-the-systemic-risk-posed-by-the-gses/

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By Elliot Blair Smith,
USA TODAY
Fannie Mae to pay $400 million fine
http://www.bloomberg.com/apps/news?pid=newsarchive&refer=columnist_hassett&sid=aSKSoiNbnQY0

Franklin Raines was Director of the Office of Management and Budget under Clinton and returned to Fannie Mae as its CEO in 1999. Raines is not a “chief” economic adviser for President Barack Hussein Obama but has advised the administration on mortgage and housing matters. Obama had hired another former Fannie CEO, Jim Johnson as a member of Obama’s V.P. search committee and who was forced to quit under fire.

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Bloomberg News -
How the Democrats Created the Financial Crisis -

Bloomberg Politics - Bloomberg

Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News on everything pertaining to politics

www.bloomberg.com

Democrats in their own words covering up the Fannie Mae, Freddie Mac


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Timeline shows Bush, McCain warning Democrats of Financial Crisis


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From the New York Times
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: September 11, 2003 WASHINGTON,
Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

Read more:

New Agency Proposed to Oversee Freddie Mac and Fannie Mae (Published 2003)

Bush administration proposes new agency be created within Treasury Department to assume supervision of Fannie Mae and Freddie Mac, House Financial Services Committee hearing; new agency would have authority, which now rests with Congress, to set one of two capital-reserve requirements for...

www.nytimes.com

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From USNews and World Report
Barney Frank's Fannie and Freddie Muddle
By Sam Dealey
September 10, 2008
[…]
So five years ago, there was one of those rare moments in Washington when the branches and personalities of government—in this case, the Bush administration—are less interested in protecting or expanding their turf than in fixing a looming catastrophe. What was Frank's response to the proposal?

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

http://www.usnews.com/opinion/blogs/sam-dealey/2008/09/10/barney-franks-fannie-and-freddie-muddle

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Wall Street Journal Barney’s Rubble – September 17, 2008

Barney's Rubble - WSJ

online.wsj.com

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Barney Frank in 2005: What Housing Bubble?


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Democrats Were Wrong on Fannie Mae and Freddie Mac
The White House called for tighter regulation 17 times.

https://www.usnews.com/opinion/blogs/barone/2008/10/06/democrats-were-wrong-on-fannie-mae-and-freddie-mac

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Steve Kroft On Credit Default Swaps And Their Central Role In The Unfolding Economic Crisis -
https://www.cbsnews.com/news/the-bet-that-blew-up-wall-street/

All this, in addition to the repeal of the Glass-Steagall Act by President William Jefferson Clinton caused the meltdown.

It COULD have been stopped or greatly reduced. Democrats fought that every step of the way and the Republicans wilted under the barrage of being called racist and worse.

Spamming the board to cover up Trump and the Republican's disastrous deregulation which caused both the East Palestine train derailment and the Silicon Valley Bank crash.

 

[Markle]

Spamming the board to cover up Trump and the Republican's disastrous deregulation which caused both the East Palestine train derailment and the Silicon Valley Bank crash.

[...]
But that does not mean fault for the derailment in East Palestine lies with Trump.

Brake Rule Would Not Have Applied​

In a Feb. 16 Twitter thread, the chair of the federally independent National Transportation Safety Board, Jennifer Homendy, explained that the Obama rule the Trump administration rolled back would not have applied to that particular Norfolk Southern train.

“Some are saying the ECP (electronically controlled pneumatic) brake rule, if implemented, would’ve prevented this derailment. FALSE,” she wrote. “The ECP braking rule would’ve applied ONLY to HIGH HAZARD FLAMMABLE TRAINS. The train that derailed in East Palestine was a MIXED FREIGHT TRAIN containing only 3 placarded Class 3 flammable liquids cars.”

“This means even if the rule had gone into effect, this train wouldn’t have had ECP brakes,” Homendy said.

NTSB Chair Contradicts Posts That Wrongly Claim Trump to Blame for Ohio Train Wreck - FactCheck.org

The National Transportation Safety Board's chair said an Obama-era rule the Trump administration nixed would not have prevented the derailment of a train in Ohio, as some partisan commentators inaccurately claim. The rule requiring a new electronic braking system for certain trains carrying...

www.factcheck.org

 

[Synthaholic]

GOP senators pushed to keep banking rules loose one week before SVB collapse​

The stunning events around Silicon Valley Bank of California and Signature Bank of New York come after years of moves in Washington to ease capital requirements on smaller and regional banks — including one that came just last week.

In a letter dated March 3 to Federal Reserve Chair Jerome Powell, Sen. Tim Scott (R-SC), the ranking member of the Senate Banking Committee, and nine of his GOP colleagues expressed concern that an ongoing Federal Reserve review may go beyond a 2018 law that eased regulations on smaller banks and “may unjustly increase capital requirements and have a chilling effect on market making activities and availability of financial services.”

 

[Lisa558]

People shouldn’t be putting 50 million in a bank account. What idiocy.

 

[Markle]

GOP senators pushed to keep banking rules loose one week before SVB collapse​

The stunning events around Silicon Valley Bank of California and Signature Bank of New York come after years of moves in Washington to ease capital requirements on smaller and regional banks — including one that came just last week.

In a letter dated March 3 to Federal Reserve Chair Jerome Powell, Sen. Tim Scott (R-SC), the ranking member of the Senate Banking Committee, and nine of his GOP colleagues expressed concern that an ongoing Federal Reserve review may go beyond a 2018 law that eased regulations on smaller banks and “may unjustly increase capital requirements and have a chilling effect on market making activities and availability of financial services.”

Once again.

"California-based Silicon Valley Bank was closed Friday morning by the state’s financial regulator, the Federal Deposit Insurance Corporation announced, becoming the
largest bank to fail since the 2008 financial crisis."

What To Know About Silicon Valley Bank’s Collapse—The Biggest Bank Failure Since 2008

The California-based tech startup lender was shut down by the state’s financial regulator Friday, and the government unveiled a plan to protect depositors over the weekend.

www.forbes.com

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Synthaholic, as we all know by now, GO WOKE, GO BROKE!

BUSINESS SILICON VALLEY BANK

While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs​

By Katherine Donlevy
March 11, 2023 8:24pm Updated

While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs

“These banks are badly run because everybody is focused on diversity and all of the woke issues and not concentrating on the one thing they should, which is, shareholder returns,” Marcu…

nypost.com

 

[Lisa558]

Once again.

"California-based Silicon Valley Bank was closed Friday morning by the state’s financial regulator, the Federal Deposit Insurance Corporation announced, becoming the
largest bank to fail since the 2008 financial crisis."

What To Know About Silicon Valley Bank’s Collapse—The Biggest Bank Failure Since 2008

The California-based tech startup lender was shut down by the state’s financial regulator Friday, and the government unveiled a plan to protect depositors over the weekend.

www.forbes.com

###

Synthaholic, as we all know by now, GO WOKE, GO BROKE!

BUSINESS SILICON VALLEY BANK

While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs​

By Katherine Donlevy
March 11, 2023 8:24pm Updated

While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs

“These banks are badly run because everybody is focused on diversity and all of the woke issues and not concentrating on the one thing they should, which is, shareholder returns,” Marcu…

nypost.com

Go woke, go broke.

If they had hired qualified people, rather than focusing on hiring blacks and gays regardless of competence, this wouldn’t have happened.

 

[Markle]

Go woke, go broke.

If they had hired qualified people, rather than focusing on hiring blacks and gays regardless of competence, this wouldn’t have happened.

Just as important is where they made investments.