Lanhdanan
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Mar 16, 2023 1:28 PM
Lanhdanan
60632
1537
20
Starfury42
Fuck them. This should be grounds to toss them in jail and the effectively stolen money taken from them.
elijahfox4
michaelfire
can confirm business model is Reagfanomics corporate socialism- private profit, public risk like railroads
RulesOfImgur
AFAIK We didn't bail the management out, the government stepped in and is controlling everything now because it collapsing is HORRIBLE
IamAlbertPotato
They should be jailed. Until people who do this are locked up it will continue to happen
rogerjun0497
Need to look at all bank records back to 2018.
morninggloryshade777
Let them spend years in jail.
69thStPepper
Normal day in US financial news
TheWombatStrikesAgain
I'm all for giving them a break. I already got some bones in mind.
trippingthelightfantastic
loma45
SVB is not being bailed out, so while your post is true, it's not really relevant.
rerickson5133
Its ok, bu outlawing drag shows,taking away peoples rights, and calling for thier extermiations, the gop will solve all problems even this
FaithAlone
I don’t think people understand, these execs are not the ones the bank imploding hurts. They have their millions in pay.
swc0806
They do it because they can. Our regulators and politicians allowed it, simple as that. Until this is changed, it will remain the same.
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LitchLitch
the right is never right
FinancialRavioli
The reason is lax regulation. The right claim it was due to the woke agenda. Whatever the fuck that means.
aarkarr
woke is bad, this is bad, ergo this is woke. It's simple math
jgrowley31337
ohwhenwilldeathcome
Source?
Brownie19
Good luck with that.
Commentsaboutyourusername
I'm here
darkstarmc
"but it was all approved of ahead of time!" Which makes it worse as they failed at their job of realizing their company was shit while
darkstarmc
Paying bonuses.
elijahfox4
Yuup. And now Biden is breaking his promise that there will be no drilling on federal lands. He just approved the willow project. He lied?
elijahfox4
elijahfox4
#AllPresidentsAreLiars
ontarioOT
Claw. Back. The. Fucking. Bonuses. That's the bare minimum that's acceptable here.
Syrpynt
+ Imprison the people who withdrew. It's not apples to apples, but equates to insider trading & withdrawing stocks.
mesogiria
Imprison people who took their money out of a bank they thought was failing?
Syrpynt
No, what kinda bad faith bs is this? I'm talking about the people who work there who knew. The customers wouldn't know.
Syrpynt
They withdrew the money thinking they wouldn't be covered. That's like selling stocks when you know a stock is gonna tank. Insider trading.
BootsDusty
ChallengerDeep
Warren used to attack the right things. But power has corrupted her: Now she's railing against Powell for turning off the easy money spigot
Chity
bro warren's a fucking chud lol
ballsoutflyer
And here we have a right-wing troll.
Whitebeardthepirate
Magats: "Yip! and dem dere libruls is triggered so I'S happy! Hyuk! Hyuk! Hyuk! Hyuk! Hyuk! Hyuk! "
TheAnswerIsViolence
They'll keep repeating the pattern of fucking over everyone for their benefit until true consequences are brought on them.
TheAnswerIsViolence
If people has been brought to the guillotine in 2008 and set a precedent, I'd be willing to bet SVB would have not failed.
Commentsaboutyourusername
I think the answer should be swift and terrible violence
TheAnswerIsViolence
And I also like your username
Commentsaboutyourusername
Thank you kind person. Baby don't hurt me don't hurt me
fractalsphere
Any banks that advocated for these reforms to be removed, and then failed because of it, should not get bailouts.
loma45
They're not being bailed out, so no problem.
fractalsphere
We'll see.
fractalsphere
https://www.bloomberg.com/news/articles/2023-03-16/us-pushes-first-republic-rescue-with-big-banks-after-stock-slump
loma45
I was more referring to SVB,but that link talks about other banks bailing out FR, organized by the Gov. Very different from a public bailout
Exdeath5000
I am sure those bonuses will trickle down any day now.... /s
Philosopherott
The SEC has three years to claw them back. In my mind the true test of whether this is corruption or incompetence.
Zetor
I'm sure coke dealers and call girls are getting the trickle...
Euchre
Seems like purposefully paying yourself a bonus when you know the thing is going to collapse should be criminal.
Ohyesireallydidthat
No, see, they're rich so it's fine
Exdeath5000
Oh it would be criminal if the rich hadn't written the financial laws
Euchre
Well, if it was them dumping their stock, that's insider trading and would be illegal.
dukeooo
Executive bonuses are approved by the board (so are employees' in a broad sense) and scheduled months in advance. No one predicts a bank run
Euchre
When you know you're going to announce shortfalls, it's easy to predict a bank run. Timeframe is the question here, how early did they know?
dukeooo
You can predict Peter Theil's antics? The bank wasn't insolvent. They lost some money and Peter started a run on it *and profited.
Perkunas687
The bonuses were pre-scheduled way beforehand and went to employees too, not just top people.
Euchre
Source?
Perkunas687
https://www.cnbc.com/2023/03/11/silicon-valley-bank-employees-received-bonuses-hours-before-takeover.html
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StevenAlleyn
In fairness they aren’t being bailed out. Depositors are being made whole, but investors have to eat the loss. & I’ve heard calls for…
pangolinx
A lot of people struggle with this distinction. The SVB shareholders and lenders are taking probably a complete loss here and that's how it
pangolinx
should be. And the govt is looking into clawing back the exec bonuses, which is also how it should be. Protecting the *despositors* though,
pangolinx
that's the right thing to do. It's what a responsible, progressive government should do.
StevenAlleyn
… investigations of those last minute bonuses.
spookywhispering
Oh yes and we'll hear about them maybe for three or four more days and then it'll go silent and those fucks will get away with it.
WhoDoesntLikeTacos
They have investigated themselves and have found no wrongdoing.
Hurro
Well, the bonuses were always scheduled for March 10th but ethically they probably should've withheld their payments and kept all cash they
Hurro
Could on hand for their issues.
keystotheairlock
Isn't that kind of why the SEC exists in the first place?
cdlong
*exactly
Philosopherott
Yeah there's a three year claw back that they can do.
ECayce
SEC is toothless and legislative impasse means it's not getting any better any time soon.
StevenAlleyn
Yeah & I hope they nail them to the fucking wall. But people claiming that FDIC/DIF are bailing out banks/bank execs are misunderstanding.
Arguile
They won’t. Just look at AMC
PoorSucker
Depositors in pyramid scheme should be bailed out?
Raznaroth
Username checks out
loveisallwereallyhave
Is this a general, totally unrelated question?
LitchLitch
are you trying to say "I have no clue how banking works" without saying "I have no clue how banking works"?
IMCastorTroy
Like most banks, they acted poorly, but business and people need to keep their money somewhere. This isn't a pyramid scheme.
LitchLitch
they really did not act poorly, they made some injudicious long term investments so they couldnt get liquid when they needed
IMCastorTroy
That's fair, but they also gave bonuses, sold stock days before the collapse of the bank, in that way they acted poorly.
LitchLitch
this is the time of year companies give out bonuses, and from what I understand the stock sales were pre-planned months ago
StevenAlleyn
It’s a federally regulated and insured bank. Not a pyramid scheme. Banks are fundamental to every current model of economic system. Keeping
StevenAlleyn
banking systems stable is a very, very important thing to do. Depositors trusted the banking system, they shouldn’t be penalized.
PoorSucker
Yes, why pay out more than regulated...they knew the rules.
Jatenffxiv
Because humans are dumb panicky creatures.
IMCastorTroy
A lot of the reasoning behind it is to prevent a run on small banks.