The FDICgov is investigating leaders of Signature Bank and Silicon Valley Bank as the agency’s chairman and federalreserve supervision chief Michael_S_Barr get set to tell U.S. senators what went wrong inside the banks. jesseahamilton reports
the actions of the leaders of Signature Bank and Silicon Valley Bank to hold them accountable for their collapses, said Chairman Martin Gruenberg, who detailed their mismanagement and dangerous business concentrations – especially in digital assets at Signature – in testimony prepared for aTop officials from the companies will face scrutiny “for the losses they caused to the banks and for their misconduct in the management of the banks,” Gruenberg said in the written remarks set for delivery to...
Though Signature was more well-rounded that Silvergate, where a whopping 68% of the deposits exited as crypto’s disastrous 2022 wound down, Gruenberg said Signature still had one fifth of its deposits from the digital assets industry at the end of 2022. At the Fed, Barr admitted the final collapse of Silicon Valley caught agency supervisors off-guard, even though they’d spent months admonishing the bank and restricting its growth because of poor management.
Five months ago, the bank’s supervisors from the Fed met with managers there to let them know their interest-rate risks were unacceptable. The supervisors brought those concerns to the Fed’s Board of Governors last month.
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