The Federal Reserve is seemingly taken accountability for the collapse of Silicon Valley Bank, blaming their failure to properly regulate the bank in addition to failures in management from the bank's leadership team.
John Iadarola, Wosny Lambre, and David Doel discuss on The Young Turks. Watch TYT LIVE on weekdays 6-8 pm ET. http://youtube.com/theyoungturks/live
Read more HERE:
https://www.cnn.com/2023/04/28/business/silicon-valley-bank-post-mortem
"In a hotly anticipated banking report released Friday morning, the Federal Reserve said it failed to take sufficient action to prevent the collapse of Silicon Valley Bank, while detailing serious management oversights by the lender's executives.
The Fed, which is SVB's primary regulator, took responsibility for its own lapses, saying that supervisors 'did not fully appreciate the extent of the vulnerabilities as Silicon Valley Bank grew in size and complexity' and 'did not take sufficient steps' to ensure that SVB address its problems quickly."
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