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</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">added svb on fail</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">=</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">wolff econ update 8/10/18</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">=</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><a href="https://www.alternet.org/msn/former-gop-strategist-rips-obviously-racist-maga-responses-to-svb-collapse/">https://www.alternet.org/msn/former-gop-strategist-rips-obviously-racist-maga-responses-to-svb-collapse/</a></font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">=</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">mma 3 23</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style=""><div class="paragraph paragraph--type--stories-text paragraph--view-mode--editorial" style="box-sizing: border-box;"><div class="fancy-elems-wrapper field field--name-field-stories-text-formatted field--type-text-long field--label-hidden fielditem" style="box-sizing: border-box;"><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">the right-wing media echo chamber pushed a completely fictional talking point that Silicon Valley Bank had supposedly donated $73 million to Black Lives Matter, based on distortions from a far-right think tank. And in Fox News’ rush to amplify the falsehoods, which fit the network’s preposterous political narrative that SVB was a “<a href="https://www.mediamatters.org/fox-news/what-absurd-woke-bank-svb-talking-point-says-about-gops-inability-talk-about-policy" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">woke bank</a>,” purported “news” personnel behaved no differently from the network’s opinion hosts.</font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style=""><span style="background-color: rgb(255, 255, 102);">As a prime example of Fox’s “news” personalities pushing blatantly partisan falsehoods, on the morning of March 15, Fox News White House correspondent Peter Doocy claimed: “Roughly $73 million went to Black Lives Matter-related causes” from the bank. </span><span style="background-color: rgb(255, 255, 255);">[vid]</span></font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large"><span style="background-color: rgb(255, 255, 51);">and later that night, Fox host Sean Hannity said that Silicon Valley Bank “diverted a massive amount of money to left-wing causes. Now, get this, this is what we have discovered, that includes a whopping $73 million to BLM-related groups.</span><span style="background-color: rgb(255, 255, 255);">"</span></span><span style="background-color: rgb(255, 255, 255); font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large">[vid]</span></p><p style="background-color: rgb(255, 255, 255); box-sizing: border-box; margin: 0px 0px 1.5em;"><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large">this is the same network that, as recently unearthed text messages and emails have shown, will actively</span><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large"> </span><a href="https://www.mediamatters.org/fox-news/revealed-how-fox-prime-time-hosts-and-executives-attacked-fox-reporters-who-fact-checked" style="background: transparent; font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" box-sizing="box-sizing" border-box="border-box" transition="transition" box-shadow="box-shadow" s="s" ease-in-out="ease-in-out" text-decoration-line="text-decoration-line" none="none" rgba="rgba" px="px" inset="inset">reprimand and penalize</a><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large"> </span><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large">its alleged “straight news” reporters for debunking misinformation pushed by its opinion hosts and their guests. As such, nobody in the network would have any incentive to even try to unearth the facts, because Fox News is</span><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large"> </span><a href="https://www.mediamatters.org/fox-news/fox-news-staffers-agree-fox-not-news-organization" style="background: transparent; font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" box-sizing="box-sizing" border-box="border-box" transition="transition" box-shadow="box-shadow" s="s" ease-in-out="ease-in-out" text-decoration-line="text-decoration-line" none="none" rgba="rgba" px="px" inset="inset">not in any sense</a><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large"> </span><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large">a real news organization.</span></p></div></div><div class="paragraph paragraph--type--stories-text paragraph--view-mode--editorial" style="box-sizing: border-box;"><div class="fancy-elems-wrapper field field--name-field-stories-text-formatted field--type-text-long field--label-hidden fielditem" style="box-sizing: border-box;"><h2 style="background-color: rgb(255, 255, 255); box-sizing: border-box; line-height: 1; margin: 0px 0px 1rem;"><font size="4" face="Times New Roman">Actual SVB donations to Black Lives Matter: $0.00</font></h2><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 153, 0);">The charge itself that SVB contributed over $70 million to Black Lives Matter or closely aligned organizations is based on a supposed “<a href="https://dc.claremont.org/blm-funding-database/" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">BLM-funding database</a>” maintained by the <b>Claremont Institute</b>, a <a href="https://www.nytimes.com/2022/08/03/magazine/claremont-institute-conservative.html" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">right-wing</a> and <a href="https://www.vox.com/policy-and-politics/2021/4/1/22356594/conservatives-right-wing-democracy-claremont-ellmers" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">openly anti-democracy</a> organization that is also closely tied to disgraced former law professor <a href="https://www.washingtonpost.com/nation/2022/07/24/claremont-john-eastman-trump/" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">John Eastman</a>, who was closely involved in former President Donald Trump’s efforts to overturn the 2020 election results.</font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style=""><span style="background-color: rgb(255, 255, 102);"><a href="https://apnews.com/article/silicon-valley-bank-fdic-svb-california-d84764deb458371667ac7f850f430f22" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">The Associated Press</a> confirmed that the database does not show any spending to Black Lives Matter, and obtained a comment in which Claremont explained it was including “reparative initiatives,” which it called “race-based, discriminatory hiring programs; race-based, sub-prime lending; partisan voter initiatives; and DEI efforts.” The AP also obtained a comment from the Black Lives Matter Global Network Foundation, which confirmed it did not receive $70 million from the bank, and added: “Even if we did, the idea that this type of contribution would be controversial is rooted in a pathology that Black organizations don’t deserve to be funded.</span><span style="background-color: rgb(255, 255, 255);">”</span></font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">In addition, professor Rodney Ramcharan at the University of Southern California’s Marshall School of Business explained to the AP what actual evidence of bank failure due to “woke” business practices might look like, if such a thing existed. “The bank would have suffered loan losses—writing down bad loans made to ‘woke’ firms,” he explained. “So this is not a matter of opinion, but actual data. Instead, there are no unusual loan losses or loan loss provisioning.” (<b>Claremont had cited “sub-prime lending” as a component of such alleged “woke” practices.)</b></font></p></div></div><div class="paragraph paragraph--type--stories-text paragraph--view-mode--editorial" style="box-sizing: border-box;"><div class="fancy-elems-wrapper field field--name-field-stories-text-formatted field--type-text-long field--label-hidden fielditem" style="box-sizing: border-box;"><h2 style="background-color: rgb(255, 255, 255); box-sizing: border-box; line-height: 1; margin: 0px 0px 1rem;"><font size="4" face="Times New Roman">The database labels any donations that support Black people as “BLM”</font></h2><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style=""><span style="background-color: rgb(255, 255, 102);">Writing for the newsletter <a href="https://popular.info/p/silicon-valley-bank-donated-zero" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">Popular Information</a>, Judd Legum, Rebecca Crosby, and Tesnim Zekeria reported that the Claremont Institute’s own database shows a total of $0 in donations to any officially branded Black Lives Matter organization</span><span style="background-color: rgb(255, 255, 255);">. <b>Instead, the organization’s database also includes spending that it describes as being for “organizations and initiatives that advance one or more aspects of BLM’s agenda.”</b></span></font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style=""><span style="background-color: rgb(255, 255, 102);">Under this amorphous criteria, Popular Information found that Claremont had included a pledge that SVB made in 2021 to spend $50 million over the course of five years for the company’s internal initiative to connect women, Black people and Latinos with startup funding and leadership connections in venture capital.</span><span style="background-color: rgb(255, 255, 255);"> Nearly all the rest came from a $20 million pledge to “support additional COVID-19 relief” and establish a “full-ride, needs-based University Scholarship program to students at Arizona State University, Florida A&M University, Tulane University, and Xavier University.” Both Florida A&M and Xavier University of Louisiana are prominent </span><a href="http://www.thehundred-seven.org/hbculist.html" style="background: transparent; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">historically black colleges and universities</a><span style="background-color: rgb(255, 255, 255);">. (It’s unclear why Claremont lumped in funding for Arizona State and Tulane.)</span></font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style=""><span style="background-color: rgb(255, 153, 0);"><a href="https://talkingpointsmemo.com/edblog/a-quick-look-at-the-lying-trumpist-liars-behind-that-database-on-corprate-giving-to-blm" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">Talking Points Memo</a> editor-in-chief Josh Marshall also examined the rest of the database on supposed BLM-related corporate spending, and found that Claremont’s appraisal of corporate spending throughout the business world essentially boiled down to “it seems adjacent to Black people, so that’s ‘BLM</span><span style="background-color: rgb(255, 255, 255);">.’” </span><span style="background-color: rgb(255, 255, 102);">These included any corporate donations to such longstanding organizations as the United Negro College Fund and the NAACP, or minority-focused business groups such as the Executive Leadership Council or the Forum to Advance Minorities in Engineering, the latter of which was founded in 1976 <a href="https://www.famedelaware.org/mission/" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">by DuPont</a>. (Also tagged as “BLM” spending in the Claremont’s database were corporate grants to the American Heart Association and U.S. Vaccine Adoption Grants.)</span></font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">Keep in mind, Popular Information had also pointed out that the database defines the BLM agenda as allegedly being to “undermine capitalism, the nation state, and Western civilization.” By extension, Claremont is essentially accusing any corporate spending on Black education, health outcomes, or business development to be part of a plot to destroy Western civilization. This is the fabulist message that Fox’s reporters and the rest of the right-wing media ecosystem were so eager to spread.</font></p></div></div><div class="paragraph paragraph--type--stories-text paragraph--view-mode--editorial" style="box-sizing: border-box;"><div class="fancy-elems-wrapper field field--name-field-stories-text-formatted field--type-text-long field--label-hidden fielditem" style="box-sizing: border-box;"><h2 style="background-color: rgb(255, 255, 255); box-sizing: border-box; line-height: 1; margin: 0px 0px 1rem;"><font size="4" face="Times New Roman">Fox News drove the right-wing echo chamber’s amplification of false SVB claims</font></h2><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">Fox’s alarmist coverage of the s<b>upposed link between SVB’s corporate giving and the BLM movement clearly spanned both its purported “straight news” side</b> and opinion hosts, with the two camps voicing the exact same line over and over on Fox News, Fox Business, and the network’s digital properties.</font></p><ul style="box-sizing: border-box; margin: 0px 0px 1.5em; clear: both; list-style: none; padding: 0px;"><li aria-level="1" style="background-color: rgb(255, 255, 255); box-sizing: border-box; list-style: none; margin: 0px 0px 0.75em; padding-left: 2.4rem; position: relative;"><font size="4" face="Times New Roman">Fox host <strong style="box-sizing: border-box;">Jesse Watters</strong> asserted that Silicon Valley Bank (SVB) “donated $74 million to Black Lives Matter." [Fox News, <span style="box-sizing: border-box;">Jesse Watters Primetime</span>, <a href="https://www.mediamatters.org/media/4002365" style="box-sizing: border-box; background: transparent; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">3/14/23</a>]</font></li><li aria-level="1" style="background-color: rgb(255, 255, 255); box-sizing: border-box; list-style: none; margin: 0px 0px 0.75em; padding-left: 2.4rem; position: relative;"><font size="4" face="Times New Roman">Fox host <strong style="box-sizing: border-box;">Tucker Carlson</strong>: “Silicon Valley Bank, brace yourself, spent more than $73 million on donations to BLM and related organizations.” [Fox News, <span style="box-sizing: border-box;">Tucker Carlson Tonight</span>, <a href="https://www.mediamatters.org/media/4002367" style="box-sizing: border-box; background: transparent; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">3/14/23</a>]</font></li><li aria-level="1" style="background-color: rgb(255, 255, 255); box-sizing: border-box; list-style: none; margin: 0px 0px 0.75em; padding-left: 2.4rem; position: relative;"><font size="4" face="Times New Roman"><span style="box-sizing: border-box;">Fox & Friends</span> co-host <strong style="box-sizing: border-box;">Ainsley Earhardt</strong>: SVB donated “more than $73 million to Black Lives Matter.” [Fox News, <span style="box-sizing: border-box;">Fox & Friends</span>, <a href="https://www.mediamatters.org/media/4002368" style="box-sizing: border-box; background: transparent; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">3/15/23</a>]</font></li><li aria-level="1" style="background-color: rgb(255, 255, 255); box-sizing: border-box; list-style: none; margin: 0px 0px 0.75em; padding-left: 2.4rem; position: relative;"><font size="4" face="Times New Roman">Fox Business: “Silicon Valley Bank donated millions to Black Lives Matter-related groups, social justice causes, records show.” [FoxBusiness.com, <a href="https://www.foxbusiness.com/politics/silicon-valley-bank-donated-millions-black-lives-matter-related-groups-social-justice-causes-records-show" style="box-sizing: border-box; background: transparent; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">3/14/23]</a></font></li><li aria-level="1" style="background-color: rgb(255, 255, 255); box-sizing: border-box; list-style: none; margin: 0px 0px 0.75em; padding-left: 2.4rem; position: relative;"><font size="4" face="Times New Roman">Fox White House correspondent <strong style="box-sizing: border-box;">Peter Doocy</strong> also pushed this, which Fox anchor Dana Perino failed to contradict. [Fox News, <span style="box-sizing: border-box;">America’s Newsroom</span>, <a href="https://www.mediamatters.org/media/4002370" style="box-sizing: border-box; background: transparent; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">3/15/23</a>]</font></li><li aria-level="1" style="background-color: rgb(255, 255, 255); box-sizing: border-box; list-style: none; margin: 0px 0px 0.75em; padding-left: 2.4rem; position: relative;"><font size="4" face="Times New Roman">Fox host <strong style="box-sizing: border-box;">Sean Hannity</strong>: “Now, SVB was California's woke trendy bank. So, naturally, instead of safeguarding every penny deposited, SVB diverted a massive amount of money to left-wing causes. Now, get this, this is what we have discovered: That includes a whopping $73 million to BLM-related groups, five billion dollars in commitments to climate change.” [Fox News, <span style="box-sizing: border-box;">Hannity</span>, <a href="https://www.mediamatters.org/media/4002371" style="box-sizing: border-box; background: transparent; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">3/15/23</a>]</font></li><li aria-level="1" style="background-color: rgb(255, 255, 255); box-sizing: border-box; list-style: none; margin: 0px 0px 0.75em; padding-left: 2.4rem; position: relative;"><font size="4" face="Times New Roman">Fox Business host <strong style="box-sizing: border-box;">Maria Bartiromo</strong>: “Silicon Valley Bank donated more than $73 million to groups tied to Black Lives Matter.” [Fox Business, <span style="box-sizing: border-box;">Mornings with Maria Bartiromo</span>, <a href="https://www.mediamatters.org/media/4002374" style="box-sizing: border-box; background: transparent; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">3/15/23</a>]</font></li><li aria-level="1" style="box-sizing: border-box; list-style: none; margin: 0px 0px 0.75em; padding-left: 2.4rem; position: relative;"><font size="4" face="Times New Roman" style=""><span style="background-color: rgb(255, 255, 102);">Fox Business host <strong style="box-sizing: border-box;">Larry Kudlow</strong>: “Apparently some more bad, there is such a slew of crazy left-wing stuff surrounding this Silicon Valley Bank. I mean this is some weird bank. First of all, they gave $73 million to the Marxist BLM, Black Lives Matter movement at the height of COVID and the race riots in 2020.”</span><span style="background-color: rgb(255, 255, 255);"> [Fox Business, </span><span style="background-color: rgb(255, 255, 255); box-sizing: border-box;">Kudlow</span><span style="background-color: rgb(255, 255, 255);">, </span><a href="https://www.mediamatters.org/media/4002375" style="background: transparent; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">3/15/23</a><span style="background-color: rgb(255, 255, 255);">]</span></font></li><li aria-level="1" style="background-color: rgb(255, 255, 255); box-sizing: border-box; list-style: none; margin: 0px 0px 0.75em; padding-left: 2.4rem; position: relative;"><font size="4" face="Times New Roman">Fox Business guest <strong style="box-sizing: border-box;">Vivek Ramaswamy</strong>: “We’re now seeing reports about the amount of money they committed to BLM and related movements.” [Fox Business, <span style="box-sizing: border-box;">The Bottom Line</span>, <a href="https://www.mediamatters.org/media/4002381" style="box-sizing: border-box; background: transparent; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">3/14/23</a>]</font></li><li aria-level="1" style="box-sizing: border-box; list-style: none; margin: 0px 0px 0.75em; padding-left: 2.4rem; position: relative;"><font size="4" face="Times New Roman" style=""><span style="background-color: rgb(255, 255, 255);">Fox Business guest</span><span style="background-color: rgb(255, 255, 102);"> <strong style="box-sizing: border-box;">Stephen L. Miller</strong>: </span><span style="background-color: rgb(255, 255, 255);">“We had to bail this bank out. They’ve given millions of dollars in BLM initiatives and DEI initiatives.” [Fox Business, </span><span style="background-color: rgb(255, 255, 255); box-sizing: border-box;">Kennedy</span><span style="background-color: rgb(255, 255, 255);">, </span><a href="https://www.mediamatters.org/media/4002380" style="background: transparent; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">3/15/23</a><span style="background-color: rgb(255, 255, 255);">]</span></font></li><li aria-level="1" style="background-color: rgb(255, 255, 255); box-sizing: border-box; list-style: none; margin: 0px 0px 0.75em; padding-left: 2.4rem; position: relative;"><font size="4" face="Times New Roman">Fox Business guest <strong style="box-sizing: border-box;">Mark Tepper</strong>: SVB “had pledged $74 million to left-leaning organizations and charities, including BLM.” [Fox Business, <span style="box-sizing: border-box;">Mornings with Maria Bartiromo</span>, <a href="https://www.mediamatters.org/media/4002379" style="box-sizing: border-box; background: transparent; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">3/16/23</a>]</font></li><li aria-level="1" style="background-color: rgb(255, 255, 255); box-sizing: border-box; list-style: none; margin: 0px 0px 0.75em; padding-left: 2.4rem; position: relative;"><font size="4" face="Times New Roman">Fox Business host <strong style="box-sizing: border-box;">Stuart Varney</strong> expressed shock at the number, while correspondent <strong style="box-sizing: border-box;">Lauren Simonetti</strong> said “the question is were they distracted. Were executives too concerned about diversity, gender, climate that they missed the financial problem.” [Fox Business, <span style="box-sizing: border-box;">Varney & Co.</span>, <a href="https://www.mediamatters.org/media/4002376" style="box-sizing: border-box; background: transparent; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">3/16/23</a>]</font></li><li aria-level="1" style="background-color: rgb(255, 255, 255); box-sizing: border-box; list-style: none; margin: 0px 0px 0.75em; padding-left: 2.4rem; position: relative;"><font size="4" face="Times New Roman">Fox Business host <strong style="box-sizing: border-box;">Larry Kudlow</strong>: “This bank in Silicon Valley was a rogue bank. They did insane things. The board was full of Hillary Clinton donors, they had one person there with banking experience, they gave $75 million to Black Lives Matter two years ago, $5 billion apparently to climate causes and diversity causes, that’s just nonsense. … This is a rogue bank.” [Fox News, <span style="box-sizing: border-box;">America Reports</span>, <a href="https://www.mediamatters.org/media/4002377" style="box-sizing: border-box; background: transparent; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">3/16/23</a>]</font></li><li aria-level="1" style="background-color: rgb(255, 255, 255); box-sizing: border-box; list-style: none; margin: 0px 0px 0.75em; padding-left: 2.4rem; position: relative;"><font size="4" face="Times New Roman">Fox Business host <strong style="box-sizing: border-box;">Larry Kudlow</strong>: “It’s a rogue bank, there is no question about that. The mistakes they made were fundamental mistakes also, you know. The duration was wrong. The asset-liability matchbook was all wrong. But you don't give $75 million to Black Lives Matter at the height of racial tensions in the middle of the pandemic. You don't commit $5 billion to all kinds of climate change, diversity, equity, and things of that sort, you don't do that.” [Fox Business, <span style="box-sizing: border-box;">The Bottom Line</span>, <a href="https://www.mediamatters.org/media/4002378" style="box-sizing: border-box; background: transparent; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">3/16/23</a>]</font></li></ul><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">Fox was not alone in spreading this falsehood; many right-wing media outlets pushed the same lies. A <a href="https://nypost.com/2023/03/15/svb-donated-73m-to-black-lives-matter-movement-social-justice-causes/" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">New York Post</a> headline read: “SVB donated $73M to Black Lives Matter movement, social justice causes.” An article from <a href="https://thefederalist.com/2023/03/14/silicon-valley-bank-pledged-nearly-74-million-to-black-lives-matter-causes/" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">The Federalist</a> was headlined: “Silicon Valley Bank Pledged Nearly $74 Million To Black Lives Matter Causes.” <a href="https://www.washingtontimes.com/news/2023/mar/15/silicon-valley-banks-woke-agenda-thrived-while-man/" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">The Washington Times</a>, citing The Federalist, wrote: “SVB donated more than $73 million to the Black Lives Matter movement and other social justice causes.” A <a href="https://www.washingtonexaminer.com/policy/economy/svb-donates-more-than-70-million-social-justice" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">Washington Examiner</a> headline read: “SVB collapse: Bank donated over $70 million to Black Lives Matter groups before closure.” <a href="https://www.thegatewaypundit.com/2023/03/woke-silicon-valley-bank-gave-over-73-million-to-black-lives-matter-movement/" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">Gateway Pundit</a> declared in its headline: “Woke Silicon Valley Bank Gave Over $73 Million to Black Lives Matter Movement.” A <a href="https://dailycaller.com/2023/03/15/silicon-valley-bank-blm-social-justice-claremont-institute/" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">Daily Caller</a> headline stated: “Silicon Valley Bank Committed Over $73 Million To BLM And Social Justice Causes Before It Collapsed.” And it went <a href="https://pjmedia.com/news-and-politics/catherinesalgado/2023/03/14/woke-silicon-valley-bank-gave-73-45-million-to-blm-n1678342" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">on</a> and <a href="https://redstate.com/kiradavis/2023/03/14/silicon-valley-bank-spent-74-million-on-black-lives-matter-and-social-justice-causes-n716419" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">on</a> and <a href="https://www.breitbart.com/politics/2023/03/15/failed-silicon-valley-bank-gave-black-lives-matter-over-73-million/" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">on</a>.</font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">In an amazing turn of events, Breitbart actually <a href="https://www.breitbart.com/politics/2023/03/15/updated-failed-silicon-valley-bank-gave-left-wing-causes-over-70-million/" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">issued a correction</a>, noting that “the Claremont Institute’s definition of ‘Black Lives Matter’ included a far wider range of organizations,” and giving credit that “left-wing writer Judd Legum appropriately flagged these issues.”</font></p><p style="background-color: rgb(255, 255, 255); box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman">So as of now, Breitbart has exhibited more journalistic responsibility than the entire roster of Fox News, including one of the network’s White House correspondents.</font></p></div></div></div><div style="background-color: rgb(255, 255, 255);"><div><font size="4" face="Times New Roman"></font></div><div><font size="4" face="Times New Roman">mma 3 23 matt g</font></div><div><font size="4" face="Times New Roman">
</font></div><div><div class="paragraph paragraph--type--stories-text paragraph--view-mode--editorial" style="box-sizing: border-box;"><div class="fancy-elems-wrapper field field--name-field-stories-text-formatted field--type-text-long field--label-hidden fielditem" style="box-sizing: border-box;"><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">Speaker Kevin McCarthy’s (R-CA) plan to blame President Joe Biden’s economic policies for the Friday collapse of Silicon Valley Bank <a href="https://www.semafor.com/newsletter/03/14/2023/semafor-principals-congress-confronts-the-bank-bust" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">has hit a snag</a>. </font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);"><b>McCarthy wants the <a href="https://twitter.com/jakesherman/status/1635434251930726400" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">Republican message</a> to be that Biden’s spending triggered a rise in inflation, and the Federal Reserve’s subsequent interest rate increases wiped out the bank</b>. But his members have instead been claiming that the bank failed because it was too “woke,” a charge so ludicrous that a caucus leader reportedly <a href="https://twitter.com/Olivia_Beavers/status/1635449642212294657" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">urged them</a> to “stop tweeting / going on tv if they don’t understand” the situation.</font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">But McCarthy’s dilemma won’t be as easy to solve as that: It stems from the fact that GOP members of Congress are downstream from the same right-wing misinformation and infotainment apparatus as the party’s base. And that system has spent the Biden administration forcing every policy issue, no matter how complex, through its culture war lens.</font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">SVB failed for banal finance reasons, as Bloomberg’s Matt Levine <a href="https://www.bloomberg.com/opinion/articles/2023-03-10/startup-bank-had-a-startup-bank-run" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">has</a> <a href="https://www.bloomberg.com/opinion/articles/2023-03-13/svb-couldn-t-ignore-its-losses-but-the-fed-can#xj4y7vzkg" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">detailed</a>. It had a customer base of venture capitalists and the start-ups they fund. Those customers generally don’t require short-term, variable-rate business loans, so SVB instead invested their deposits in long-term, fixed-rate bonds without sufficiently hedging its risk</span>. As interest rates rose, those bonds lost value. Some SVB depositors feared the bank’s finances had become too weak and withdrew their funds; s<b>ince venture capitalists are <a href="https://twitter.com/sidhubaba/status/1635655010108227587" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">panicky and move in a herd</a>, the result was an old-fashioned bank run, and on Friday, regulators took over SVB, saying it lacked liquidity and had become insolvent.</b></font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 153, 0);">But as the bank collapsed, the right-wing media <a href="https://www.mediamatters.org/fox-news/right-wing-media-blame-wokeness-silicon-valley-bank-failure" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">concocted a very different story</a> that fit neatly into their culture war narratives. In their telling, SVB failed because it was too “woke” and had excessively focused on diversity, equity, and inclusion efforts. Digital media outlets, online influencers, right-wing podcasters, <a href="https://www.mediamatters.org/fox-news/tucker-carlson-blames-diversity-initiatives-increasingly-incompetent-banks" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">powerful</a> Fox <a href="https://www.mediamatters.org/fox-news/fox-news-host-claims-silicon-valley-bank-collapsed-because-its-woke-biden-bank" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">hosts</a>, and <a href="https://www.vice.com/en/article/xgwq9a/wsj-wonders-did-silicon-valley-bank-die-because-one-black-person-was-on-its-board" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">columnists</a> at the staid Wall Street Journal all converged on the same talking points.[</span>twt]</font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><span style="background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman"><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large">republican politicians echoed this theme as it spread through the right-wing press, parroting the message that they perceived was popular among their political base. And not just random backbenchers — over the weekend, Rep. James Comer (R-KY), who leads the party’s investigations as chair of the House Oversight committee,</span><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large"> </span><a href="https://twitter.com/atrupar/status/1634932203741216775" style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" box-sizing="box-sizing" border-box="border-box" background-image="background-image" initial="initial" background-position="background-position" background-size="background-size" background-repeat="background-repeat" background-attachment="background-attachment" background-origin="background-origin" background-clip="background-clip" transition="transition" box-shadow="box-shadow" s="s" ease-in-out="ease-in-out" text-decoration-line="text-decoration-line" none="none" rgba="rgba" px="px" inset="inset">went on Fox News</a><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large"> </span><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large">to decry SVB as “one of the most woke banks,” while likely presidential candidate and Florida Gov. Ron DeSantis</span><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large"> </span><a href="https://floridapolitics.com/archives/594666-svb-desantis-dei/" style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" box-sizing="box-sizing" border-box="border-box" background-image="background-image" initial="initial" background-position="background-position" background-size="background-size" background-repeat="background-repeat" background-attachment="background-attachment" background-origin="background-origin" background-clip="background-clip" transition="transition" box-shadow="box-shadow" s="s" ease-in-out="ease-in-out" text-decoration-line="text-decoration-line" none="none" rgba="rgba" px="px" inset="inset">argued</a><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large"> </span><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large">on the same show that its leaders had been “so concerned with DEI and politics” that it “really diverted from them focusing on their core mission.”</span></font></span></p></div></div><div class="paragraph paragraph--type--stories-text paragraph--view-mode--editorial" style="box-sizing: border-box;"><div class="fancy-elems-wrapper field field--name-field-stories-text-formatted field--type-text-long field--label-hidden fielditem" style="box-sizing: border-box;"><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman"><b>McCarthy had lost control of the GOP message to propagandists who produce political takes that are optimized for ratings and clicks, and now he is desperately trying to get it back.</b> </font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">This isn’t the first time the right has blamed bank failures on excessive support for people of color. In 2008, it <a href="https://www.mediamatters.org/laura-ingraham/media-conservatives-baselessly-blame-community-reinvestment-act-foreclosure-spike" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">became commonplace</a> to <a href="https://www.mediamatters.org/sean-hannity/hannity-baselessly-blamed-democrats-cra-financial-crisis" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">blame</a> the <a href="https://www.mediamatters.org/fox-news/fox-barnes-krauthammer-echoed-conservative-claim-cra-played-key-role-subprime-crisis" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">financial crisis</a> on the Community Reinvestment Act. As Fox’s Laura Ingraham put it at the time, that law, which was enacted in 1977, “pushed all these institutions to lend to minority communities, many were very risky loans.” </font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">That argument was <a href="https://www.mediamatters.org/legacy/myths-and-falsehoods-about-purported-link-between-affordable-housing-initiatives-and" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">wrong</a> — only a small percentage of subprime mortgages were issued by depository institutions under the CRA</span> — and it scapegoated borrowers rather than the predatory lenders who in many cases <a href="https://abcnews.go.com/Business/story?id=5966295&page=1" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">deceived them</a> or the bankers who profited handsomely by <a href="https://www.fdic.gov/bank/historical/crisis/chap1.pdf" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">selling those subprime mortgages</a> packaged in complicated financial products, even though it dramatically increased their institutions’ risk. </font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman">But the CRA charge was at least vaguely related to actual federal economic policies. That reflected the sizable portion of right-wing media attention paid during the Obama administration to developing talking points in favor of deregulation and other conservative economic priorities like cutting taxes, particularly for wealthy Americans and corporations, and slashing the social safety net.</font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman">The right’s priorities have <a href="https://www.mediamatters.org/coronavirus-covid-19/whats-behind-right-wing-medias-curious-lack-interest-19-trillion" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">shifted since then</a> to increasingly favor the empty calories of the culture war. President Donald Trump signed legislation deregulating banks like SVB, just as he signed into law a huge regressive tax cut and pushed to kick people off health insurance by dismantling Obamacare. But he was largely uninterested in broad areas of federal policy, instead reflexively viewing issues through his own personal grievances. The right-wing press, and the GOP, adjusted to match his focuses.</font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman">By the time Biden took office, the right’s policy debate muscles had atrophied. Biden offered a far-reaching economic agenda, but in early 2021, Fox’s coverage instead revolved around the “woke mob” supposedly targeting <a href="https://www.mediamatters.org/fox-news/fox-news-dr-seuss-obsession-reveals-dishonest-desperation-right-wing-war-cancel-culture" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">Mr. Potato Head and Dr. Seuss</a>. Even when the network’s influential commentators discussed Biden proposals like his $1.9 trillion economic stimulus bill, they fixated on the 0.06% of the total supposedly wasted on “social justice stuff.” The rest of the right-wing popular press followed Fox’s lead.</font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">The shift by Republican propagandists has been bad for the party’s electoral prospects. As Fox’s hosts trained their audience to fixate on their own bizarre grievances, Republican politicians followed along. But it turns out that <a href="https://www.mediamatters.org/fox-news/tucker-carlson-trying-find-guy-who-did" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">normal people don’t care about the same things</a> as millionaire TV hosts like Tucker Carlson — in the 2022 midterms, Fox-friendly candidates who pushed the network’s obsessions were trounced, helping Democrats retain the U.S. Senate and several governorships while keeping the House closely divided.</font></p><p style="box-sizing: border-box; margin: 0px 0px 1.5em;"><font size="4" face="Times New Roman">To date, McCarthy has shown little interest in creating daylight between his members and the right’s infotainers — he’s <a href="https://www.msnbc.com/opinion/msnbc-opinion/tucker-carlson-jan-6-deception-fox-news-rcna73794" style="box-sizing: border-box; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; transition: box-shadow 0.15s ease-in-out 0s; text-decoration-line: none; box-shadow: rgba(25, 118, 210, 0.5) 0px -1px 0px inset;">fresh off of giving Carlson’s team exclusive access</a> to January 6 security footage so the Fox host could generate revisionist propaganda. And now the House leader is reaping the fruits of his party’s right-wing media grievance addiction.</font></p></div></div></div><div><font size="4" face="Times New Roman">=</font></div></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">=</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">an 3 23</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">no lnx</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><b>
</b></font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><b>sens. Elizabeth Warren and Richard Blumenthal demanded Tuesday that the Biden Justice Department and Securities and Exchange Commission investigate whether Silicon Valley Bank executives "violated civil or criminal law" in the lead-up to the firm's collapse, which sent shockwaves through the entire U.S. financial system.</b></font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">"This was a colossal failure in asset liability risk management," the Democratic senators in a letter to SEC Chairman Gary Gensler and Attorney General Merrick Garland. The letter was first reported by CNBC on Wednesday morning.</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">The lawmakers pointed to recent reporting detailing how "SVB officials showed a pattern of risky and questionable decision making that may have contributed to the bank's instability and collapse and the ripple effects being felt throughout the economy."</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">Warren and Blumenthal asked the Biden administration to launch a probe to determine "whether senior bank executives and other key officials involved in the collapse met their statutory and regulatory responsibilities or violated civil or criminal law."</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">"One of the enduring failures in the aftermath of the 2008 financial crisis was the inability or unwillingness of DOJ and bank regulators to hold bank executives accountable for behavior that destroyed millions of lives and cost trillions of dollars of wealth," they wrote. "The nation's bank regulators cannot make the same mistake twice."</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">The fallout from SVB's collapse has brought intense scrutiny to the venture capital lender's ill-considered investment moves as well as the conduct of its top executives, who sold tens of millions of dollars worth of stock in the two years leading up to the bank's failure last week—raising questions about possible insider trading.</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">Greg Becker, SVB's former CEO, sold millions of dollars of shares as recently as late last month.</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style=""><font face="Times New Roman" size="4" style="background-color: rgb(255, 153, 0);">The bank's leadership has also come under fire for dishing out bonuses hours before federal regulators took over on Friday.</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><b>In a letter to Becker earlier this week, Warren—a member of the Senate Banking Committee—slammed SVB for lobbying against bank regulations in recent years and argued that "you have nobody to blame for the failure at your bank but yourself and your fellow executives."</b></font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style=""><font face="Times New Roman" size="4" style=""><span style="background-color: rgb(255, 255, 102);">"SVB failed—while its chief risk officer position sat vacant for eight months as its financial standing deteriorated—because it failed to address two key risks: concentration in your client base, and rising interest rates,</span><span style="background-color: rgb(255, 255, 255);">" the Massachusetts Democrat wrote. "This is a failure of 'Banking 101'—what one analyst called 'sheer incompetence.' Had SVB been subject to Dodd-Frank rules undone by [a 2018 GOP law], the bank would have been required to maintain stronger liquidity and capital requirements and conduct regular stress tests that would have required SVB to shore up its business to weather the type of stress it experienced last week."</span></font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">"You lobbied for weaker rules, got what you wanted, and used this opportunity to abdicate your basic responsibilities to your clients and the public—facilitating a near-economic disaster," Warren added.</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><b>The Wall Street Journal reported Tuesday that the DOJ and SEC have both opened investigations into the SVB failure, which was the second-largest bank collapse in U.S. history.</b></font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">"The separate probes are in their preliminary phases and may not lead to charges or allegations of wrongdoing," the Journal noted. "The investigations are... examining stock sales that SVB Financial's officers made days before the bank failed."</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">FROM YOUR SITE ARTICLES</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">'Problematic lawyer relationships': DOJ investigating who is paying Trump officials’ lawyer fees ›</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">New analysis highlights the 'big difference' between Trump and Biden’s classified documents cases ›</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">MSNBC montage highlights conservatives’ 'comically preposterous' spin on SVB collapse ›</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">RELATED ARTICLES AROUND THE WEB</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">SVB collapse: DOJ, SEC pressed to investigate whether executives ... ›</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">Idaho Abortion Law: Biden DOJ Sues US State Over Six-Week Ban ... ›</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">DOJ Finds More Classified Documents After Search Of Biden's ... ›</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">=</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">klip</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style="background-color: rgb(255, 255, 255);"><div style=""><div data-reactid="184" style="box-sizing: border-box;"><p style="margin: 0px 0px 1em; box-sizing: border-box; line-height: 1.5; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><span style="box-sizing: border-box; font-weight: bold; letter-spacing: 0.1em; box-shadow: white 0px 1px 0px, rgb(17, 17, 17) 0px 4px 0px; text-transform: uppercase;">AFTER SUCCESSFULLY LOBBYING</span> <a href="https://theintercept.com/2018/03/02/crapo-instead-of-taking-on-gun-control-democrats-are-teaming-with-republicans-for-a-stealth-attack-on-wall-street-reform/" style="text-decoration-line: none; font-weight: bold; outline: none; box-sizing: border-box;">for the rollback of new rules</a> applied to Wall Street in the wake of the financial crisis, lobbyists for Silicon Valley Bank immediately began pressing their case further to the federal authority that insures bank deposits in the event of another crisis, according to lobbying disclosures reviewed by The Intercept. The lobbying effort managed to exempt banks the size of Silicon Valley Bank from more stringent regulations, including stress tests aimed at uncovering the type of weaknesses that led to the bank’s implosion Friday. Two of the bank’s top lobbyists previously served as senior staffers for House Speaker Kevin McCarthy, who himself pushed for the repeal of significant pieces of the landmark Wall Street reform legislation known as Dodd-Frank.</font></p><p style="margin: 0px 0px 1em; box-sizing: border-box; line-height: 1.5; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman">The meltdown of Silicon Valley Bank represents the second-largest bank collapse in American history and the first since the 2008 financial crisis. Over <a href="https://www.nbcnews.com/news/us-news/will-silicon-valley-bank-depositors-get-money-back-will-made-whole-que-rcna74498" style="text-decoration-line: none; font-weight: bold; outline: none; box-sizing: border-box;">90</a><span style="box-sizing: border-box;"> percent of the bank’s deposits exceed the amount federally guaranteed by the Federal Deposit Insurance Corporation, meaning that those people may either never see their money again or lose substantial amounts.</span></font></p><p style="margin: 0px 0px 1em; box-sizing: border-box; line-height: 1.5; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><span style="box-sizing: border-box;">Silicon Valley Bank President Greg Becker himself pushed for weaker banking regulations, telling Congress to lift “enhanced prudential standards … given the low risk profile of our activities,” as </span><a href="https://www.levernews.com/svb-chief-pressed-lawmakers-to-weaken-bank-risk-regs/" style="text-decoration-line: none; font-weight: bold; outline: none; box-sizing: border-box;">The Lever reported</a><span style="box-sizing: border-box;">. </span></font></p><p style="margin: 0px 0px 1em; box-sizing: border-box; line-height: 1.5; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><span style="box-sizing: border-box;">A chief culprit, economists say, is legislation President Donald Trump signed into law in 2018, which rolled back key parts of the Dodd-Frank banking regulations passed in the wake of the 2008 financial crisis. That 2018 legislation, called the </span><span style="box-sizing: border-box;">Economic Growth, Regulatory Relief, and Consumer Protection Act, </span><a href="https://theintercept.com/2018/03/02/crapo-instead-of-taking-on-gun-control-democrats-are-teaming-with-republicans-for-a-stealth-attack-on-wall-street-reform/" style="text-decoration-line: none; font-weight: bold; outline: none; box-sizing: border-box;">passed with strong support from the Republican Party and critical support from some Democrats</a><span style="box-sizing: border-box;">. Among those leading the charge was McCarthy, then House majority leader.</span></font></p><p style="margin: 0px 0px 1em; box-sizing: border-box; line-height: 1.5; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><span style="box-sizing: border-box;">“We’re going to move this Senate bill directly to the president’s desk to ensure these reforms help the economy to grow further by making community banks stronger,” McCarthy said of the legislation in 2018. “This is going to free up a great deal of capital and this will help a lot.” <b>t</b></span><span style="letter-spacing: 0.01em;"><b>wo former staffers for McCarthy are registered lobbyists for Silicon Valley Bank, according to the disclosures, one of whom lobbied on the Dodd-Frank repeal law that experts say made the current crisis more likely. </b></span></font></p></div><div data-reactid="195" style="box-sizing: border-box;"><p style="margin: 0px 0px 1em; box-sizing: border-box; line-height: 1.5; letter-spacing: 0.01em; hyphens: auto;"><span style="box-sizing: border-box;"><font size="4" face="Times New Roman">Other Silicon Valley Bank lobbyists worked for political figures across both parties, including former President Bill Clinton; former Sen. Mike Enzi, R-Wy.; former Sen. Tom Coburn, R-Okla.; Rep. Joe Courtney, D-Conn.; former Sen. Arlen Specter, D-Pa.; and former Rep. Jay Inslee, now governor of Washington state. </font></span></p><p style="margin: 0px 0px 1em; box-sizing: border-box; line-height: 1.5; letter-spacing: 0.01em; hyphens: auto;"><span style="box-sizing: border-box; background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">Brian Worth served as coalitions director for McCarthy from January 2011 to May 2014, when McCarthy was House Republican whip. Since March 2017 Worth has been a partner at the Franklin Square Group, where he’s worked as a lobbyist for Silicon Valley Bank. Wes McClelland served as a policy adviser and senior policy adviser for McCarthy from April 2011 to September 2015 and joined Franklin Square last January, where he has also lobbied on the bank’s behalf.</font></span></p><p style="margin: 0px 0px 1em; box-sizing: border-box; line-height: 1.5; letter-spacing: 0.01em; hyphens: auto;"><span style="box-sizing: border-box; background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">Franklin Square is the only lobby group that Silicon Valley Bank has used in over a decade and has lobbied on the bank’s behalf every year from 2009 to 2023. The only other lobby shops the bank has employed are DLA Piper from 2009 to 2010 and McGuireWoods from 2010 to 2011.</font></span></p><p style="margin: 0px 0px 1em; box-sizing: border-box; line-height: 1.5; letter-spacing: 0.01em; hyphens: auto;"><span style="box-sizing: border-box; background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">A spokesperson for McCarthy did not immediately respond to a request for comment.</font></span></p><p style="margin: 0px 0px 1em; box-sizing: border-box; line-height: 1.5; letter-spacing: 0.01em; hyphens: auto;"><span style="box-sizing: border-box;"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">Worth lobbied on the repeal law beginning on October 1, 2017, right up to its passage on May 24, 2018. Then, starting on July 1, 2018, Silicon Valley Bank began lobbying the FDIC — the very same federal agency responsible for insuring bank deposits and was tasked with implementing critical portions of Dodd-Frank.</span> </font></span></p><p style="margin: 0px 0px 1em; box-sizing: border-box; line-height: 1.5; letter-spacing: 0.01em; hyphens: auto;"><span style="box-sizing: border-box;"><font size="4" face="Times New Roman">Though Franklin Square has lobbied on behalf of Silicon Valley Bank since 2009, the 2018 filing represents the first time it had ever lobbied the FDIC.</font></span></p><p style="margin: 0px 0px 1em; box-sizing: border-box; line-height: 1.5; letter-spacing: 0.01em; hyphens: auto;"><span style="box-sizing: border-box;"><font size="4" face="Times New Roman">Beginning on April 20, 2022, McClelland also began lobbying the FDIC for Silicon Valley Bank, which both he and Worth continued right up until the bank’s last lobbying filing this year.</font></span></p><p style="margin: 0px 0px 1em; box-sizing: border-box; line-height: 1.5; letter-spacing: 0.01em; hyphens: auto;"><span style="box-sizing: border-box;"><font size="4" face="Times New Roman">The lobbying disclosures do not provide any more detail about the work. Neither Worth nor McClelland immediately responded to requests for comment.</font></span></p><p style="margin: 0px 0px 1em; box-sizing: border-box; line-height: 1.5; letter-spacing: 0.01em; hyphens: auto;"><span style="box-sizing: border-box;"><font size="4" face="Times New Roman">“This was a 100 percent avoidable problem,” economist Dean Baker told The Intercept in an email, pointing to the Dodd-Frank repeal bill. “That bill raised the asset threshold above which banks have to undergo stress tests from $50 billion to $250 billion. SVB would have been required to undergo regular stress tests before the revision; among the stresses you look at are sharp rises in interest rates, which is apparently what did in SVB. Presumably, if its books had been subject to this test, the risk would have been detected and they would have been required to raise more capital and/or shed deposits.”</font></span></p></div></div><div style=""><font size="4" face="Times New Roman"></font></div></div><div style="background-color: rgb(255, 255, 255);"><div><div><font size="4" face="Times New Roman"></font></div><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman">eurasia rev</font></div><div><font size="4" face="Times New Roman">
</font></div><div><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman">Before the financial collapse come the aggressive anti-regulation lobbyists. These are often of the same ilk: loathing anything resembling oversight, restriction, reporting and monitoring. They are incarnations of the frontier, symbolically toting guns and slaying the natives, seeking wealth beyond paper jottings, compliance and bureaucratic tedium. </font></p><div data-ad-id="294211" class="afw afw-ga afw_ad afwadid-294211 " style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; margin: 0px 15px 10px 0px; outline: 0px; padding: 0px; vertical-align: baseline; float: left;"><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">The <a href="https://www.politico.com/news/2023/03/10/silicon-valley-bank-collapse-00086586" style="box-sizing: border-box; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; transition: all 0.3s ease 0s;">collapse of Silicon Valley Bank</a> (SVB), for a period of time the preferred bank for start-ups, is the bitter fruit of that harvest. Three days prior to the second-largest failure of a US financial institution since the implosion of Washington Mutual (Wamu) in 2008, lobbyists for the banking sector had reason to gloat. They had the ears of a number of GOP lawmakers and were pressing the case that Federal Reserve Chair Jerome Powell had little reason to sharpen regulations in the industry. </font></p><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 153, 0);">As a matter of fact, the converse case was put: the financial environment was proving too stringent, and needed easing up. This effort built on gains made during the Trump administration, which saw the passing of the <b>Economic Growth, Regulatory Relief, and Consumer Protection Act. Then House majority leader Kevin McCarthy was particularly keen on winding back elements of the Dodd-Frank banking measures </b>introduced in the wake of the 2008 financial crisis. In 2018, he got much of what he wished for.</font></p><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">Lobbyists for SVB were particularly aggressive in that endeavour, and even went so far as to <a href="https://theintercept.com/2023/03/11/silicon-valley-bank-used-former-mccarthy-staffers-to-weaken-regulations-lobby-fdic/" style="box-sizing: border-box; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; transition: all 0.3s ease 0s;">seek exemptions</a> from the Federal Deposit Insurance Corporation (FDIC), the body responsible for insuring bank deposits in times of crisis and institutional oversight. Two former staffers for McCarthy so <a href="https://theintercept.com/2023/03/11/silicon-valley-bank-used-former-mccarthy-staffers-to-weaken-regulations-lobby-fdic/" style="box-sizing: border-box; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; transition: all 0.3s ease 0s;">happen to be registered lobbyists</a> for SVB, a fact that shows how the US revolving door between politics and business continues to whirr at some speed. The SVB lobby list also includes figures who found employment under former President Bill Clinton, former Senator Mike Enzi (R-My), former Senator Tom Coburn (R-Okla.) and former Senator Arlen Specter (D-Pa.), just to name a few</span>.</font></p><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);"><b>The crisis duly came. </b> On March 9, startups and venture capitalists made a run on SVB as its share price took a tumble. SVB had <a href="https://news.bitcoin.com/fiat-is-fragile-silicon-valley-banks-collapse-sparks-finger-pointing-and-concerns-of-contagion/" style="box-sizing: border-box; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; transition: all 0.3s ease 0s;">sold</a> its available-for-sale (AFS) portfolio for US$21 billion at a US$1.8 billion loss. In a patch-up, capital raising response, SVB then <a href="https://edition.cnn.com/2023/03/10/investing/svb-bank/index.html" style="box-sizing: border-box; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; transition: all 0.3s ease 0s;">announced</a> that it would sell US$2.25 billion in new shares. </font></p><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">By the next day, the FDIC had placed SVB into receivership</span>. The corporation promised that insured depositors would have access to their insured deposits on March 13; uninsured depositors would have to wait a bit longer, expecting an “advance within the next week.” <span style="background-color: rgb(255, 255, 102);"> But given that <a href="https://www.nbcnews.com/news/us-news/will-silicon-valley-bank-depositors-get-money-back-will-made-whole-que-rcna74498" style="box-sizing: border-box; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; transition: all 0.3s ease 0s;">90% of the bank’s deposits</a> exceeded the amount guaranteed by the FDIC, the prospects for adequate recovery proved uncertain, at least till the FDIC, Federal Reserve and US Treasury promised protection for them.</span></font></p><div data-ad-id="294212" class="afw afw-ga afw_ad afwadid-294212 " style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; margin: 5px 10px 5px 0px; outline: 0px; padding: 0px; vertical-align: baseline; float: left;"><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman">Deputy Treasury Secretary Wally Adeyemo proved rather green in suggesting that the financial system, as things stood, would be resilient enough to hold off any contagion. “Federal regulators are paying attention to this particular financial institution,” <a href="https://edition.cnn.com/2023/03/10/investing/svb-bank/index.html" style="box-sizing: border-box; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; transition: all 0.3s ease 0s;">he told</a> CNN, “and when we think about the broader financial system, we’re very confident in the ability and the resilience of the system.”</font></p><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">This is bound to be misplaced. It’s certainly not the view held by<b> former FDIC head, Sheila Blair, </b>who <a href="https://www.smh.com.au/business/banking-and-finance/why-silicon-valley-bank-s-lightning-collapse-stunned-banking-industry-20230312-p5crev.html" style="box-sizing: border-box; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; transition: all 0.3s ease 0s;">argues</a> that there are other banks in the system with large amounts of uninsured deposits and unrealised losses. “These banks that have large amounts of institutional uninsured money … that’s going to be hot money that runs if there’s a sign of trouble.”</font></p><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">David Sacks of Craft <b>Ventures</b> is also <a href="https://twitter.com/DavidSacks/status/1634292056821764099" style="box-sizing: border-box; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; transition: all 0.3s ease 0s;">of the view</a> that immediate intervention at the government level was required. “Where is Powell?” he wondered. “Where is [US Secretary of the Treasury Janet] Yellen? Stop this crisis NOW.” SVB, he proposed, should be placed with a top four bank. “Do this before Monday open or there will be contagion and the crisis will spread.” </font></p><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman">Questions are being asked whether the anti-regulatory bug has gotten to the various authorities and agencies. Mike Novogratz, founder of Galaxy Digital, <a href="https://twitter.com/novogratz/status/1634247140552613899?s=20" style="box-sizing: border-box; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; transition: all 0.3s ease 0s;">pondered</a> whether all banks were now being treated like hedge funds. “Seems like a policy mistake.”</font></p><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman"><b>Economists such as Peter Schiff are <a href="https://twitter.com/PeterSchiff/status/1634244633545850898?s=20" style="box-sizing: border-box; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; transition: all 0.3s ease 0s;">even more damning</a>, claiming that the entire US banking sector is set for a cathartic clean-up that will be greater than that following 2008</b>. US banks were holding “long-term paper at extremely low interest rates. They can’t compete with short-term Treasuries.” In such an environment, depositors, in the pursuit of higher yields, would initiate mass withdrawals, resulting in a tidal wave of bank collapses.</font></p><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">Blame for the SVB debacle has been extensive. “This was a hysteria-induced bank run caused by VCs [venture capitalists],” <a href="https://www.cnbc.com/2023/03/10/silicon-valley-bank-collapse-how-it-happened.html" style="box-sizing: border-box; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; transition: all 0.3s ease 0s;">opined</a> Ryan Falvey, a fintech investor based at Restive Ventures. “This is going to be remembered as one of the ultimate cases of an industry cutting off its nose to spite its face.</span>”</font></p><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman">The oversight advocates are bound to agree. Dennis Kelleher, CEO of the non-profit Better Markets, <a href="https://www.politico.com/news/2023/03/12/banks-regulations-feds-svb-meltdown-00086694" style="box-sizing: border-box; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; transition: all 0.3s ease 0s;">is certainly one</a>. “SVB’s stunningly quick collapse should put an end to the nonstop attempts by banks, lobbyists and their political allies to weaken capital and other financial regulations that protect depositors, consumers, investors and financial stability.”</font></p><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">This is likely to prove to be a flight of fancy. The banking lobbyists have destructive form and staying power. In 2019, the International Monetary Fund <a href="https://www.imf.org/en/Publications/WP/Issues/2019/08/09/Bank-Lobbying-Regulatory-Capture-and-Beyond-45735" style="box-sizing: border-box; border: 0px; font-variant: inherit; font-stretch: inherit; line-height: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration-line: none; transition: all 0.3s ease 0s;">published a working paper</a> noting that <b>bank lobbying, in general, produced “regulatory capture, which lessens the support for tighter rules and enforcement. This, in turn, allows riskier practices and worse economic outcomes.” </b></font></p><p style="box-sizing: border-box; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.6; margin: 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline;"><font size="4" face="Times New Roman">As the great financial crisis showed, financial regulation is often the antidote to banditry. The pillaging and frontier types will always resist such tendencies. Again, they have been found wanting, and again, the harmful consequences of their ideas are going to prove deep and extensive.</font></p></div><div><font size="4" face="Times New Roman"></font></div><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman">lever</font></div><div><font size="4" face="Times New Roman">
</font></div><div><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">Eight years before the second-largest bank failure in American history occurred this week, the bank’s president personally pressed Congress to reduce scrutiny of his financial institution, citing the “low risk profile of our activities and business model,” according to federal records reviewed by <span style="box-sizing: inherit;">The Lever.</span></font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">Three years later — after the bank spent more than half a million dollars on federal lobbying — lawmakers obliged.</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">
</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">On Friday, California regulators shut down the Silicon Valley Bank (SVB), a top lender to venture capital firms and tech startups, and the Federal Deposit Insurance Corporation took it over, following a bank run by its customers. <span style="background-color: rgb(255, 255, 102);">The bank <a href="https://fortune.com/2023/03/10/silicon-valley-bank-chief-risk-officer/?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">reportedly</a> did not have a chief risk officer in the months leading up to the collapse, while more than <a href="https://twitter.com/business/status/1634211584657571843?s=20&ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">90 percent of its deposits</a> were not insured.</span></font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">
</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 153, 0);">in 2015, SVB President Greg Becker <a href="https://www.govinfo.gov/content/pkg/CHRG-114shrg94375/pdf/CHRG-114shrg94375.pdf?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">submitted a statement to a Senate panel</a> pushing legislators to exempt more banks — including his own — from new regulations passed in the wake of the 2008 financial crisis. Despite <a href="https://www.jec.senate.gov/public/cache/files/1f3f2e7c-ca31-4976-976e-cd48b0a788c9/dodd-frank-roll-back-bill--a-windfall-for-big-banks.pdf?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">warnings</a> from some senators, Becker’s lobbying effort was ultimately successf</span>ul.</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">
</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">Touting “SVB’s deep understanding of the markets it serves,<b> our strong risk management practices,</b>” Becker argued that his bank would soon reach $50 billion in assets, which under the law would trigger “enhanced prudential standards,” including more stringent regulations, stress tests, and capital requirements for his and other similarly sized banks.</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">Becker insisted that $250 billion was a more appropriate threshold.</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">
</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">“Without such changes, SVB likely will need to divert significant resources from providing financing to <span style="background-color: rgb(255, 255, 102);">job-creating companies in the innovation economy to complying with enhanced prudential standards and other requirements,”</span> wrote <span style="background-color: rgb(255, 153, 0);"><b>Becker, who </b><a href="https://www.barrons.com/articles/svb-financial-stock-sale-ceo-greg-becker-f5089a4d?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);"><b>reportedly</b></a><b> sold $3.6 million of his own stock two weeks ago, in the lead-up to the bank’s collapse. “</b></span>Given the low risk profile of our activities and business model, such a result would stifle our ability to provide credit to our clients without any meaningful corresponding reduction in risk.”</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">
</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">Two months later, <b>SVB <a href="https://www.svb.com/news/company-news/svb-financial-group-appoints-mary-john-miller-formerly-of-the-u.s.-treasury-department-to-its-board-of-directors?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">added</a> former Obama Treasury Department official Mary Miller to its board,</b> noting she had previously helped oversee “financial regulatory reforms.”</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">Around that time, <a href="https://lda.senate.gov/filings/public/filing/40f1aec7-9dbf-46da-a20e-2ce2f5af80cc/print/?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">federal</a> <a href="https://lda.senate.gov/filings/public/filing/1a82c199-21a1-447c-98ca-78decd6cc97e/print/?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">disclosure</a> <a href="https://lda.senate.gov/filings/public/filing/e5be3075-8267-42a0-8aa2-aa1725d4e7d4/print/?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">records</a> <a href="https://lda.senate.gov/filings/public/filing/276fe661-9582-4f96-995d-151d133db5e2/print/?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">show</a> the bank was lobbying lawmakers on “financial regulatory reform” and the Systemic Risk Designation Improvement Act of 2015 — a bill that was the precursor to <a href="https://www.congress.gov/bill/115th-congress/senate-bill/2155/text?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">legislation</a> ultimately signed by President Donald Trump that increased the regulatory threshold for stronger stress tests to $250 billion.</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">Trump signed the bill despite a <a href="https://www.jec.senate.gov/public/index.cfm/democrats/2018/3/dodd-frank-roll-back-bill-a-windfall-for-big-banks?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">report</a> from Democrats on Congress’ Joint Economic Committee warning that under the new law, SVB and other banks of its size “would no longer be subject to nearly any enhanced regulations.”</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">
</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">The bill was supported in the <a href="https://www.senate.gov/legislative/LIS/roll_call_votes/vote1152/vote_115_2_00054.htm?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">Senate</a> by 50 Republicans and 17 Democrats, including <b>Virginia Sen. Mark Warner (D), for whom Becker held a fundraiser at his Menlo Park, California, home in 2016,</b> according to an <a href="http://politicalpartytime.org/party/41385/?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">invite</a> obtained by The Sunlight Foundation and OpenSecrets. The bank’s political action committee also donated a total of $10,000 to Warner’s campaigns in the <a href="https://www.opensecrets.org/political-action-committees-pacs/silicon-valley-bank/C00333658/candidate-recipients/2016?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">2016</a> and <a href="https://www.opensecrets.org/political-action-committees-pacs/silicon-valley-bank/C00333658/candidate-recipients/2018?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">2018</a> election cycles</span>.</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">
</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">In 2019, when the Federal Reserve proposed regulations implementing the deregulatory law, financial watchdogs warned that its regulations on Category IV institutions — as <a href="https://crsreports.congress.gov/product/pdf/R/R45711?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">SVB was later classified</a> due to its size and other risk factors — were far too weak.</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">
</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">“The proposal to significantly weaken enhanced prudential standards for Category IV firms could be disastrous,” Better Markets, a nonprofit advocating for stricter financial regulations, <a href="https://www.federalreserve.gov/SECRS/2019/August/20190806/R-1658/R-1658_062119_134209_447374886406_1.pdf?ref=the-lever" style="box-sizing: inherit; background-color: transparent; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">wrote</a> in a comment on the Federal Reserve’s proposal. “Moreover, these are not small or insignificant firms. Recall that the smallest among this class of banks is over twice the size of the $50 billion dollar banks that automatically required enhanced prudential regulation under the Dodd-Frank Act as originally enacted.”</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">
</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">The <a href="https://www.federalregister.gov/documents/2019/11/01/2019-23662/prudential-standards-for-large-bank-holding-companies-savings-and-loan-holding-companies-and-foreign?ref=the-lever" style="box-sizing: inherit; background-color: transparent; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">final rule</a> guaranteed that Category IV institutions are “not required to conduct and publicly report the results of a company-run stress test” and “reduces the required minimum frequency of liquidity stress tests and granularity of certain liquidity risk-management requirements,” according to Federal Reserve officials at the time.</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">
</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">In 2021, SVB passed the threshold of $100 billion under management, triggering some additional scrutiny as a Category IV bank but remaining exempt from the more frequent and detailed analyses that regulators perform to determine whether banks above $250 billion of assets have sufficient capital to withstand a crisis.</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">
</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">a press release Friday from the Federal Deposit Insurance Corporation noted that as of December 2022, SVB had <a href="https://www.fdic.gov/news/press-releases/2023/pr23016.html?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">$209 billion</a> in assets under management — keeping it below the $250 billion threshold for which the bank had lobbied</span>.</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">
</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">SVB is the biggest bank to collapse <a href="https://www.businessinsider.com/silicon-valley-bank-svb-biggest-bank-failure-since-2008-crisis-2023-3?ref=the-lever" style="box-sizing: inherit; background-color: transparent; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">since</a> Washington Mutual failed in 2008 during the financial crisis, and the second-biggest bank failure in U.S. history.</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">Prior to Becker’s 2015 push, SVB had <a href="https://www.federalreserve.gov/SECRS/2012/June/20120604/R-1438/R-1438_043012_107264_488260652948_1.pdf?ref=the-lever" style="background-color: transparent; box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">pressed</a> Federal Reserve officials to limit regulatory scrutiny of mid-sized banks, arguing that “<span style="background-color: rgb(255, 255, 102);">we are very concerned that the regulatory requirements for covered companies will end up trickling down to smaller financial institutions.”</span></font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman">
</font></p><p style="box-sizing: inherit; line-height: calc(0.1 + var(--line-height-base)); margin: 0 0 var(--gap-lg);"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">In 2019, Becker was <a href="https://www.frbsf.org/our-district/press/news-releases/2019/leadership-and-membership-announcements-board-of-directors/?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">elected</a> to serve on the board of directors at the Federal Reserve Bank of San Francisco. Becker <a href="https://www.investing.com/news/stock-market-news/ceo-of-failed-silicon-valley-bank-no-longer-a-director-at-sf-fed-3027959?ref=the-lever" style="box-sizing: inherit; box-shadow: none; text-decoration-line: none; border-bottom: 1px solid var(--color-dark);">left the board</a> on Friday.</font></p></div></div><div><font size="4" face="Times New Roman">=</font></div></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">=</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">bloomberg</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style=""><div class="lede8cfb9125" style="background-color: rgb(255, 255, 255); --tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-pan-x: ; --tw-pan-y: ; --tw-pinch-zoom: ; --tw-scroll-snap-strictness: proximity; --tw-ordinal: ; --tw-slashed-zero: ; --tw-numeric-figure: ; --tw-numeric-spacing: ; --tw-numeric-fraction: ; --tw-ring-inset: ; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; --tw-blur: ; --tw-brightness: ; --tw-contrast: ; --tw-grayscale: ; --tw-hue-rotate: ; --tw-invert: ; --tw-saturate: ; --tw-sepia: ; --tw-drop-shadow: ; --tw-backdrop-blur: ; --tw-backdrop-brightness: ; --tw-backdrop-contrast: ; --tw-backdrop-grayscale: ; --tw-backdrop-hue-rotate: ; --tw-backdrop-invert: ; --tw-backdrop-opacity: ; --tw-backdrop-saturate: ; --tw-backdrop-sepia: ; margin: 0px 0px 30px 224px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit;" times="Times" new="New" roman="Roman" vertical-align="vertical-align" baseline="baseline" display="display" inline-block="inline-block" width="width" px="px"><div class="lede-times03902805" style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-pan-x: ; --tw-pan-y: ; --tw-pinch-zoom: ; --tw-scroll-snap-strictness: proximity; --tw-ordinal: ; --tw-slashed-zero: ; --tw-numeric-figure: ; --tw-numeric-spacing: ; --tw-numeric-fraction: ; --tw-ring-inset: ; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; --tw-blur: ; --tw-brightness: ; --tw-contrast: ; --tw-grayscale: ; --tw-hue-rotate: ; --tw-invert: ; --tw-saturate: ; --tw-sepia: ; --tw-drop-shadow: ; --tw-backdrop-blur: ; --tw-backdrop-brightness: ; --tw-backdrop-contrast: ; --tw-backdrop-grayscale: ; --tw-backdrop-hue-rotate: ; --tw-backdrop-invert: ; --tw-backdrop-opacity: ; --tw-backdrop-saturate: ; --tw-backdrop-sepia: ; margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: 1.5;" times="Times" new="New" roman="Roman" serif="serif" vertical-align="vertical-align" baseline="baseline"><span style="font-variant-ligatures: inherit; font-variant-caps: inherit; font-weight: inherit;"><font size="4" face="Times New Roman">
House Speaker Kevin McCarthy said he’s been in touch with the Biden administration and is hopeful that US officials will make an announcement on Sunday to address the collapse of Silicon Valley Bank. </font></span></div></div><div class="main-columnb9c1cc32" style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-pan-x: ; --tw-pan-y: ; --tw-pinch-zoom: ; --tw-scroll-snap-strictness: proximity; --tw-ordinal: ; --tw-slashed-zero: ; --tw-numeric-figure: ; --tw-numeric-spacing: ; --tw-numeric-fraction: ; --tw-ring-inset: ; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; --tw-blur: ; --tw-brightness: ; --tw-contrast: ; --tw-grayscale: ; --tw-hue-rotate: ; --tw-invert: ; --tw-saturate: ; --tw-sepia: ; 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--tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; --tw-blur: ; --tw-brightness: ; --tw-contrast: ; --tw-grayscale: ; --tw-hue-rotate: ; --tw-invert: ; --tw-saturate: ; --tw-sepia: ; --tw-drop-shadow: ; --tw-backdrop-blur: ; --tw-backdrop-brightness: ; --tw-backdrop-contrast: ; --tw-backdrop-grayscale: ; --tw-backdrop-hue-rotate: ; --tw-backdrop-invert: ; --tw-backdrop-opacity: ; --tw-backdrop-saturate: ; --tw-backdrop-sepia: ; margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: 1.5;" times="Times" new="New" roman="Roman" serif="serif" vertical-align="vertical-align" baseline="baseline"><div class="inline-newsletter-top" style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-pan-x: ; --tw-pan-y: ; --tw-pinch-zoom: ; --tw-scroll-snap-strictness: proximity; --tw-ordinal: ; --tw-slashed-zero: ; --tw-numeric-figure: ; --tw-numeric-spacing: ; --tw-numeric-fraction: ; --tw-ring-inset: ; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; --tw-blur: ; --tw-brightness: ; --tw-contrast: ; --tw-grayscale: ; --tw-hue-rotate: ; --tw-invert: ; --tw-saturate: ; --tw-sepia: ; --tw-drop-shadow: ; --tw-backdrop-blur: ; --tw-backdrop-brightness: ; --tw-backdrop-contrast: ; --tw-backdrop-grayscale: ; --tw-backdrop-hue-rotate: ; --tw-backdrop-invert: ; --tw-backdrop-opacity: ; --tw-backdrop-saturate: ; --tw-backdrop-sepia: ; margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><p style="--tw-border-spacing-x: 0; 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font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><font size="4" face="Times New Roman">“Well, I have talked with the administration, from Jay Powell and Janet Yellen,” McCarthy said on Fox News’s “Sunday Morning Futures.” “They do have the tools to handle the current situation, they do know the seriousness of this and they are working to try to come forward with some announcement before the markets open.”</font></p><div class="for-youwrapper paywall" style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-pan-x: ; --tw-pan-y: ; --tw-pinch-zoom: ; --tw-scroll-snap-strictness: proximity; --tw-ordinal: ; --tw-slashed-zero: ; --tw-numeric-figure: ; --tw-numeric-spacing: ; --tw-numeric-fraction: ; --tw-ring-inset: ; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; --tw-blur: ; --tw-brightness: ; --tw-contrast: ; --tw-grayscale: ; --tw-hue-rotate: ; --tw-invert: ; --tw-saturate: ; --tw-sepia: ; --tw-drop-shadow: ; --tw-backdrop-blur: ; --tw-backdrop-brightness: ; --tw-backdrop-contrast: ; --tw-backdrop-grayscale: ; --tw-backdrop-hue-rotate: ; --tw-backdrop-invert: ; --tw-backdrop-opacity: ; --tw-backdrop-saturate: ; --tw-backdrop-sepia: ; margin: 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><p class="paywall" style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-pan-x: ; --tw-pan-y: ; --tw-pinch-zoom: ; --tw-scroll-snap-strictness: proximity; --tw-ordinal: ; --tw-slashed-zero: ; --tw-numeric-figure: ; --tw-numeric-spacing: ; --tw-numeric-fraction: ; --tw-ring-inset: ; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; --tw-blur: ; --tw-brightness: ; --tw-contrast: ; --tw-grayscale: ; --tw-hue-rotate: ; --tw-invert: ; --tw-saturate: ; --tw-sepia: ; --tw-drop-shadow: ; --tw-backdrop-blur: ; --tw-backdrop-brightness: ; --tw-backdrop-contrast: ; --tw-backdrop-grayscale: ; --tw-backdrop-hue-rotate: ; --tw-backdrop-invert: ; --tw-backdrop-opacity: ; --tw-backdrop-saturate: ; --tw-backdrop-sepia: ; margin: 24px 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><font size="4" face="Times New Roman">“I’m hopeful that something can be announced today to move forward,” the California Republican said. “Silicon Valley Bank has a lot of assets. It’s just where the capital is currently at. So it is attractive for someone to want to purchase it. It’s just the timeline of where to move forward.”</font></p><p class="paywall" style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-pan-x: ; --tw-pan-y: ; --tw-pinch-zoom: ; --tw-scroll-snap-strictness: proximity; --tw-ordinal: ; --tw-slashed-zero: ; --tw-numeric-figure: ; --tw-numeric-spacing: ; --tw-numeric-fraction: ; --tw-ring-inset: ; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; --tw-blur: ; --tw-brightness: ; --tw-contrast: ; --tw-grayscale: ; --tw-hue-rotate: ; --tw-invert: ; --tw-saturate: ; --tw-sepia: ; --tw-drop-shadow: ; --tw-backdrop-blur: ; --tw-backdrop-brightness: ; --tw-backdrop-contrast: ; --tw-backdrop-grayscale: ; --tw-backdrop-hue-rotate: ; --tw-backdrop-invert: ; --tw-backdrop-opacity: ; --tw-backdrop-saturate: ; --tw-backdrop-sepia: ; margin: 24px 0px; padding: 0px; border: 0px; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline;"><font size="4" face="Times New Roman">McCarthy didn’t specify the nature of any announcement that regulators might be preparing. </font></p></div></div></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style="background-color: rgb(255, 255, 255);"><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"></font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">say it ain't so barney; mccarthy staffers lobby?</font></div><div style=""><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">svb signature silvergate crypto fail</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">~ Eliz, manchin sinema trump regs water down fair to sm bank BS</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><a href="https://www.alternet.org/dodd-frank/">https://www.alternet.org/dodd-frank/</a></font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"></font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman" style=""><a href="https://theintercept.com/2023/02/15/congress-bank-lobbying/">https://theintercept.com/2023/02/15/congress-bank-lobbying/</a></font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">lee fang</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style=""><div data-reactid="184" style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 255); box-sizing: border-box; font-weight: bold; letter-spacing: 0.1em; box-shadow: white 0px 1px 0px, rgb(17, 17, 17) 0px 4px 0px; text-transform: uppercase;">dURING THE STATE</span><span style="background-color: rgb(255, 255, 255);"> of the Union last week</span><span style="background-color: rgb(255, 255, 102);">, President Joe Biden asked Congress to pass legislation cracking down on hidden and often predatory fees charged by banks in the form of overdraft and late penalties, adding heft to <a href="https://www.consumerfinance.gov/about-us/newsroom/cfpb-moves-to-reduce-junk-fees-charged-by-debt-collectors/" style="box-sizing: border-box; outline: none; text-decoration-line: none;">regulatory action</a> launched by his administration last year.</span></font></p><p style="box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><span style="background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">But the legislation may not stand much of a chance with a Republican House, where the Financial Services Committee, which oversees banking policy, is now chaired by Rep. Patrick McHenry, R-N.C., and staffed by former lobbyists.</font></span></p><p style="box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><span style="background-color: rgb(255, 153, 0);"><font size="4" face="Times New Roman">Over the last few weeks, McHenry’s hires to run the committee are mostly former lobbyists who served the very banks, lenders, and brokerages seeking to combat Biden regulations. Staffers often play a pivotal role in determining the strategy and policy behind any change in the law.</font></span></p><p style="box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);"><span style="letter-spacing: 0.01em;">larry Seyfried, just months ago, worked as a</span><span style="letter-spacing: 0.01em;"> </span><a href="https://lda.senate.gov/filings/public/filing/4e670350-babf-420b-9c29-d5474af0ef39/print/" style="letter-spacing: 0.01em; box-sizing: border-box; outline: none; text-decoration-line: none;">registered lobbyist</a><span style="letter-spacing: 0.01em;"> </span></span><span style="letter-spacing: 0.01em;"><span style="background-color: rgb(255, 255, 102);">and vice president of congressional relations at the American Bankers Association, the bank trade group that is leading the charge against Biden’s crackdown on junk fees. Seyfried was hired by McHenry as the director of member services and coalitions for the House Financial Services Committee</span><span style="background-color: rgb(255, 255, 255);">.</span></span></font></p></div><div data-reactid="195" style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">The American Bankers Association, earlier this week <a href="https://finance.yahoo.com/news/bank-lobbyists-threaten-higher-credit-card-costs-if-late-fee-cap-is-enacted-235502612.html" style="box-sizing: border-box; outline: none; text-decoration-line: none;">threatened</a> to file a lawsuit to stop the Biden administration from capping certain bank fees at $8 each, claiming such regulations would increase borrowing costs and force banks to cut services to certain types of customers.<b> McHenry, in turn, has threatened to use his new perch on the committee to investigate the primary regulatory agencies charged with enforcing the fee mandate, such as the Consumer Financial Protection Bureau. </b>Several GOP lawmakers on the committee have <a href="https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=408177" style="box-sizing: border-box; outline: none; text-decoration-line: none;">proposed</a> legislation to rein in the CFPB’s authority</span><span style="background-color: rgb(255, 255, 255);">.</span></font></p><p style="box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">The committee also recently hired Will Anderson, a former lobbyist for the Business Roundtable, a trade group that represents Wells Fargo & Co., Goldman Sachs Group Inc., Bank of America Corp., and other large financial corporations. Anderson will serve as the staff director for the subcommittee on capital markets, which oversees the Securities and Exchange Commission and other regulatory agencies</span><span style="background-color: rgb(255, 255, 255);">.</span></font></p><p style="box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><span style="background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">Last year, disclosures <a href="https://lda.senate.gov/filings/public/filing/9083d9a1-61f6-4504-8ee1-5929c82dee8a/print/" style="box-sizing: border-box; outline: none; text-decoration-line: none;">show</a> Anderson lobbied Congress and the SEC on behalf of the Business Roundtable on a variety of financial regulations. Now he will work from the inside.</font></span></p></div><div class="Cta" style="box-sizing: border-box; width: 680px; padding: 0px; margin: 0px; border: none; position: relative;"><div class="Cta-content" style="box-sizing: border-box; width: 220px; margin: 0px 0px 0px 55px; left: 680px; padding: 0px; position: absolute; top: 0px;"><h4 class="Cta-header" style="box-sizing: border-box; line-height: 22px; margin: 0px 0px 20px; font-kerning: normal;" kern="kern" width="width" px="px" float="float" left="left" letter-spacing="letter-spacing" em="em" text-transform="text-transform" uppercase="uppercase" padding="padding" color="color" rgb="rgb"><font size="4" face="Times New Roman"><a class="Promo-link" href="https://theintercept.com/2023/03/10/nord-stream-pipeline-bombing/" style="box-sizing: border-box; outline: none; text-decoration-line: none; display: inline !important;" /></font><div class="GridRow" style="box-sizing: border-box; margin-left: -20px; margin-right: -20px; height: 150.094px; 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outline: none; text-decoration-line: none; display: inline !important;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman" /></font></font></font></font></a><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><a class="Promo-link" href="https://theintercept.com/2023/03/10/nord-stream-pipeline-bombing/" style="box-sizing: border-box; outline: none; text-decoration-line: none; display: inline !important;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman" /></font></font></a><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><a class="Promo-link" href="https://theintercept.com/2023/03/10/nord-stream-pipeline-bombing/" style="box-sizing: border-box; outline: none; text-decoration-line: none; display: inline !important;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman" /></font></font></a><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><a class="Promo-link" href="https://theintercept.com/2023/03/10/nord-stream-pipeline-bombing/" style="box-sizing: border-box; outline: none; text-decoration-line: none; display: inline !important;"><font size="4" face="Times New Roman" /></a><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><a class="Promo-link" href="https://theintercept.com/2023/03/10/nord-stream-pipeline-bombing/" style="box-sizing: border-box; outline: none; text-decoration-line: none; display: inline !important;" /><a class="Promo-link" href="https://theintercept.com/2023/03/10/nord-stream-pipeline-bombing/" style="box-sizing: border-box; outline: none; text-decoration-line: none; display: inline !important;" /><a class="Promo-link" href="https://theintercept.com/2023/03/10/nord-stream-pipeline-bombing/" style="box-sizing: border-box; outline: none; text-decoration-line: none; display: inline !important;" /><a class="Promo-link" href="https://theintercept.com/2023/03/10/nord-stream-pipeline-bombing/" style="box-sizing: border-box; outline: none; text-decoration-line: none; display: inline !important;">l</a></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div></div></div></div></h4></div></div><div data-reactid="197" style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">Other committee staffers have similar potential conflicts of interest. Kathleen Palmer, a GOP congressional staffer for the <span id="ctl00_PageLink" style="box-sizing: border-box;">Subcommittee on Financial Institutions and Monetary Policy</span>, is a former lobbyist for JPMorgan Chase & Co. Matt Hoffmann, the staff director of the committee for McHenry, previously worked as a lobbyist for the BGR Group, a large firm with many clients with interests directly impacted by the committee, including Credit Suisse Group and MetLife.</font></span></font></font></p><p style="box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 153, 0);"><font size="4" face="Times New Roman">The so-called reverse revolving door, in which lobbyists for highly regulated interest groups temporarily take jobs in government with influence or oversight over policy impacting their former employers, is a vexing issue.</font></span></font></font></p><p style="background-color: rgb(255, 255, 255); box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><span style="box-sizing: border-box;" /></font></font></font></p></div><div class="PromoteRelatedPost-promo" style="background-color: rgb(255, 255, 255); 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</font></font></a></font></font></font></font></font></font></div><div class="PromoteRelatedPost-promo-link-text" style="box-sizing: border-box;"><h2 class="PromoteRelatedPost-promo-link-eyebrow" style="box-sizing: border-box; font-family: TIActuBetaMono-Regular_web, Consolas, " andale="Andale" mono="Mono" monospace="monospace" font-weight="font-weight" normal="normal" line-height="line-height" px="px" margin="margin" em="em" font-kerning="font-kerning" font-feature-settings="font-feature-settings" kern="kern" font-size="font-size" color="color" rgb="rgb" padding-bottom="padding-bottom"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman">Related</font></font></h2><h3 class="PromoteRelatedPost-promo-link-title" style="box-sizing: border-box; line-height: 22px; margin: 0px; font-kerning: normal;" kern="kern" font-size="font-size" px="px" color="color" rgb="rgb"><font size="4" face="Times New Roman"><span style="font-weight: normal;"><font size="4" face="Times New Roman">As the Revolving Door Spins, Lobbyists Hired for Top Jobs in Congress Yet Again</font></span></font></h3></div></div><div data-reactid="250" style="box-sizing: border-box;"><p style="background-color: rgb(255, 255, 255); box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;" /><p style="background-color: rgb(255, 255, 255); box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman">Policymakers need expertise to devise thoughtful policy, and former lobbyists are often well equipped to understand highly technical issues for specialized industries. David Hanke, the recently hired director of the new select committee to probe competition between the U.S. and China, for instance, previously worked as an attorney advising on semiconductor issues, a key concern shaping U.S.-China tensions. He was also registered to lobby.</font></font></font></font></p><p style="box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 153, 0);">But the burrowing of corporate lobbyists deep inside powerful roles in the congressional and federal bureaucracy also presents the potential for entrenched corruption</span><span style="background-color: rgb(255, 255, 255);">.</span></font></font></font></p><p style="background-color: rgb(255, 255, 255); box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman">The advantages for burrowing are so high that many corporations with a stake in government policy write the incentives into employment contracts. Banks and defense contractors extend special bonuses as a reward for executives to leave and enter government. In public service, they are well positioned to reward their former corporate employers. After a stint in government, most return to the private sector.</font></font></font></p><p style="box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">For example, Northrop Grumman, the defense giant, paid out <a href="https://www.thenation.com/article/archive/reverse-revolving-door-how-corporate-insiders-are-rewarded-upon-leaving-firms-congres/" style="box-sizing: border-box; outline: none; text-decoration-line: none;">bonuses</a> to executives who went on to work as congressional staff. One former Northrop Grumman lobbyist received up to $450,000 in bonus and incentive pay as he left the firm to work on the committee that oversees Pentagon policy. Former Northrop Grumman executives worked to advocate for higher military spending and for lawmakers who specifically encouraged spending on Northrop Grumman-built weapons systems, including the RQ-4 Global Hawk drone.</font></span></font></font></p><p style="box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">Newly hired congressional staff across the aisle present other potential conflicts of interest. Sen. Tom Carper, <b>D</b>-Del., the chair of the Senate Committee on Environment and Public Works, recently announced the lead staffer on the committee will be Courtney Taylor, who previously worked as senior vice president at the lobbying firm ML Strategies. </span><span style="background-color: rgb(255, 255, 255);">Disclosures show Taylor has previously lobbied for a range of clients, including the Environmental Defense Fund, Shell, and the American Wood Council, a trade group for the wood products industry.</span></font></font></font></p><p style="box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">In Congress, the most important staffer for each member is the chief of staff, who oversees each lawmaker’s operations. Tucker Knott, the new chief of staff to Sen. Ted Budd, R-N.C., previously worked as a lobbyist for Pfizer. </span><span style="background-color: rgb(255, 255, 255);">Hank Dixon, the chief of staff to newly elected Rep. Sydney Kamlager, D-Calif., comes to the job after working as vice president of corporate affairs at oil firm Talisman Energy and before that, as a D.C. lawyer for Shell. Rep. Dan Meuser, R-Pa., recently hired Tim Costa as his chief of staff. Costa previously worked as a lobbyist at the firm Buchanan Ingersoll & Rooney PC for several health care clients, including Walgreens.</span></font></font></font></p><p style="box-sizing: border-box; line-height: 1.5; margin: 0px 0px 1em; letter-spacing: 0.01em; hyphens: auto;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">As Truthout <a href="https://truthout.org/articles/house-gops-natural-resources-chair-has-a-new-chief-of-staff-an-oil-lobbyist/" style="box-sizing: border-box; outline: none; text-decoration-line: none;">reported</a>, several former fossil fuel lobbyists have been hired for key committees overseeing energy and land use policy. Rep. Bruce Westerman, R-Ark., who controls the gavel of the Natural Resources Committee, hired a former lobbyist for <b>Taylor Energy, the Louisiana firm responsible for an oil spill in the Gulf of Mexico</b></span><span style="background-color: rgb(255, 255, 255);">. Rep. Pete Stauber, R-Minn., also a member of the same committee, hired Shawn Rusterholz, a former lobbyist for the</span><span style="background-color: rgb(255, 255, 102);"> American Petroleum Institute, a trade group for the oil majors such as Exxon Mobil Corp. and Chevron Corp</span></font></font></font></p></div></div></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman">=</font></font></font></div><div style="background-color: rgb(255, 255, 255);"><h1 class="detailheadline" style="box-sizing: border-box; margin: 0px; line-height: 1.2; padding-top: 1.5rem; padding-bottom: 0px; width: 1200px;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman">How a small bank became a go-to lender to the Trump family</font></font></font></h1></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman">
</font></font></font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><span style="background-color: rgb(248, 245, 239);">A bank helped finance Trump’s Florida golf course. It lent money to Jared Kushner, Trump’s son-in-law, and to Kushner’s father, Charles. It provided Trump and his business with checking accounts. </span><span style="background-color: rgb(255, 153, 0);">And Ivanka Trump sat on Signature’s board of directors while the bank was lending to her father and her husband, Kushner</span><span style="background-color: rgb(248, 245, 239);">.</span></font></font></font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><span style="background-color: rgb(248, 245, 239);"><font size="4" face="Times New Roman">
</font></span></font></font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman" /></font></font><div style="background-color: rgb(248, 245, 239);"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman">
</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div><div style="background-color: rgb(248, 245, 239);">NEW YORK — When Michael Cohen needed $17 million to buy a Manhattan apartment building in 2015, he went to Signature Bank.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Signature had existed for less than two decades, and compared with some of its New York rivals, it was a small player occupying unglamorous niches.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);"><b>Yet it was a natural place to go for Cohen, who was Donald Trump’s personal lawyer.</b> Years earlier, he had helped initiate a relationship between Signature and Trump, and the bank became an unlikely go-to lender for the future president and his extended family.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">The bank helped finance Trump’s Florida golf course. It lent money to Jared Kushner, Trump’s son-in-law, and to Kushner’s father, Charles. It provided Trump and his business with checking accounts. And Ivanka Trump sat on Signature’s board of directors while the bank was lending to her father and her husband, Kushner.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Signature provides a window into the intersecting financial interests of Cohen and the Trump and Kushner families. With Ivanka Trump and Kushner working in the White House, and Cohen under criminal investigation, Signature’s interactions with some of its most famous clients are attracting attention from regulators.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">New York’s Department of Financial Services this year requested information from Signature about its credit lines to the Kushners, according to people familiar with the requests. They said regulators were reviewing whether Kushner’s White House role could compromise Signature’s ability to collect on the loans.</div><div style="background-color: rgb(248, 245, 239);">
</div><div><span style="background-color: rgb(248, 245, 239);">That review of Kushner’s loan documents led the New York regulators to broaden their inquiry, said one person, who was not authorized to speak publicly about the regulator’s activities.</span><span style="background-color: rgb(255, 255, 102);"> The agency is now looking into whether Signature lent money to real estate developers — including the Kushner family’s business, Kushner Cos. — knowing they planned to use abusive tactics to push out low-rent tenants and then charge more</span><span style="background-color: rgb(248, 245, 239);">, according to two people familiar with the review. It is focused on whether Signature’s loans were overly risky and violated laws intended to prevent predatory behavior.</span></div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">The inquiry is at an early stage and might include banks other than Signature, the person said.</div><div style="background-color: rgb(248, 245, 239);">
</div><div><b><span style="background-color: rgb(255, 255, 102);">“We recognize we are not perfect,” Signature’s chairman</span><span style="background-color: rgb(248, 245, 239);">, Scott A. Shay, said in a statement</span></b><span style="background-color: rgb(248, 245, 239);">. “However, any allegation that we knowingly or somehow actively abet tenant harassment is frankly a slander against Signature Bank and an unfair impugning of the reputations of many hardworking colleagues who strive to be a positive force for not only our shareholders and depositors but our community as well.”</span></div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Signature announced Friday that it was stepping up efforts to make sure its lending does not lead to the displacement of tenants. The pledge drew praise from the Association for Neighborhood & Housing Development, a New York community group.</div><div style="background-color: rgb(248, 245, 239);"><b>
</b></div><div style="background-color: rgb(248, 245, 239);"><b>Last week, Gov. Andrew M. Cuomo of New York said the state was opening an investigation into allegations, filed in a lawsuit, that Kushner Cos. illegally harassed low-rent tenants to get them to leave.</b></div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Christine Taylor, a Kushner Cos. spokeswoman, said, “All our business with Signature Bank has been entirely appropriate.” She added that before Kushner joined the White House, “we never had these type of inquiries which appear to be solely for political reasons.”</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Amanda Miller, a Trump Organization spokeswoman, played down the company’s relationship with Signature. “While the company has, from time to time, done some business with Signature Bank, those dealings were few and far between and limited in scope,” she said. (Other banks, such as Deutsche Bank, have done more business with the Trump Organization.)</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Shay and Joseph DePaolo founded Signature in 1999 with backing from Israel’s biggest lender, Bank Hapoalim. One of Signature’s specialties was financing the purchase of taxi medallions, which authorize holders to operate cabs. Cohen had amassed a large portfolio of medallions and had borrowed money from bankers who later joined Signature.</div><div style="background-color: rgb(248, 245, 239);">
</div><div><span style="background-color: rgb(255, 255, 102);">Signature forged deep political connections — its board members have included a former Republican senator, Alfonse D’Amato, and a former New York lieutenant governor, Alfred B. DelBello, a Democrat. A former Democratic congressman, Barney Frank, joined the board in 2015.</span></div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">The bank also became known for doing more than rivals to accommodate customers.</div><div style="background-color: rgb(248, 245, 239);">
</div><div><span style="background-color: rgb(255, 255, 102);">For example, Signature allowed some business clients to withdraw cash even when their accounts were empty, creating overdrafts of tens of thousands of dollars without formal loan agreements, according to a former employee and a client who said he routinely did this. That attracted clients with irregular cash flow.</span></div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">In an interview at Signature’s Fifth Avenue headquarters, DePaolo, the bank’s chief executive, acknowledged that Signature did things that rivals wouldn’t. He said it was part of providing superior services to trustworthy customers. He and Shay said Signature complied with all banking rules.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Frank said Signature served a valuable role by financing housing for low- and middle-income tenants. “It’s very well run,” he said.</div><div style="background-color: rgb(248, 245, 239);">
</div><div><span style="background-color: rgb(255, 255, 102);"><b>Before Donald Trump became a Signature client, he fought the bank.</b> The 2007 skirmish involved a construction company that Trump had hired to help build a golf course. After Trump refused to pay the company’s bills and sued it for subpar work, the company went bankrupt. It owed Signature money. Trump’s and Signature’s lawyers argued in court that their clients were both entitled to the same funds from the bankrupt company.</span></div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Trump and Signature settled in September 2009. Three months later, the Trump Organization started borrowing from Signature — thanks, at least in part, to Cohen.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Cohen had joined the Trump Organization in 2007 as an executive and was on the condominium board of Trump World Tower, across from the United Nations. In December 2009, Signature lent $800,000 to the building, managed by the Trump Organization, to refinance the mortgage on the superintendent’s apartment.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);"><b>A former Signature employee said Cohen had helped arrange the loan.</b> Signature executives say they have no record of Cohen’s involvement.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">A long-term relationship between Signature and the Trump family ensued.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);"><b>In 2010, the year after Ivanka Trump and Jared Kushner married, Charles Kushner and his wife opened a Signature account,</b> a bank spokeswoman said. That year, the Trump International Golf Club in Florida received two letters of credit from Signature totaling $212,000. The letters provided a guarantee from Signature that Donald Trump would be able to pay what he owed in a contract with a third party. Signature said the letters of credit were fully secured by cash that Trump had at the bank.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Signature in 2011 gave Charles and Jared Kushner a credit line from which they borrowed nearly $5 million that year, securities filings show.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);"><b>In September 2011, Signature named Ivanka Trump, who was 29, to its board. She was paid $198,875 in 2012 in cash and stock.</b></div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Shay said Ivanka Trump had been invited onto the nine-member board as part of an effort to recruit younger directors and to give it a second woman.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">“She was an active, engaged board member,” Shay said. “She read everything and asked questions if she didn’t understand.”</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);"><b>Giving seats on the board of a publicly traded company like Signature to people directly connected to large clients is generally frowned on.</b></div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">“Directors should not have significant commercial relationships with institutions on whose boards they sit,” said Charles Elson, a professor of corporate governance at the University of Delaware. “You’re there to oversee operations and be objective. Your job is not to guarantee business for the bank or the company but to ensure effective oversight.”</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Signature nonetheless designated Ivanka Trump as an independent director and assigned her to board committees that set executive compensation and monitored risks.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">The bank continued to do business with her family. It renewed credit lines to the Kushners, who by the end of 2012 owed the bank $4 million.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Shay said that Trump had recused herself from decisions involving her family and that the transactions hadn’t been large enough to compromise her independence.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">With the benefit of hindsight, DePaolo said, “I almost regret that we had Ivanka on the board.” Shay added: “Had we known the identity of the 45th president, I think we would have thought twice. But that’s not to say she wasn’t a great board member.”</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Ivanka Trump stepped down from the board in early 2013 because of “her highly demanding schedule.” A White House spokesman didn’t respond to requests for comment about Trump’s role.</div><div style="background-color: rgb(248, 245, 239);">
</div><div><span style="background-color: rgb(255, 255, 102);">Five months later, Signature started making mortgage loans to Kushner’s company. Kushner Cos. has received at least 21 mortgages from Signature, totaling more than $210 million. The loans were mostly for buildings in <b>Manhattan and Brooklyn where many tenants live in rent-regulated apartments.</b></span></div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">“All the lending we’ve done with them has been very conservative,” Shay said.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">In February 2015, shortly before Trump’s presidential campaign got underway, Signature made the $17 million loan to Cohen.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Cohen said in an email that the loan had been “sourced by a mortgage broker and not based upon any personal relationships.”</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">DePaolo said that at the time of the loan, Cohen wasn’t a public figure. “We did a background check and nothing out of the ordinary came up — he looked fine,” he said.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Signature has kept lending to the Kushners. Last year, Kushner and his father took advantage of the latest in a series of credit lines provided by the bank, borrowing more than $5 million, according to Kushner’s most recent government ethics filing.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">Signature executives argue they are being punished unfairly for lending that mostly took place before the election.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);">“We feel abused,” Shay said.</div><div style="background-color: rgb(248, 245, 239);">
</div><div style="background-color: rgb(248, 245, 239);"> The New York Times</div></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"></font></div></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">=</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman" style=""><a href="https://jacobin.com/2023/03/silicon-valley-bank-collapse-financial-regulations-2008-bailout">https:/<b>/jacobin.</b>com/2023/03/silicon-valley-bank-collapse-financial-regulations-2008-bailout</a></font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman" style="">
</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">...every now and then, a development perfectly embodies everything that’s wrong with an era. The collapse of Silicon Valley Bank (SVB) is one such development, the culmination of many years of financial recklessness, corporate entitlement, and corrupted political decision-making.</font></div><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em;"><font size="4" face="Times New Roman" style=""><span style="background-color: rgb(255, 255, 255);">The sixteenth-largest US bank by assets up until a few days ago, SVB’s implosion is the second-worst bank failure in US history and the worst since the dominos of the global financial crisis began falling in 2008</span><span style="background-color: rgb(255, 255, 102);">. Founded in 1983, the bank was the <a href="https://www.bloomberg.com/news/articles/2023-03-10/silicon-valley-bank-the-investor-lender-networker-of-startups" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">go-to financial institution</a> for the glut of Silicon Valley start-ups that have spread like a rash in the era of cheap money, which was one of the factors in its downfall.</span></font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">When times were good for venture capital, they were also good for SVB, which served nearly half of all US venture-backed companies. Times were particularly good this past decade or so, as the Federal Reserve ushered in an era of rock-bottom interest rates after the Great Recession. Sluggish growth and high unemployment were top of mind for the political and economic elite; low interest rates, the thinking went, would mean a lower cost of borrowing, leading to more investment and more job creation.</font></p><p style="background-color: rgb(255, 255, 255); box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em;"><font size="4" face="Times New Roman">Things curdled in the wake of the coronavirus pandemic, when inflation overtook unemployment as <span style="box-sizing: border-box; background-repeat: no-repeat;"><b>the</b></span> political and economic concern of the day. The Federal Reserve started rapidly hiking interest rates, by a massive 450 basis points over just the last year. This time, the thinking was that by constraining investment and raising expenses for both businesses and ordinary people, the Fed would put a lid on wage growth and consumer spending and rein in inflation (even though Fed chair Jerome Powell admitted this strategy wouldn’t affect food and fuel prices, two of the areas where average Americans are most feeling the effects of inflation).</font></p><aside class="sr-atslot sr-atslot--left prt-x" style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 2em 2em -23vw; max-width: 300px; clear: left; float: left; background-color: rgb(255, 255, 255);"><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">This also had the <a href="https://jacobin.com/2022/11/federal-reserve-interest-rate-hike-economic-impact-workers" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">secondary effect</a> of turning off the tap on the ceaseless flow of venture capital that was keeping start-ups, even money-losing ones, above water, helping trigger a major downturn in tech, among other things. Lean times for the sector had a knock-on effect for SVB, which suddenly <a href="https://www.bloomberg.com/news/articles/2023-03-10/the-balance-sheet-time-bomb-at-svb-was-sitting-in-plain-sight" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">faced</a> a crunch from its venture capital–backed depositors.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em;"><font size="4" face="Times New Roman" style=""><span style="background-color: rgb(255, 255, 102);">But the more perilous byproduct of the Fed’s rate hikes for SVB was the fact that it had heavily invested in government bonds — whose prices tend to drop when interest rates go up and vice versa — partly because it didn’t have <a href="https://www.bloomberg.com/opinion/articles/2023-03-10/startup-bank-had-a-startup-bank-run" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">much else</a> to do with the money its customers were parking with it.</span><span style="background-color: rgb(255, 255, 255);"> According to Adam Tooze, SVB was taking a hit of at least </span><a href="https://adamtooze.substack.com/p/chartbook-200-something-broke-the" style="background: rgba(0, 0, 0, 0); box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">$1 billion</a><span style="background-color: rgb(255, 255, 255);"> for every twenty-five basis points that the Fed raised rates, while not investing whatsoever in interest rate hedges, leaving it particularly exposed to Powell’s inflation-fighting gambit.</span></font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><b>What finally doomed SVB was that the resulting losses prompted a panic among depositors.</b> This was in no small part thanks to far-right billionaire Peter Thiel’s VC firm Founders Fund, which, after finding out its investors were having trouble transferring money to its SVB accounts, <a href="https://www.bloomberg.com/news/articles/2023-03-11/thiel-s-founders-fund-withdrew-millions-from-silicon-valley-bank" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">ordered</a> them to send them to other banks and had withdrawn all of its cash by the time the bank started melting down late last week. Around the same time, a<b> newsletter</b> popular in the VC world <a href="https://fortune.com/2023/03/12/silicon-valley-bank-may-be-victim-of-first-social-media-bank-run-says-one-theory/" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">warned</a> about SVB’s financial issues, while one depositor <a href="https://twitter.com/torrenegra/status/1634573234187407369" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">described</a> the fear among a group chat of more than two hundred tech executives, who soon rushed to pull their money out. Behavior like this led to a classic bank run, where everyone with funds in the bank scrambles to withdraw their money at the same time, collapsing it.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">All of this was enabled by the usual combination of corporate power and corruption in Washington, DC. It was Donald Trump and a GOP Congress’s 2018 rollback of the Dodd-Frank financial reform law that, at the <a href="https://www.levernews.com/svb-chief-pressed-lawmakers-to-weaken-bank-risk-regs/" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">personal request</a> of SVB’s president three years earlier, <a href="https://www.commondreams.org/news/trump-era-deregulation-deemed-a-key-culprit-in-failure-of-silicon-valley-bank" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">opened the door</a> to this kind of meltdown, by <a href="https://www.forbes.com/sites/mayrarodriguezvalladares/2023/03/12/how-trumps-deregulation-sowed-the-seeds-for-silicon-valley-banks-demise/?sh=625aac934320" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">exempting</a> banks the size of SVB from liquidity mandates and more frequent stress tests from regulators. Not that it was the SVB simply asking nicely: the bank also spent more than <b>half a million dollars on lobbying in those three years, <a href="https://theintercept.com/2023/03/11/silicon-valley-bank-used-former-mccarthy-staffers-to-weaken-regulations-lobby-fdic" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">employing</a> as lobbyists former staffers for then House majority leader (and now speaker) Kevin McCarthy, who enthusiastically supported the rollback</b>.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em;"><font size="4" face="Times New Roman" style=""><span style="background-color: rgb(255, 255, 102);">Of course, it wasn’t just Republicans to blame. Seventeen Democrats backed the legislation, and critical to shaking off progressive criticisms of the bill was <a href="https://www.washingtonpost.com/news/wonk/wp/2018/05/24/a-lot-of-people-heard-what-barney-frank-said-about-the-new-banking-law-few-knew-he-works-for-a-bank/" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">Rep. Barney Frank</a> — the “Frank” in Dodd-Frank — who insisted it wouldn’t make a future financial crisis more likely and<b> whose advice was cited by Wall Street–captured Democrats on the Senate floor and elsewhere as they prepared to gut the hard-fought financial regulations</b></span><span style="background-color: rgb(255, 255, 255);"><b>.</b></span></font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);"><b>Worse than the way Frank’s advice has aged is the fact that at the time, he happened to sit on the board of Signature Bank. </b>That institution didn’t just benefit from Frank giving a thumbs up to Congress weakening his own signature legislative achievement, but has just now been <a href="https://www.wsj.com/amp/articles/signature-bank-is-shut-by-regulators-after-svb-failure-a5f9e0f7" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">closed down</a> by regulators after becoming the third-largest bank failure in US history at the hands of its own bank run, to <a href="https://www.nytimes.com/2023/03/12/business/janet-yellen-silicon-valley-bank.html" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">prevent</a> a wider contagion of the financial system — the exact thing Frank insisted wouldn’t happen.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em;"><font size="4" face="Times New Roman" style=""><span style="background-color: rgb(255, 255, 102);">Meanwhile, the individualist supermen of Silicon Valley and Wall Street have transformed overnight into willing wards of the state, <a href="https://sfstandard.com/business/bay-area-investors-clamor-for-government-to-step-in-after-silicon-valley-bank-meltdown/" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">demanding</a> the government come to the <a href="https://www.thestreet.com/technology/silicon-valley-and-wall-street-beg-the-government-to-bail-out-svb" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">rescue</a> of wealthy investors who stand to lose</span><span style="background-color: rgb(255, 255, 255);">. (The federal government only insures deposits up to $250,000, which means more than 85 percent of SVB’s deposits were uninsured.<b>)</b></span><span style="background-color: rgb(255, 255, 102);"><b> Larry Summers, fresh off <a href="https://www.bloomberg.com/news/articles/2022-08-22/larry-summers-says-student-loan-debt-relief-is-inflationary" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">railing against</a> “unreasonably generous student loan relief,</b>” is now <a href="https://www.forbes.com/sites/mattnovak/2023/03/12/larry-summers-says-now-is-not-the-time-for-moral-hazard-lectures-about-bailouts/?sh=553bfcde7f13" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">telling us</a> it’s “not the time for moral hazard lectures or for lesson administering or for alarm about the political consequences of ‘bailouts,’” as he demanded that all uninsured deposits “be fully backed by Monday morning.”</span></font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">Unsurprisingly, Summers and his ilk won out. Despite <a href="https://apnews.com/article/silicon-valley-bank-bailout-yellen-deposits-failure-94f2185742981daf337c4691bbb9ec1e" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">pledging</a> not to bail out SVB and Signature, the Treasury, Fed, and the Federal Deposit Insurance Corporation invoked a “systemic risk exception” to <a href="https://home.treasury.gov/news/press-releases/jy1337" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">announce</a> that all depositors, even those above the $250,000 threshold, will “have access to all of their money” starting today, and that it would start an emergency lending program for banks to ensure as much.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Some are <a href="https://www.washingtonpost.com/politics/2023/03/12/silicon-valley-bank-bailout-yellen-deposits-failure/976b63a8-c0d7-11ed-82a7-6a87555c1878_story.html" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">drawing</a> a <a href="https://www.cnbc.com/2023/03/13/wall-street-not-taxpayers-will-pay-for-the-svb-and-signature-deposit-relief-plans-.html" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">distinction</a> here from the infamous and hated 2008 bailouts, because this time, the banks aren’t being rescued and taxpayers aren’t footing the bill (the funds being used to cover depositors are <a href="https://twitter.com/rch371/status/1635089137706627072" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">made up</a> of fees that were levied on banks). But at the end of the day, the government is stepping in to ensure wealthy investors and executives don’t lose a cent from this debacle, despite the fact that they knew full well their deposits weren’t insured. Even the <span style="box-sizing: border-box; background-repeat: no-repeat;"><b>Wall Street Journal</b></span> <a href="https://www.wsj.com/amp/articles/the-silicon-valley-bank-bailout-chorus-yellen-treasury-fed-fdic-deposit-limit-dodd-frank-run-cc80761e" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">calls this</a> a “de facto bailout.”</font></p><aside class="sr-atslot sr-atslot--left prt-x" style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 2em 2em -23vw; max-width: 300px; clear: left; float: left; background-color: rgb(255, 255, 255);"><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em;"><font size="4" face="Times New Roman" style=""><span style="background-color: rgb(255, 255, 102);">There is the obvious, wealth-inflected unfairness inherent to all this. Once <a href="https://jacobin.com/2022/01/pandemic-unemployment-business-workers-benefits-means-testing-inequality" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">again</a>, the big guys are quickly doused with a firehose of money when they get into trouble after failing to carry out basic due diligence</span><span style="background-color: rgb(255, 255, 255);">. Meanwhile, working people are lectured about personal responsibility, and are forced to scratch and claw to be freed of crushing debt, for basic economic protections in the middle of an economic catastrophe, and to get one-time stimulus checks that barely cover a month’s rent in many cities.</span></font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">There’s also the question of what kind of future irresponsibility this will encourage. After all, investors just saw (again) firsthand that the federal government will step in to rescue them even if their deposits are uninsured — no matter how irresponsible the financial institution they were parking their money in happened to be, as long as there’s a whiff of potential wider financial instability around the corner. We might also ask what other economic mayhem might be triggered by the Fed’s determination to fight inflation through cranking up interest rates; SVB is just <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-failure-collapse-interest-rate-hikes-financial-risks-2023-3" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">one of many</a> possible entities that could spiral into instability as the central bank barrels ahead with a plan that experts warn will <a href="https://jacobin.com/2022/09/federal-reserve-recession-inflation-interest-rate-hikes" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">trigger recession</a>, as the cryptocurrency collapse already showed us.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em;"><font size="4" face="Times New Roman" style=""><span style="background-color: rgb(255, 153, 0);">Behind it all, there’s a question: How much longer people will tolerate a system like this?</span><span style="background-color: rgb(255, 255, 255);"> One where vast amounts of wealth are misdirected to unproductive ends in the middle of world historical crises, then frittered away in speculative recklessness that nearly brings the entire structure down, only for those with the money to parachute to safety while everyone else remains condemned to austerity. The original bank bailouts set off a cascade of popular anger that’s irrevocably </span><a href="https://www.washingtonpost.com/powerpost/seeds-of-populist-anger-sown-in-wall-street-bailout-that-never-reached-main-street/2018/09/29/4eacdbbe-c40c-11e8-b338-a3289f6cb742_story.html" style="background: rgba(0, 0, 0, 0); box-sizing: border-box; text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">shaped</a><span style="background-color: rgb(255, 255, 255);"> the landscape of twenty-first-century politics, from Occupy Wall Street and the Bernie Sanders campaigns to the Tea Party movement and the Trump presidency. What will it look like if they keep on happening?</span></font></p><p style="background-color: rgb(255, 255, 255); box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em;"><font size="4" face="Times New Roman">=</font></p><p style="background-color: rgb(255, 255, 255); box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em;"><font size="4" face="Times New Roman">
</font></p><p style="background-color: rgb(255, 255, 255); box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em;"><font size="4" face="Times New Roman">=</font></p><div class="MjjYud" style="background-color: rgb(255, 255, 255);"><div data-hveid="CCIQAA"><div class="g" style="line-height: 1.58; width: 600px; margin-top: 0px; margin-bottom: 30px;"><div class="d4rhi"><ul class="FxLDp" style="margin: 0px; padding: 18px 0px 0px 16px; box-sizing: border-box; display: flex; flex-direction: column; list-style-type: none; width: 600px;"><li class="MYVUIe" style="margin: 0px; padding: 0px; display: flex;"><div class="XN9cAe" style="flex: 1 1 0%; box-sizing: border-box;"><div jscontroller="SC7lYd" lang="en" jsaction="QyLbLe:OMITjf;ewaord:qsYrDe;xd28Mb:A6j43c" data-hveid="CB8QAA" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChC0mQMoAHoECB8QAA" style="width: 600px;"><div class="kvH3mc BToiNc UK95Uc" data-sokoban-container="ih6Jnb_p5hqmb" style="position: relative; contain: layout paint; overflow: hidden; display: flex; -webkit-box-orient: vertical; -webkit-box-direction: normal; flex-direction: column; -webkit-box-pack: start; justify-content: start;"><div class="Z26q7c UK95Uc jGGQ5e" data-header-feature="0" data-sokoban-feature="x5WNvb" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="yuRUbf" style="line-height: 1.58;"><a href="https://www.svb.com/private-bank/team/directory/ann-lucchesi" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIGRAB" ping="/url?sa=t&source=web&rct=j&url=https://www.svb.com/private-bank/team/directory/ann-lucchesi&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIGRAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;"><font size="4" face="Times New Roman" color="#000000">
</font></a><h3 class="LC20lb MBeuO xvfwl" style="font-weight: 400; margin: 4px 0px 0px; padding: 0px; line-height: 1.3; display: inline-block;"><a href="https://www.svb.com/private-bank/team/directory/ann-lucchesi" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIGRAB" ping="/url?sa=t&source=web&rct=j&url=https://www.svb.com/private-bank/team/directory/ann-lucchesi&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIGRAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;"><font size="4" face="Times New Roman" color="#000000">Ann Lucchesi | Silicon Valley Bank</font></a></h3><div class="TbwUpd NJjxre iUh30 ojE3Fb" style="line-height: 1.3; padding: 0px; display: flex; text-size-adjust: none; position: absolute; left: 0px; top: 0px; align-items: center;"><div class="byrV5b" style="-webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><cite class="qLRx3b tjvcx GvPZzd cHaqb" role="text" style="font-style: normal; overflow: hidden; text-overflow: ellipsis; white-space: nowrap; line-height: 18px; max-width: 315px;"><font size="4" face="Times New Roman">https://www.svb.com<span class="dyjrff qzEoUe" role="text"> › private-bank › team › directory</span></font></cite></div></div><div class="B6fmyf byrV5b" style="position: absolute; top: 0px; height: 0px; visibility: hidden; white-space: nowrap; -webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><div class="TbwUpd iUh30 ojE3Fb" style="line-height: 1.3; padding: 0px; display: flex; text-size-adjust: none; align-items: center;"><div class="byrV5b" style="-webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><cite class="qLRx3b tjvcx GvPZzd cHaqb" role="text" style="font-style: normal; overflow: hidden; text-overflow: ellipsis; line-height: 18px; max-width: 315px;"><font size="4" face="Times New Roman"><span class="dyjrff qzEoUe" role="text" /></font></cite></div></div><div class="csDOgf BCF2pd ezY6nb L48a4c" style="position: relative; display: inline; visibility: visible; margin-left: 8px; margin-top: 18px; height: 18px;"><div jscontroller="exgaYe" data-bsextraheight="0" data-frm="true" data-isdesktop="true" data-movewtractions="true" jsdata="l7Bhpb;;BhE8II cECq7c;;BhE8IU" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChDZ6wR6BAgZEAQ"><div jsaction="RvIhPd(Bil8Ae)" role="button" tabindex="0" jsname="I3kE2c" class="iTPLzd rNSxBe lUn2nc" aria-label="About this result" style="cursor: pointer; top: 0px; left: 0px; width: 28px; z-index: 1; line-height: 16px; padding-bottom: 20px; padding-right: 12px; outline: 0px; position: absolute;"><span jsname="czHhOd" class="D6lY4c mBswFe" style="height: 22px; width: 22px; position: absolute; border-radius: 11px;"><span jsname="Bil8Ae" class="xTFaxe z1asCe SaPW2b" style="display: inline-block; fill: currentcolor; height: 18px; line-height: 18px; position: relative; width: 18px; top: 2px;"><font size="4" face="Times New Roman"><svg focusable="false" viewbox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path d="M12 8c1.1 0 2-.9 2-2s-.9-2-2-2-2 .9-2 2 .9 2 2 2zm0 2c-1.1 0-2 .9-2 2s.9 2 2 2 2-.9 2-2-.9-2-2-2zm0 6c-1.1 0-2 .9-2 2s.9 2 2 2 2-.9 2-2-.9-2-2-2z" /></svg></font></span></span></div><font size="4" face="Times New Roman"><span jsname="zOVa8" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChCH7gZ6BAgZEAU" /></font></div></div></div></div></div><div class="Z26q7c UK95Uc" data-content-feature="1" data-sokoban-feature="nke7rc" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="VwiC3b yXK7lf MUxGbd yDYNvb lyLwlc lEBKkf" style="padding-top: 0px; margin-bottom: 0px; display: -webkit-box; -webkit-box-orient: vertical; overflow: hidden; -webkit-line-clamp: 2;"><font size="4" face="Times New Roman"><span style="font-weight: bold;">SVB</span>, its affiliates, <span style="font-weight: bold;">employees</span>, <span style="font-weight: bold;">SVB</span> Wealth LLC investment adviser representatives and <span style="font-weight: bold;">SVB</span> Investment Services Inc. registered representatives do not provide ...</font></div></div></div></div></div></li></ul></div></div></div></div><div class="MjjYud" style="background-color: rgb(255, 255, 255);"><div jscontroller="SC7lYd" class="g Ww4FFb vt6azd tF2Cxc asEBEc" lang="en" jsaction="QyLbLe:OMITjf;ewaord:qsYrDe;xd28Mb:A6j43c" data-hveid="CA8QAA" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAVKAB6BAgPEAA" style="line-height: 1.58; width: 600px; margin: 0px 0px 30px; position: relative; border-radius: 0px;"><div class="kvH3mc BToiNc UK95Uc" data-sokoban-container="ih6Jnb_eenuDc" style="position: relative; contain: layout paint; overflow: hidden; display: flex; -webkit-box-orient: vertical; -webkit-box-direction: normal; flex-direction: column; -webkit-box-pack: start; justify-content: start;"><div class="Z26q7c UK95Uc jGGQ5e" data-header-feature="0" data-sokoban-feature="x5WNvb" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="yuRUbf" style="line-height: 1.58;"><a href="https://www.opensecrets.org/political-action-committees-pacs/svb-financial-group/C00333658/expenditures/2014" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBBAB" ping="/url?sa=t&source=web&rct=j&url=https://www.opensecrets.org/political-action-committees-pacs/svb-financial-group/C00333658/expenditures/2014&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBBAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;"><font size="4" face="Times New Roman" color="#000000">
</font></a><h3 class="LC20lb MBeuO DKV0Md" style="font-weight: 400; margin: 18px 0px 3px; padding: 5px 0px 0px; line-height: 1.3; display: inline-block;"><a href="https://www.opensecrets.org/political-action-committees-pacs/svb-financial-group/C00333658/expenditures/2014" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBBAB" ping="/url?sa=t&source=web&rct=j&url=https://www.opensecrets.org/political-action-committees-pacs/svb-financial-group/C00333658/expenditures/2014&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBBAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;"><font size="4" face="Times New Roman" color="#000000">SVB Financial Group PAC Expenditures • OpenSecrets</font></a></h3><div class="TbwUpd NJjxre iUh30 ojE3Fb" style="line-height: 1.3; padding: 0px; display: flex; text-size-adjust: none; position: absolute; left: 0px; top: 0px; align-items: center;"><span class="H9lube" style="background-color: rgb(241, 243, 244); border-radius: 50%; 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height: 18px; width: 18px;" /></font></div></span><div><span class="VuuXrf" style="max-width: 200px; display: block; line-height: 20px; white-space: nowrap;"><font size="4" face="Times New Roman">OpenSecrets</font></span><div class="byrV5b" style="-webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><cite class="qLRx3b tjvcx GvPZzd cHaqb" role="text" style="font-style: normal; overflow: hidden; text-overflow: ellipsis; white-space: nowrap; line-height: 18px; max-width: 315px;"><font size="4" face="Times New Roman">https://www.opensecrets.org<span class="dyjrff qzEoUe" role="text"> › expenditures</span></font></cite></div></div></div><div class="B6fmyf byrV5b Mg1HEd" style="position: absolute; top: 0px; height: auto; visibility: hidden; white-space: nowrap; -webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><div class="TbwUpd iUh30 ojE3Fb" style="line-height: 1.3; padding: 0px; display: flex; text-size-adjust: none; align-items: center;"><span class="H9lube" style="background-color: rgb(241, 243, 244); border-radius: 50%; border: 1px solid rgb(236, 237, 239); text-size-adjust: none; display: inline-block; line-height: 26px; padding: 0px 4px; margin-right: 12px;"><div class="eqA2re NjwKYd" style="margin-bottom: 2px; vertical-align: middle; margin-right: 0px; height: 18px; width: 18px;"><div><span class="VuuXrf" style="max-width: 200px; display: block; line-height: 20px;"><div class="byrV5b" style="-webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><cite class="qLRx3b tjvcx GvPZzd cHaqb" role="text" style="font-style: normal; overflow: hidden; text-overflow: ellipsis; line-height: 18px; max-width: 315px;"><font size="4" face="Times New Roman"><span class="dyjrff qzEoUe" role="text" /></font></cite></div></span></div></div><div class="csDOgf BCF2pd ezY6nb L48a4c" style="position: relative; display: inline; visibility: visible; margin-left: 8px; margin-top: 18px; height: 18px;"><div jscontroller="exgaYe" data-bsextraheight="0" data-frm="true" data-isdesktop="true" data-movewtractions="true" jsdata="l7Bhpb;;BhE8I8 cECq7c;;BhE8JA" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChDZ6wR6BAgEEAk"><font size="4" face="Times New Roman" /><div jsaction="RvIhPd(Bil8Ae)" role="button" tabindex="0" jsname="I3kE2c" class="iTPLzd rNSxBe lUn2nc" aria-label="About this result" style="cursor: pointer; top: 0px; left: 0px; width: 28px; z-index: 1; line-height: 16px; padding-bottom: 20px; padding-right: 12px; outline: 0px; position: absolute;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><span jsname="czHhOd" class="D6lY4c mBswFe" style="height: 22px; width: 22px; position: absolute; border-radius: 11px;"><span jsname="Bil8Ae" class="xTFaxe z1asCe SaPW2b" style="display: inline-block; fill: currentcolor; height: 18px; line-height: 18px; position: relative; width: 18px; top: 2px;"><svg focusable="false" viewbox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path d="M12 8c1.1 0 2-.9 2-2s-.9-2-2-2-2 .9-2 2 .9 2 2 2zm0 2c-1.1 0-2 .9-2 2s.9 2 2 2 2-.9 2-2-.9-2-2-2zm0 6c-1.1 0-2 .9-2 2s.9 2 2 2 2-.9 2-2-.9-2-2-2z" /></svg></span></span></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div><span jsname="zOVa8" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChCH7gZ6BAgEEAo" /></div></div></span></div></div></div><div class="Z26q7c UK95Uc" data-content-feature="1" data-sokoban-feature="nke7rc" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="VwiC3b yXK7lf MUxGbd yDYNvb lyLwlc lEBKkf" style="padding-top: 0px; margin-bottom: 0px; display: -webkit-box; -webkit-box-orient: vertical; overflow: hidden; -webkit-line-clamp: 2;"><font size="4" face="Times New Roman">How did <span style="font-weight: bold;">SVB</span> Financial Group spend their PAC money in the 2013-2014 election cycle? See the details. ... 2, <span style="font-weight: bold;">Mccarthy</span> Victory Fund 2014, $5,000.</font></div></div></div></div></div><div class="MjjYud" style="background-color: rgb(255, 255, 255);"><div jscontroller="SC7lYd" class="g Ww4FFb vt6azd tF2Cxc asEBEc" lang="en" jsaction="QyLbLe:OMITjf;ewaord:qsYrDe;xd28Mb:A6j43c" data-hveid="CAkQAA" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAVKAB6BAgJEAA" style="line-height: 1.58; width: 600px; margin: 0px 0px 30px; position: relative; border-radius: 0px;"><div class="kvH3mc BToiNc UK95Uc" data-sokoban-container="ih6Jnb_zgzuie" style="position: relative; contain: layout paint; overflow: hidden; display: flex; -webkit-box-orient: vertical; -webkit-box-direction: normal; flex-direction: column; -webkit-box-pack: start; justify-content: start;"><div class="Z26q7c UK95Uc jGGQ5e" data-header-feature="0" data-sokoban-feature="x5WNvb" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="yuRUbf" style="line-height: 1.58;"><a href="https://theintercept.com/2023/02/15/congress-bank-lobbying/" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAhAB" ping="/url?sa=t&source=web&rct=j&url=https://theintercept.com/2023/02/15/congress-bank-lobbying/&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAhAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;"><font size="4" face="Times New Roman" color="#000000">
</font></a><h3 class="LC20lb MBeuO DKV0Md" style="font-weight: 400; margin: 18px 0px 3px; padding: 5px 0px 0px; line-height: 1.3; display: inline-block;"><a href="https://theintercept.com/2023/02/15/congress-bank-lobbying/" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAhAB" ping="/url?sa=t&source=web&rct=j&url=https://theintercept.com/2023/02/15/congress-bank-lobbying/&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAhAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;"><font size="4" face="Times New Roman" color="#000000">Bank Lobbyists Hired by Congress to Oversee ... - The Intercept</font></a></h3><div class="TbwUpd NJjxre iUh30 ojE3Fb" style="line-height: 1.3; padding: 0px; display: flex; text-size-adjust: none; position: absolute; left: 0px; top: 0px; align-items: center;"><span class="H9lube" style="background-color: rgb(241, 243, 244); border-radius: 50%; border: 1px solid rgb(236, 237, 239); text-size-adjust: none; display: inline-block; line-height: 26px; padding: 0px 4px; margin-right: 12px;"><div class="eqA2re NjwKYd Vwoesf LCUpfd" aria-hidden="true" style="margin-bottom: 2px; vertical-align: middle; margin-right: 0px; display: inline-block;"><font size="4" face="Times New Roman"><img class="XNo5Ab" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACAAAAAgAQAAAABbAUdZAAAAE0lEQVR4AWOgB2D+//8AOkEkAAAjGAsF8lfnJgAAAABJRU5ErkJggg" alt="" style="display: block; height: 18px; width: 18px;" /></font></div></span><div><span class="VuuXrf" style="max-width: 200px; display: block; line-height: 20px; white-space: nowrap;"><font size="4" face="Times New Roman">The Intercept</font></span><div class="byrV5b" style="-webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><cite class="qLRx3b tjvcx GvPZzd cHaqb" role="text" style="font-style: normal; overflow: hidden; text-overflow: ellipsis; white-space: nowrap; line-height: 18px; max-width: 315px;"><font size="4" face="Times New Roman">https://theintercept.com<span class="dyjrff qzEoUe" role="text"> › 2023/02/15 › congress-bank...</span></font></cite></div></div></div><div class="B6fmyf byrV5b Mg1HEd" style="position: absolute; 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overflow: hidden; -webkit-line-clamp: 2;"><font size="4" face="Times New Roman"><span class="MUxGbd wuQ4Ob WZ8Tjf" style="padding-top: 0px; margin-bottom: 0px;">Feb 15, 2023 — </span><span style="font-weight: bold;">Silicon Valley Bank</span> Used Former <span style="font-weight: bold;">McCarthy Staffers</span> to Weaken Regulations, <span style="font-weight: bold;">Lobby</span> FDIC ... Two senior aides to House Speaker Kevin <span style="font-weight: bold;">McCarthy</span> were ...</font></div></div></div></div></div><div class="MjjYud" style="background-color: rgb(255, 255, 255);"><div jscontroller="SC7lYd" class="g Ww4FFb vt6azd tF2Cxc asEBEc" lang="en" jsaction="QyLbLe:OMITjf;ewaord:qsYrDe;xd28Mb:A6j43c" data-hveid="CAgQAA" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAVKAB6BAgIEAA" style="line-height: 1.58; width: 600px; margin: 0px 0px 30px; position: relative; border-radius: 0px;"><div class="kvH3mc BToiNc UK95Uc" data-sokoban-container="ih6Jnb_dXkzLe" style="position: relative; contain: layout paint; overflow: hidden; display: flex; -webkit-box-orient: vertical; -webkit-box-direction: normal; flex-direction: column; -webkit-box-pack: start; justify-content: start;"><div class="Z26q7c UK95Uc jGGQ5e" data-header-feature="0" data-sokoban-feature="x5WNvb" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="yuRUbf" style="line-height: 1.58;"><a href="https://jacobin.com/2023/03/silicon-valley-bank-collapse-financial-regulations-2008-bailout" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBRAB" ping="/url?sa=t&source=web&rct=j&url=https://jacobin.com/2023/03/silicon-valley-bank-collapse-financial-regulations-2008-bailout&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBRAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;"><font size="4" face="Times New Roman" color="#000000">
</font></a><h3 class="LC20lb MBeuO DKV0Md" style="font-weight: 400; margin: 18px 0px 3px; padding: 5px 0px 0px; line-height: 1.3; display: inline-block;"><a href="https://jacobin.com/2023/03/silicon-valley-bank-collapse-financial-regulations-2008-bailout" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBRAB" ping="/url?sa=t&source=web&rct=j&url=https://jacobin.com/2023/03/silicon-valley-bank-collapse-financial-regulations-2008-bailout&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBRAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;"><font size="4" face="Times New Roman" color="#000000">Silicon Valley Bank's Collapse Shows Little Has Changed for ...</font></a></h3><div class="TbwUpd NJjxre iUh30 ojE3Fb" style="line-height: 1.3; padding: 0px; display: flex; text-size-adjust: none; position: absolute; left: 0px; top: 0px; align-items: center;"><span class="H9lube" style="background-color: rgb(241, 243, 244); border-radius: 50%; border: 1px solid rgb(236, 237, 239); text-size-adjust: none; display: inline-block; line-height: 26px; padding: 0px 4px; margin-right: 12px;"><div class="eqA2re NjwKYd Vwoesf LCUpfd" aria-hidden="true" style="margin-bottom: 2px; vertical-align: middle; margin-right: 0px; display: inline-block;"><font size="4" face="Times New Roman"><img class="XNo5Ab" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACAAAAAfCAYAAACGVs+MAAAAsElEQVR4AWNwL/AZUDy4HPCfgYEdiBcD8X8a4kBCDpg6lBww6oC3UHwLhGnvAIRlx6CJtR6ILaF6k6HylDsAj4V5IAtB6tCzE0iOWg7IA1kIdUgyLgup7wCEQaLYLKSxAyjHow4YdcCoA0YdMOoAEqpxS2LqAlUSsCUQ15PQHhDFWxvCDCMRvyWhAcM+kE2yqQPoAET8D5QD6kHmD5QD8kBm07tndAvqa1V82Xe0cwoAY/2M+6thgD8AAAAASUVORK5CYII=" alt="" style="display: block; height: 18px; width: 18px;" /></font></div></span><div><span class="VuuXrf" style="max-width: 200px; display: block; line-height: 20px; white-space: nowrap;"><font size="4" face="Times New Roman">Jacobin</font></span><div class="byrV5b" style="-webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><cite class="qLRx3b tjvcx GvPZzd cHaqb" role="text" style="font-style: normal; overflow: hidden; text-overflow: ellipsis; white-space: nowrap; line-height: 18px; max-width: 315px;"><font size="4" face="Times New Roman">https://jacobin.com<span class="dyjrff qzEoUe" role="text"> › 2023/03 › silicon-valley-bank-c...</span></font></cite></div></div></div><div class="B6fmyf byrV5b Mg1HEd" style="position: absolute; top: 0px; height: auto; visibility: hidden; white-space: nowrap; -webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><div class="TbwUpd iUh30 ojE3Fb" style="line-height: 1.3; padding: 0px; display: flex; text-size-adjust: none; align-items: center;"><span class="H9lube" style="background-color: rgb(241, 243, 244); border-radius: 50%; border: 1px solid rgb(236, 237, 239); text-size-adjust: none; display: inline-block; line-height: 26px; padding: 0px 4px; margin-right: 12px;"><div class="eqA2re NjwKYd" style="margin-bottom: 2px; vertical-align: middle; margin-right: 0px; height: 18px; width: 18px;"><div><span class="VuuXrf" style="max-width: 200px; display: block; line-height: 20px;"><div class="byrV5b" style="-webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><cite class="qLRx3b tjvcx GvPZzd cHaqb" role="text" style="font-style: normal; overflow: hidden; text-overflow: ellipsis; line-height: 18px; max-width: 315px;"><font size="4" face="Times New Roman"><span class="dyjrff qzEoUe" role="text" /></font></cite></div></span></div></div><div class="csDOgf BCF2pd ezY6nb L48a4c" style="position: relative; display: inline; visibility: visible; margin-left: 8px; margin-top: 18px; height: 18px;"><div jscontroller="exgaYe" data-bsextraheight="0" data-frm="true" data-isdesktop="true" data-movewtractions="true" jsdata="l7Bhpb;;BhE8I0 cECq7c;;BhE8I4" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChDZ6wR6BAgFEAk"><font size="4" face="Times New Roman" /><div jsaction="RvIhPd(Bil8Ae)" role="button" tabindex="0" jsname="I3kE2c" class="iTPLzd rNSxBe lUn2nc" aria-label="About this result" style="cursor: pointer; 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position: relative; width: 18px; top: 2px;"><svg focusable="false" viewbox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path d="M12 8c1.1 0 2-.9 2-2s-.9-2-2-2-2 .9-2 2 .9 2 2 2zm0 2c-1.1 0-2 .9-2 2s.9 2 2 2 2-.9 2-2-.9-2-2-2zm0 6c-1.1 0-2 .9-2 2s.9 2 2 2 2-.9 2-2-.9-2-2-2z" /></svg></span></span></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div><span jsname="zOVa8" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChCH7gZ6BAgFEAo" /></div></div></span></div></div></div><div class="Z26q7c UK95Uc" data-content-feature="1" data-sokoban-feature="nke7rc" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="VwiC3b yXK7lf MUxGbd yDYNvb lyLwlc lEBKkf" style="padding-top: 0px; margin-bottom: 0px; display: -webkit-box; -webkit-box-orient: vertical; overflow: hidden; -webkit-line-clamp: 2;"><font size="4" face="Times New Roman"><span class="MUxGbd wuQ4Ob WZ8Tjf" style="padding-top: 0px; margin-bottom: 0px;">1 day ago — </span>The spectacular collapse of <span style="font-weight: bold;">Silicon Valley Bank</span> was caused by corruption, ... employing as lobbyists former <span style="font-weight: bold;">staffers</span> for then House majority ...</font></div></div></div></div></div><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);" /><div class="MjjYud" style=""><div jscontroller="SC7lYd" class="g Ww4FFb vt6azd tF2Cxc asEBEc" lang="en" jsaction="QyLbLe:OMITjf;ewaord:qsYrDe;xd28Mb:A6j43c" data-hveid="CAoQAA" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAVKAB6BAgKEAA" style="line-height: 1.58; width: 600px; margin: 0px 0px 30px; position: relative; border-radius: 0px;"><div class="kvH3mc BToiNc UK95Uc" data-sokoban-container="ih6Jnb_t9i4jd" style="position: relative; contain: layout paint; overflow: hidden; display: flex; -webkit-box-orient: vertical; -webkit-box-direction: normal; flex-direction: column; -webkit-box-pack: start; justify-content: start;"><div class="Z26q7c UK95Uc jGGQ5e" data-header-feature="0" data-sokoban-feature="x5WNvb" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="MjjYud" style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; 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overflow: hidden; display: block; flex: 0 0 auto;"><div class="yuRUbf" style="font-weight: normal; line-height: 1.58;"><font size="4" face="Times New Roman"><a href="https://www.theguardian.com/business/2023/mar/13/it-was-frantic-the-two-day-scramble-to-save-svb-and-avert-a-banking-crisis" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAxAB" ping="/url?sa=t&source=web&rct=j&url=https://www.theguardian.com/business/2023/mar/13/it-was-frantic-the-two-day-scramble-to-save-svb-and-avert-a-banking-crisis&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAxAB">
</a></font><h3 class="LC20lb MBeuO DKV0Md" style="text-decoration: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px; font-weight: 400; margin: 18px 0px 3px; padding: 5px 0px 0px; line-height: 1.3; display: inline-block;"><font size="4" face="Times New Roman">'It was frantic': the scramble to save SVB UK and avert a ...</font></h3><a href="https://www.theguardian.com/business/2023/mar/13/it-was-frantic-the-two-day-scramble-to-save-svb-and-avert-a-banking-crisis" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAxAB" ping="/url?sa=t&source=web&rct=j&url=https://www.theguardian.com/business/2023/mar/13/it-was-frantic-the-two-day-scramble-to-save-svb-and-avert-a-banking-crisis&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAxAB" /><div class="TbwUpd NJjxre iUh30 ojE3Fb" style="text-decoration: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px; line-height: 1.3; padding: 0px; display: flex; text-size-adjust: none; position: absolute; left: 0px; top: 0px; align-items: center;"><a href="https://www.theguardian.com/business/2023/mar/13/it-was-frantic-the-two-day-scramble-to-save-svb-and-avert-a-banking-crisis" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAxAB" ping="/url?sa=t&source=web&rct=j&url=https://www.theguardian.com/business/2023/mar/13/it-was-frantic-the-two-day-scramble-to-save-svb-and-avert-a-banking-crisis&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAxAB" /><a href="https://www.theguardian.com/business/2023/mar/13/it-was-frantic-the-two-day-scramble-to-save-svb-and-avert-a-banking-crisis" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAxAB" ping="/url?sa=t&source=web&rct=j&url=https://www.theguardian.com/business/2023/mar/13/it-was-frantic-the-two-day-scramble-to-save-svb-and-avert-a-banking-crisis&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAxAB" /><a href="https://www.theguardian.com/business/2023/mar/13/it-was-frantic-the-two-day-scramble-to-save-svb-and-avert-a-banking-crisis" 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Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><span jsname="czHhOd" class="D6lY4c mBswFe" style="height: 22px; width: 22px; position: absolute; border-radius: 11px;"><span jsname="Bil8Ae" class="xTFaxe z1asCe SaPW2b" style="display: inline-block; fill: currentcolor; height: 18px; line-height: 18px; position: relative; width: 18px; top: 2px;"><svg focusable="false" viewbox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path d="M12 8c1.1 0 2-.9 2-2s-.9-2-2-2-2 .9-2 2 .9 2 2 2zm0 2c-1.1 0-2 .9-2 2s.9 2 2 2 2-.9 2-2-.9-2-2-2zm0 6c-1.1 0-2 .9-2 2s.9 2 2 2 2-.9 2-2-.9-2-2-2z" /></svg></span></span></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div><span jsname="zOVa8" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChCH7gZ6BAgDEAo" /></div></div></span></div></div></div><div class="Z26q7c UK95Uc" data-content-feature="1" data-sokoban-feature="nke7rc" style="contain: layout paint; overflow: hidden; display: block; flex: 0 0 auto;"><div class="VwiC3b yXK7lf MUxGbd yDYNvb lyLwlc lEBKkf" style="padding-top: 0px; margin-bottom: 0px; display: -webkit-box; -webkit-box-orient: vertical; overflow: hidden; -webkit-line-clamp: 2;"><font size="4" face="Times New Roman"><span class="MUxGbd wuQ4Ob WZ8Tjf" style="padding-top: 0px; margin-bottom: 0px;"><span>21 hours ago</span><span> </span>—<span> </span></span><span>A customer stands outside of a shuttered<span> </span><em style="font-weight: bold; font-style: normal;">Silicon Valley Bank</em><span> </span>(<em style="font-weight: bold; font-style: normal;">SVB</em>) ... to lost cash needed to pay<span> </span><em style="font-weight: bold; font-style: normal;">staff</em><span> </span>and suppliers from Monday morning.</span></font></div></div></div></div></div><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">=</font></p><aside class="sr-atslot sr-atslot--left prt-x" style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 2em 2em -23vw; max-width: 300px; clear: left; float: left; background-color: rgb(255, 255, 255);"><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">This also had the <a href="https://jacobin.com/2022/11/federal-reserve-interest-rate-hike-economic-impact-workers" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">secondary effect</a> of turning off the tap on the ceaseless flow of venture capital that was keeping start-ups, even money-losing ones, above water, helping trigger a major downturn in tech, among other things. Lean times for the sector had a knock-on effect for SVB, which suddenly <a href="https://www.bloomberg.com/news/articles/2023-03-10/the-balance-sheet-time-bomb-at-svb-was-sitting-in-plain-sight" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">faced</a> a crunch from its venture capital–backed depositors.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">But the more perilous byproduct of the Fed’s rate hikes for SVB was the fact that it had heavily invested in government bonds — whose prices tend to drop when interest rates go up and vice versa — partly because it didn’t have <a href="https://www.bloomberg.com/opinion/articles/2023-03-10/startup-bank-had-a-startup-bank-run" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">much else</a> to do with the money its customers were parking with it. According to Adam Tooze, SVB was taking a hit of at least <a href="https://adamtooze.substack.com/p/chartbook-200-something-broke-the" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">$1 billion</a> for every twenty-five basis points that the Fed raised rates, while not investing whatsoever in interest rate hedges, leaving it particularly exposed to Powell’s inflation-fighting gambit.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">What finally doomed SVB was that the resulting losses prompted a panic among depositors. This was in no small part thanks to far-right billionaire Peter Thiel’s VC firm Founders Fund, which, after finding out its investors were having trouble transferring money to its SVB accounts, <a href="https://www.bloomberg.com/news/articles/2023-03-11/thiel-s-founders-fund-withdrew-millions-from-silicon-valley-bank" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">ordered</a> them to send them to other banks and had withdrawn all of its cash by the time the bank started melting down late last week. Around the same time, a newsletter popular in the VC world <a href="https://fortune.com/2023/03/12/silicon-valley-bank-may-be-victim-of-first-social-media-bank-run-says-one-theory/" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">warned</a> about SVB’s financial issues, while one depositor <a href="https://twitter.com/torrenegra/status/1634573234187407369" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">described</a> the fear among a group chat of more than two hundred tech executives, who soon rushed to pull their money out. Behavior like this led to a classic bank run, where everyone with funds in the bank scrambles to withdraw their money at the same time, collapsing it.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">All of this was enabled by the usual combination of corporate power and corruption in Washington, DC. It was Donald Trump and a GOP Congress’s 2018 rollback of the Dodd-Frank financial reform law that, at the <a href="https://www.levernews.com/svb-chief-pressed-lawmakers-to-weaken-bank-risk-regs/" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">personal request</a> of SVB’s president three years earlier, <a href="https://www.commondreams.org/news/trump-era-deregulation-deemed-a-key-culprit-in-failure-of-silicon-valley-bank" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">opened the door</a> to this kind of meltdown, by <a href="https://www.forbes.com/sites/mayrarodriguezvalladares/2023/03/12/how-trumps-deregulation-sowed-the-seeds-for-silicon-valley-banks-demise/?sh=625aac934320" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">exempting</a> banks the size of SVB from liquidity mandates and more frequent stress tests from regulators. Not that it was the SVB simply asking nicely: the bank also spent more than half a million dollars on lobbying in those three years, <a href="https://theintercept.com/2023/03/11/silicon-valley-bank-used-former-mccarthy-staffers-to-weaken-regulations-lobby-fdic" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">employing</a> as lobbyists former staffers for then House majority leader (and now speaker) Kevin McCarthy, who enthusiastically supported the rollback.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Of course, it wasn’t just Republicans to blame. Seventeen Democrats backed the legislation, and critical to shaking off progressive criticisms of the bill was <a href="https://www.washingtonpost.com/news/wonk/wp/2018/05/24/a-lot-of-people-heard-what-barney-frank-said-about-the-new-banking-law-few-knew-he-works-for-a-bank/" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">Rep. Barney Frank</a> — the “Frank” in Dodd-Frank — who insisted it wouldn’t make a future financial crisis more likely and whose advice was cited by Wall Street–captured Democrats on the Senate floor and elsewhere as they prepared to gut the hard-fought financial regulations.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Worse than the way Frank’s advice has aged is the fact that at the time, he happened to sit on the board of Signature Bank. That institution didn’t just benefit from Frank giving a thumbs up to Congress weakening his own signature legislative achievement, but has just now been <a href="https://www.wsj.com/amp/articles/signature-bank-is-shut-by-regulators-after-svb-failure-a5f9e0f7" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">closed down</a> by regulators after becoming the third-largest bank failure in US history at the hands of its own bank run, to <a href="https://www.nytimes.com/2023/03/12/business/janet-yellen-silicon-valley-bank.html" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">prevent</a> a wider contagion of the financial system — the exact thing Frank insisted wouldn’t happen.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Meanwhile, the individualist supermen of Silicon Valley and Wall Street have transformed overnight into willing wards of the state, <a href="https://sfstandard.com/business/bay-area-investors-clamor-for-government-to-step-in-after-silicon-valley-bank-meltdown/" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">demanding</a> the government come to the <a href="https://www.thestreet.com/technology/silicon-valley-and-wall-street-beg-the-government-to-bail-out-svb" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">rescue</a> of wealthy investors who stand to lose. (The federal government only insures deposits up to $250,000, which means more than 85 percent of SVB’s deposits were uninsured.) Larry Summers, fresh off <a href="https://www.bloomberg.com/news/articles/2022-08-22/larry-summers-says-student-loan-debt-relief-is-inflationary" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">railing against</a> “unreasonably generous student loan relief,” is now <a href="https://www.forbes.com/sites/mattnovak/2023/03/12/larry-summers-says-now-is-not-the-time-for-moral-hazard-lectures-about-bailouts/?sh=553bfcde7f13" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">telling us</a> it’s “not the time for moral hazard lectures or for lesson administering or for alarm about the political consequences of ‘bailouts,’” as he demanded that all uninsured deposits “be fully backed by Monday morning.”</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Unsurprisingly, Summers and his ilk won out. Despite <a href="https://apnews.com/article/silicon-valley-bank-bailout-yellen-deposits-failure-94f2185742981daf337c4691bbb9ec1e" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">pledging</a> not to bail out SVB and Signature, the Treasury, Fed, and the Federal Deposit Insurance Corporation invoked a “systemic risk exception” to <a href="https://home.treasury.gov/news/press-releases/jy1337" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">announce</a> that all depositors, even those above the $250,000 threshold, will “have access to all of their money” starting today, and that it would start an emergency lending program for banks to ensure as much.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Some are <a href="https://www.washingtonpost.com/politics/2023/03/12/silicon-valley-bank-bailout-yellen-deposits-failure/976b63a8-c0d7-11ed-82a7-6a87555c1878_story.html" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">drawing</a> a <a href="https://www.cnbc.com/2023/03/13/wall-street-not-taxpayers-will-pay-for-the-svb-and-signature-deposit-relief-plans-.html" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">distinction</a> here from the infamous and hated 2008 bailouts, because this time, the banks aren’t being rescued and taxpayers aren’t footing the bill (the funds being used to cover depositors are <a href="https://twitter.com/rch371/status/1635089137706627072" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">made up</a> of fees that were levied on banks). But at the end of the day, the government is stepping in to ensure wealthy investors and executives don’t lose a cent from this debacle, despite the fact that they knew full well their deposits weren’t insured. Even the <i style="box-sizing: border-box; background-repeat: no-repeat;">Wall Street Journal</i> <a href="https://www.wsj.com/amp/articles/the-silicon-valley-bank-bailout-chorus-yellen-treasury-fed-fdic-deposit-limit-dodd-frank-run-cc80761e" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">calls this</a> a “de facto bailout.”</font></p><aside class="sr-atslot sr-atslot--left prt-x" style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 2em 2em -23vw; max-width: 300px; clear: left; float: left; background-color: rgb(255, 255, 255);"><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">There is the obvious, wealth-inflected unfairness inherent to all this. Once <a href="https://jacobin.com/2022/01/pandemic-unemployment-business-workers-benefits-means-testing-inequality" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">again</a>, the big guys are quickly doused with a firehose of money when they get into trouble after failing to carry out basic due diligence. Meanwhile, working people are lectured about personal responsibility, and are forced to scratch and claw to be freed of crushing debt, for basic economic protections in the middle of an economic catastrophe, and to get one-time stimulus checks that barely cover a month’s rent in many cities.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">There’s also the question of what kind of future irresponsibility this will encourage. After all, investors just saw (again) firsthand that the federal government will step in to rescue them even if their deposits are uninsured — no matter how irresponsible the financial institution they were parking their money in happened to be, as long as there’s a whiff of potential wider financial instability around the corner. We might also ask what other economic mayhem might be triggered by the Fed’s determination to fight inflation through cranking up interest rates; SVB is just <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-failure-collapse-interest-rate-hikes-financial-risks-2023-3" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">one of many</a> possible entities that could spiral into instability as the central bank barrels ahead with a plan that experts warn will <a href="https://jacobin.com/2022/09/federal-reserve-recession-inflation-interest-rate-hikes" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">trigger recession</a>, as the cryptocurrency collapse already showed us.</font></p><p style="box-sizing: border-box; background-repeat: no-repeat; margin: 0px 0px 1.2em; padding: 0px; line-height: 1.5em; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Behind it all, there’s a question: How much longer people will tolerate a system like this? One where vast amounts of wealth are misdirected to unproductive ends in the middle of world historical crises, then frittered away in speculative recklessness that nearly brings the entire structure down, only for those with the money to parachute to safety while everyone else remains condemned to austerity. The original bank bailouts set off a cascade of popular anger that’s irrevocably <a href="https://www.washingtonpost.com/powerpost/seeds-of-populist-anger-sown-in-wall-street-bailout-that-never-reached-main-street/2018/09/29/4eacdbbe-c40c-11e8-b338-a3289f6cb742_story.html" style="box-sizing: border-box; background: rgba(0, 0, 0, 0); text-decoration-thickness: 1px; cursor: pointer; transition: all 0.2s ease 0s; text-underline-offset: 3px;">shaped</a> the landscape of twenty-first-century politics, from Occupy Wall Street and the Bernie Sanders campaigns to the Tea Party movement and the Trump presidency. What will it look like if they keep on happening?</font></p><div style="background-color: rgb(255, 255, 255);"><h1 class="detailheadline" style="box-sizing: border-box; margin: 0px; line-height: 1.2; padding-top: 1.5rem; padding-bottom: 0px; width: 1200px;"><span style="font-weight: normal;"><font size="4" face="Times New Roman"></font></span></h1><div style=""><span style="font-weight: normal;"><font size="4" face="Times New Roman">
</font></span></div><div style=""><div class="MjjYud" style=""><div data-hveid="CCIQAA" style=""><div class="g" style="line-height: 1.58; width: 600px; margin-top: 0px; margin-bottom: 30px;"><div><div jscontroller="SC7lYd" lang="en" jsaction="QyLbLe:OMITjf;ewaord:qsYrDe;xd28Mb:A6j43c" data-hveid="CB4QAA" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAVKAB6BAgeEAA" style="width: 600px;"><div class="kvH3mc BToiNc UK95Uc" data-sokoban-container="ih6Jnb_FUoXmc" style="position: relative; contain: layout paint; overflow: hidden; display: flex; -webkit-box-orient: vertical; -webkit-box-direction: normal; flex-direction: column; -webkit-box-pack: start; justify-content: start;"><div class="Z26q7c UK95Uc jGGQ5e" data-header-feature="0" data-sokoban-feature="x5WNvb" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="yuRUbf" style="line-height: 1.58;"><font size="4" face="Times New Roman"><a href="https://www.svb.com/uk" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIExAB" ping="/url?sa=t&source=web&rct=j&url=https://www.svb.com/uk&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIExAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;">
</a></font><h3 class="LC20lb MBeuO DKV0Md" style="font-weight: 400; margin: 18px 0px 3px; padding: 5px 0px 0px; line-height: 1.3; display: inline-block;"><font size="4" face="Times New Roman"><a href="https://www.svb.com/uk" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIExAB" ping="/url?sa=t&source=web&rct=j&url=https://www.svb.com/uk&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIExAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;">Silicon Valley Bank: UK</a></font></h3><div class="TbwUpd NJjxre iUh30 ojE3Fb" style="line-height: 1.3; padding: 0px; display: flex; text-size-adjust: none; position: absolute; left: 0px; top: 0px; align-items: center;"><span class="H9lube" style="background-color: rgb(241, 243, 244); border-radius: 50%; border: 1px solid rgb(236, 237, 239); text-size-adjust: none; display: inline-block; line-height: 26px; padding: 0px 4px; margin-right: 12px;"><div class="eqA2re NjwKYd Vwoesf LCUpfd" aria-hidden="true" style="margin-bottom: 2px; vertical-align: middle; margin-right: 0px; display: inline-block;"><font size="4" face="Times New Roman"><img class="XNo5Ab" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACAAAAAgCAMAAABEpIrGAAAANlBMVEUAwP8AmM0AZo0AvPoAsOsAY4kAMUkAbZUAp98AibkANU4AodcAP1sAd6IAUnMAufYASmkAWX35sHVnAAAAZElEQVR4Ac2SxwHAIAzETAClt/2XzQSxvuhLsa/EaJSpRkLrMEfCArBGwgRsezZjA44W/5wAV7LofUC+6IosWh9k0QKy6IssugDA7Bd8hC+pMsUosVrCkritMF45KW1K6TVG5APiewRQ3g4mLwAAAABJRU5ErkJggg" alt="" style="display: block; height: 18px; width: 18px;" /></font></div></span><div><span class="VuuXrf" style="max-width: 200px; display: block; line-height: 20px; white-space: nowrap;"><font size="4" face="Times New Roman">Silicon Valley Bank</font></span><div class="byrV5b" style="-webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><cite class="qLRx3b tjvcx GvPZzd cHaqb" role="text" style="font-style: normal; overflow: hidden; text-overflow: ellipsis; 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top: 0px; left: 0px; width: 28px; z-index: 1; line-height: 16px; padding-bottom: 20px; padding-right: 12px; outline: 0px; position: absolute;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><span jsname="czHhOd" class="D6lY4c mBswFe" style="height: 22px; width: 22px; position: absolute; border-radius: 11px;"><span jsname="Bil8Ae" class="xTFaxe z1asCe SaPW2b" style="display: inline-block; fill: currentcolor; height: 18px; line-height: 18px; position: relative; width: 18px; top: 2px;"><svg focusable="false" viewbox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path d="M12 8c1.1 0 2-.9 2-2s-.9-2-2-2-2 .9-2 2 .9 2 2 2zm0 2c-1.1 0-2 .9-2 2s.9 2 2 2 2-.9 2-2-.9-2-2-2zm0 6c-1.1 0-2 .9-2 2s.9 2 2 2 2-.9 2-2-.9-2-2-2z" /></svg></span></span></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div><span jsname="zOVa8" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChCH7gZ6BAgTEAo" /></div></div></span></div></div></div><div class="Z26q7c UK95Uc" data-content-feature="1" data-sokoban-feature="nke7rc" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="VwiC3b yXK7lf MUxGbd yDYNvb lyLwlc lEBKkf" style="padding-top: 0px; margin-bottom: 0px; display: -webkit-box; -webkit-box-orient: vertical; overflow: hidden; -webkit-line-clamp: 2;"><font size="4" face="Times New Roman">The latest from <span style="font-weight: bold;">SVB</span> ... <span style="font-weight: bold;">Silicon Valley Bank</span> UK Update ... providing a culture where our <span style="font-weight: bold;">employees</span> can learn and grow, and together build a more just world.</font></div></div><div class="Z26q7c UK95Uc" data-content-feature="2" data-sokoban-feature="oyZ5Hb" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="TXwUJf" style=""><font size="4" face="Times New Roman">Missing: <s>lobby</s> <s>mccarthy</s></font></div></div></div></div></div><div class="d4rhi"><ul class="FxLDp" style="margin: 0px; padding: 18px 0px 0px 16px; box-sizing: border-box; display: flex; flex-direction: column; list-style-type: none; width: 600px;"><li class="MYVUIe" style="margin: 0px; padding: 0px; display: flex;"><div class="XN9cAe" style="flex: 1 1 0%; box-sizing: border-box;"><div jscontroller="SC7lYd" lang="en" jsaction="QyLbLe:OMITjf;ewaord:qsYrDe;xd28Mb:A6j43c" data-hveid="CB8QAA" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChC0mQMoAHoECB8QAA" style="width: 600px;"><div class="kvH3mc BToiNc UK95Uc" data-sokoban-container="ih6Jnb_p5hqmb" style="position: relative; contain: layout paint; overflow: hidden; display: flex; -webkit-box-orient: vertical; -webkit-box-direction: normal; flex-direction: column; -webkit-box-pack: start; justify-content: start;"><div class="Z26q7c UK95Uc jGGQ5e" data-header-feature="0" data-sokoban-feature="x5WNvb" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="yuRUbf" style="line-height: 1.58;"><font size="4" face="Times New Roman"><a href="https://www.svb.com/private-bank/team/directory/ann-lucchesi" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIGRAB" ping="/url?sa=t&source=web&rct=j&url=https://www.svb.com/private-bank/team/directory/ann-lucchesi&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIGRAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;">
</a></font><h3 class="LC20lb MBeuO xvfwl" style="font-weight: 400; margin: 4px 0px 0px; padding: 0px; line-height: 1.3; display: inline-block;"><font size="4" face="Times New Roman"><a href="https://www.svb.com/private-bank/team/directory/ann-lucchesi" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIGRAB" ping="/url?sa=t&source=web&rct=j&url=https://www.svb.com/private-bank/team/directory/ann-lucchesi&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIGRAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;">Ann Lucchesi | Silicon Valley Bank</a></font></h3><div class="TbwUpd NJjxre iUh30 ojE3Fb" style="line-height: 1.3; padding: 0px; display: flex; text-size-adjust: none; position: absolute; left: 0px; top: 0px; align-items: center;"><div class="byrV5b" style="-webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><cite class="qLRx3b tjvcx GvPZzd cHaqb" role="text" style="font-style: normal; overflow: hidden; text-overflow: ellipsis; white-space: nowrap; line-height: 18px; max-width: 315px;"><font size="4" face="Times New Roman">https://www.svb.com<span class="dyjrff qzEoUe" role="text"> › private-bank › team › directory</span></font></cite></div></div><div class="B6fmyf byrV5b" style="position: absolute; top: 0px; height: 0px; visibility: hidden; white-space: nowrap; -webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><div class="TbwUpd iUh30 ojE3Fb" style="line-height: 1.3; padding: 0px; display: flex; text-size-adjust: none; align-items: center;"><div class="byrV5b" style="-webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><cite class="qLRx3b tjvcx GvPZzd cHaqb" role="text" style="font-style: normal; overflow: hidden; text-overflow: ellipsis; line-height: 18px; max-width: 315px;"><font size="4" face="Times New Roman"><span class="dyjrff qzEoUe" role="text" /></font></cite></div></div><div class="csDOgf BCF2pd ezY6nb L48a4c" style="position: relative; display: inline; visibility: visible; margin-left: 8px; margin-top: 18px; height: 18px;"><div jscontroller="exgaYe" data-bsextraheight="0" data-frm="true" data-isdesktop="true" data-movewtractions="true" jsdata="l7Bhpb;;BhE8II cECq7c;;BhE8IU" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChDZ6wR6BAgZEAQ"><div jsaction="RvIhPd(Bil8Ae)" role="button" tabindex="0" jsname="I3kE2c" class="iTPLzd rNSxBe lUn2nc" aria-label="About this result" style="cursor: pointer; top: 0px; left: 0px; width: 28px; z-index: 1; line-height: 16px; padding-bottom: 20px; padding-right: 12px; outline: 0px; position: absolute;"><span jsname="czHhOd" class="D6lY4c mBswFe" style="height: 22px; width: 22px; position: absolute; border-radius: 11px;"><span jsname="Bil8Ae" class="xTFaxe z1asCe SaPW2b" style="display: inline-block; fill: currentcolor; height: 18px; line-height: 18px; position: relative; width: 18px; top: 2px;"><font size="4" face="Times New Roman"><svg focusable="false" viewbox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path d="M12 8c1.1 0 2-.9 2-2s-.9-2-2-2-2 .9-2 2 .9 2 2 2zm0 2c-1.1 0-2 .9-2 2s.9 2 2 2 2-.9 2-2-.9-2-2-2zm0 6c-1.1 0-2 .9-2 2s.9 2 2 2 2-.9 2-2-.9-2-2-2z" /></svg></font></span></span></div><font size="4" face="Times New Roman"><span jsname="zOVa8" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChCH7gZ6BAgZEAU" /></font></div></div></div></div></div><div class="Z26q7c UK95Uc" data-content-feature="1" data-sokoban-feature="nke7rc" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="VwiC3b yXK7lf MUxGbd yDYNvb lyLwlc lEBKkf" style="padding-top: 0px; margin-bottom: 0px; display: -webkit-box; -webkit-box-orient: vertical; overflow: hidden; -webkit-line-clamp: 2;"><font size="4" face="Times New Roman"><span style="font-weight: bold;">SVB</span>, its affiliates, <span style="font-weight: bold;">employees</span>, <span style="font-weight: bold;">SVB</span> Wealth LLC investment adviser representatives and <span style="font-weight: bold;">SVB</span> Investment Services Inc. registered representatives do not provide ...</font></div></div></div></div></div></li></ul></div></div></div></div><div class="MjjYud" style=""><div jscontroller="SC7lYd" class="g Ww4FFb vt6azd tF2Cxc asEBEc" lang="en" jsaction="QyLbLe:OMITjf;ewaord:qsYrDe;xd28Mb:A6j43c" data-hveid="CA8QAA" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAVKAB6BAgPEAA" style="line-height: 1.58; width: 600px; margin: 0px 0px 30px; position: relative; border-radius: 0px;"><div class="kvH3mc BToiNc UK95Uc" data-sokoban-container="ih6Jnb_eenuDc" style="position: relative; contain: layout paint; overflow: hidden; display: flex; -webkit-box-orient: vertical; -webkit-box-direction: normal; flex-direction: column; -webkit-box-pack: start; justify-content: start;"><div class="Z26q7c UK95Uc jGGQ5e" data-header-feature="0" data-sokoban-feature="x5WNvb" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="yuRUbf" style="line-height: 1.58;"><font size="4" face="Times New Roman"><a href="https://www.opensecrets.org/political-action-committees-pacs/svb-financial-group/C00333658/expenditures/2014" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBBAB" ping="/url?sa=t&source=web&rct=j&url=https://www.opensecrets.org/political-action-committees-pacs/svb-financial-group/C00333658/expenditures/2014&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBBAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;">
</a></font><h3 class="LC20lb MBeuO DKV0Md" style="font-weight: 400; margin: 18px 0px 3px; padding: 5px 0px 0px; line-height: 1.3; display: inline-block;"><font size="4" face="Times New Roman"><a href="https://www.opensecrets.org/political-action-committees-pacs/svb-financial-group/C00333658/expenditures/2014" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBBAB" ping="/url?sa=t&source=web&rct=j&url=https://www.opensecrets.org/political-action-committees-pacs/svb-financial-group/C00333658/expenditures/2014&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBBAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;">SVB Financial Group PAC Expenditures • OpenSecrets</a></font></h3><div class="TbwUpd NJjxre iUh30 ojE3Fb" style="line-height: 1.3; padding: 0px; display: flex; text-size-adjust: none; position: absolute; left: 0px; top: 0px; align-items: center;"><span class="H9lube" style="background-color: rgb(241, 243, 244); border-radius: 50%; border: 1px solid rgb(236, 237, 239); text-size-adjust: none; display: inline-block; line-height: 26px; padding: 0px 4px; margin-right: 12px;"><div class="eqA2re NjwKYd Vwoesf LCUpfd" aria-hidden="true" style="margin-bottom: 2px; vertical-align: middle; margin-right: 0px; display: inline-block;"><font size="4" face="Times New Roman"><img class="XNo5Ab" src="data:image/png;base64,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" alt="" style="display: block; 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display: -webkit-box; -webkit-box-orient: vertical; overflow: hidden; -webkit-line-clamp: 2;"><font size="4" face="Times New Roman">How did <span style="font-weight: bold;">SVB</span> Financial Group spend their PAC money in the 2013-2014 election cycle? See the details. ... 2, <span style="font-weight: bold;">Mccarthy</span> Victory Fund 2014, $5,000.</font></div></div></div></div></div><div class="MjjYud" style=""><div jscontroller="SC7lYd" class="g Ww4FFb vt6azd tF2Cxc asEBEc" lang="en" jsaction="QyLbLe:OMITjf;ewaord:qsYrDe;xd28Mb:A6j43c" data-hveid="CAkQAA" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAVKAB6BAgJEAA" style="line-height: 1.58; width: 600px; margin: 0px 0px 30px; position: relative; border-radius: 0px;"><div class="kvH3mc BToiNc UK95Uc" data-sokoban-container="ih6Jnb_zgzuie" style="position: relative; contain: layout paint; overflow: hidden; display: flex; -webkit-box-orient: vertical; -webkit-box-direction: normal; flex-direction: column; -webkit-box-pack: start; justify-content: start;"><div class="Z26q7c UK95Uc jGGQ5e" data-header-feature="0" data-sokoban-feature="x5WNvb" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="yuRUbf" style="line-height: 1.58;"><font size="4" face="Times New Roman"><a href="https://theintercept.com/2023/02/15/congress-bank-lobbying/" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAhAB" ping="/url?sa=t&source=web&rct=j&url=https://theintercept.com/2023/02/15/congress-bank-lobbying/&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAhAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;">
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display: -webkit-box; -webkit-box-orient: vertical; overflow: hidden; -webkit-line-clamp: 2;"><font size="4" face="Times New Roman"><span class="MUxGbd wuQ4Ob WZ8Tjf" style="padding-top: 0px; margin-bottom: 0px;">Feb 15, 2023 — </span><span style="font-weight: bold;">Silicon Valley Bank</span> Used Former <span style="font-weight: bold;">McCarthy Staffers</span> to Weaken Regulations, <span style="font-weight: bold;">Lobby</span> FDIC ... Two senior aides to House Speaker Kevin <span style="font-weight: bold;">McCarthy</span> were ...</font></div></div></div></div></div><div class="MjjYud" style=""><div jscontroller="SC7lYd" class="g Ww4FFb vt6azd tF2Cxc asEBEc" lang="en" jsaction="QyLbLe:OMITjf;ewaord:qsYrDe;xd28Mb:A6j43c" data-hveid="CAgQAA" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAVKAB6BAgIEAA" style="line-height: 1.58; width: 600px; margin: 0px 0px 30px; position: relative; border-radius: 0px;"><div class="kvH3mc BToiNc UK95Uc" data-sokoban-container="ih6Jnb_dXkzLe" style="position: relative; contain: layout paint; overflow: hidden; display: flex; -webkit-box-orient: vertical; -webkit-box-direction: normal; flex-direction: column; -webkit-box-pack: start; justify-content: start;"><div class="Z26q7c UK95Uc jGGQ5e" data-header-feature="0" data-sokoban-feature="x5WNvb" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="yuRUbf" style="line-height: 1.58;"><font size="4" face="Times New Roman"><a href="https://jacobin.com/2023/03/silicon-valley-bank-collapse-financial-regulations-2008-bailout" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBRAB" ping="/url?sa=t&source=web&rct=j&url=https://jacobin.com/2023/03/silicon-valley-bank-collapse-financial-regulations-2008-bailout&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBRAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;">
</a></font><h3 class="LC20lb MBeuO DKV0Md" style="font-weight: 400; margin: 18px 0px 3px; padding: 5px 0px 0px; line-height: 1.3; display: inline-block;"><font size="4" face="Times New Roman"><a href="https://jacobin.com/2023/03/silicon-valley-bank-collapse-financial-regulations-2008-bailout" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBRAB" ping="/url?sa=t&source=web&rct=j&url=https://jacobin.com/2023/03/silicon-valley-bank-collapse-financial-regulations-2008-bailout&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIBRAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;">Silicon Valley Bank's Collapse Shows Little Has Changed for ...</a></font></h3><div class="TbwUpd NJjxre iUh30 ojE3Fb" style="line-height: 1.3; padding: 0px; display: flex; text-size-adjust: none; position: absolute; left: 0px; top: 0px; align-items: center;"><span class="H9lube" style="background-color: rgb(241, 243, 244); border-radius: 50%; border: 1px solid rgb(236, 237, 239); 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display: -webkit-box; -webkit-box-orient: vertical; overflow: hidden; -webkit-line-clamp: 2;"><font size="4" face="Times New Roman"><span class="MUxGbd wuQ4Ob WZ8Tjf" style="padding-top: 0px; margin-bottom: 0px;">1 day ago — </span>The spectacular collapse of <span style="font-weight: bold;">Silicon Valley Bank</span> was caused by corruption, ... employing as lobbyists former <span style="font-weight: bold;">staffers</span> for then House majority ...</font></div></div></div></div></div><div class="MjjYud" style=""><div jscontroller="SC7lYd" class="g Ww4FFb vt6azd tF2Cxc asEBEc" lang="en" jsaction="QyLbLe:OMITjf;ewaord:qsYrDe;xd28Mb:A6j43c" data-hveid="CBAQAA" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAVKAB6BAgQEAA" style="line-height: 1.58; width: 600px; margin: 0px 0px 30px; position: relative; border-radius: 0px;"><div class="kvH3mc BToiNc UK95Uc" data-sokoban-container="ih6Jnb_mGdm5d" style="position: relative; contain: layout paint; overflow: hidden; display: flex; -webkit-box-orient: vertical; 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</a></font><h3 class="LC20lb MBeuO DKV0Md" style="font-weight: 400; margin: 18px 0px 3px; padding: 5px 0px 0px; line-height: 1.3; display: inline-block;"><font size="4" face="Times New Roman"><a href="https://www.theguardian.com/business/2023/mar/13/it-was-frantic-the-two-day-scramble-to-save-svb-and-avert-a-banking-crisis" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAxAB" ping="/url?sa=t&source=web&rct=j&url=https://www.theguardian.com/business/2023/mar/13/it-was-frantic-the-two-day-scramble-to-save-svb-and-avert-a-banking-crisis&ved=2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChAWegQIAxAB" style="text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0.1); outline: 0px;">'It was frantic': the scramble to save SVB UK and avert a ...</a></font></h3><div class="TbwUpd NJjxre iUh30 ojE3Fb" style="line-height: 1.3; padding: 0px; display: flex; text-size-adjust: none; position: absolute; left: 0px; top: 0px; align-items: center;"><span class="H9lube" style="background-color: rgb(241, 243, 244); border-radius: 50%; border: 1px solid rgb(236, 237, 239); text-size-adjust: none; display: inline-block; line-height: 26px; padding: 0px 4px; margin-right: 12px;"><div class="eqA2re NjwKYd Vwoesf LCUpfd" aria-hidden="true" style="margin-bottom: 2px; vertical-align: middle; margin-right: 0px; display: inline-block;"><font size="4" face="Times New Roman"><img class="XNo5Ab" src="data:image/png;base64,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" alt="" style="display: block; height: 18px; width: 18px;" /></font></div></span><div><span class="VuuXrf" style="max-width: 200px; display: block; line-height: 20px; white-space: nowrap;"><font size="4" face="Times New Roman">The Guardian</font></span><div class="byrV5b" style="-webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><cite class="qLRx3b tjvcx GvPZzd cHaqb" role="text" style="font-style: normal; overflow: hidden; text-overflow: ellipsis; white-space: nowrap; line-height: 18px; max-width: 315px;"><font size="4" face="Times New Roman">https://www.theguardian.com<span class="dyjrff qzEoUe" role="text"> › business › mar › it-wa...</span></font></cite></div></div></div><div class="B6fmyf byrV5b Mg1HEd" style="position: absolute; top: 0px; height: auto; visibility: hidden; white-space: nowrap; -webkit-box-align: center; align-items: center; display: flex; -webkit-box-orient: horizontal; -webkit-box-direction: normal; flex-direction: row;"><div class="TbwUpd iUh30 ojE3Fb" style="line-height: 1.3; 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width: 22px; position: absolute; border-radius: 11px;"><span jsname="Bil8Ae" class="xTFaxe z1asCe SaPW2b" style="display: inline-block; fill: currentcolor; height: 18px; line-height: 18px; position: relative; width: 18px; top: 2px;"><svg focusable="false" viewbox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path d="M12 8c1.1 0 2-.9 2-2s-.9-2-2-2-2 .9-2 2 .9 2 2 2zm0 2c-1.1 0-2 .9-2 2s.9 2 2 2 2-.9 2-2-.9-2-2-2zm0 6c-1.1 0-2 .9-2 2s.9 2 2 2 2-.9 2-2-.9-2-2-2z" /></svg></span></span></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div><span jsname="zOVa8" data-ved="2ahUKEwjVrMzZ7Nv9AhXrmGoFHRLOA2w4ChCH7gZ6BAgDEAo" /></div></div></span></div></div></div><div class="Z26q7c UK95Uc" data-content-feature="1" data-sokoban-feature="nke7rc" style="contain: layout paint; overflow: hidden; flex: 0 0 auto;"><div class="VwiC3b yXK7lf MUxGbd yDYNvb lyLwlc lEBKkf" style="padding-top: 0px; margin-bottom: 0px; display: -webkit-box; -webkit-box-orient: vertical; overflow: hidden; -webkit-line-clamp: 2;"><font size="4" face="Times New Roman"><span class="MUxGbd wuQ4Ob WZ8Tjf" style="padding-top: 0px; margin-bottom: 0px;">21 hours ago — </span>A customer stands outside of a shuttered <span style="font-weight: bold;">Silicon Valley Bank</span> (<span style="font-weight: bold;">SVB</span>) ... to lost cash needed to pay <span style="font-weight: bold;">staff</span> and suppliers from Monday morning.</font></div></div></div></div></div></div></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman" style=""></font></div></div></div></div></div></div></aside></aside></div></div></div></div></div></div></div></div></aside></aside></div></div></div></div>