i know we don t live - it s old-fashioned to look a facts. but here s what i encourag people to do, go to silico valley bank s website and look at the leadership. the first four people are whit men. the fifth person is, you know, the only mexican american on the board. is actually not diverse. just look at the facts go to the website. it s interesting. before you came here i double check to see what you vote was on 2018 i imagine you got lobbied on this by this bank, specifically this was the number on priority for banks of the size was this rollback because they said it was costing the mone and making them uncompetitive? if they did, and they sai it was not the silicon valley. way that even more flexibility let me be clear on what stress test does a stress test says, okay, we r going to test what happened to your assets if something happens unusual lake interes rates go really fast and go up so they went, said this is not working for. you they would not have passed the stress test
higher capital reserve so the profit margins at the bank are lower again, they don t want to do it the government, and that is to say, us, the public, has a interest in imposing those kinds of regulations and cos upfront. because even at the risk of crash or - a slim, we know it s bound t happen at some point, right? those crashes, metaphorica literal and up causing mor destruction and misery and in every case, always, it the government, which is to, say all of, us u.n.i., in th end, that will have to step in and pick up the pieces that is what has happened in east thousand, all high, i l wear over 1 million gallons of toxic chemicals were released. residents are still worrie about the safety of the water. the environmental protection agency remains - there trying to assess the damage get people health. the same thing is happenin with the failure silicon valle bank, in its wake, new yor -based signature bank the government, in the body of
potential victims were not people with such loud and well connected voices let s talk about those loud well connected voices and th law, renato. let s look at the last fiv days so, the ceo does a conferenc call and basically says, jus to make sure you keep your money here and promptly, the bigges depositors, the biggest veasey firms, pull their money out an they tell all they re start-up to do the same a lot of those same voices the took to social media and they were causing panic in the markets. and that was causing people to pull their money out of silico valley bank and a whole lot of other banks. could there be any legal liability around that? for sure, particularly th ceo and other executives at th bank were making false o misleading statements, o conditions at the bank in other words, in order t assure folks that they shoul keep their deposits at the bank, they potentially tried to fool them, or shade the truth i
than just a claw back, there s also - they re going to have th statements closely scrutinized as whether or not they, fo example, we re making an disclosures to the public or making representations tha were false so, i think it is certainl possible that some of th executives are going to be paying quite a bit of money. certainly, there is no questio that they are already th subject of a civil lawsuit but i think they very well could be the subjects of federal, criminal and se investigation, not just th bank but actually the officers themselves all of them, i m sure, hav their own council. as for goldman sachs and others, really, the question there is, were those the - and did they know somethin that the rest of the world didn t know about what was going on at the bank that, i think, will remain t be seen. what happens, renat mariotti, if a bank like, let say, goldman sachs, that w know has gotten a ton of trouble just a year plus ago for their dealings in malaysia
order to induce people to do that, then they could be i really serious trouble now, i will just say, stephanie, everything i have seen suggest a real failure of messaging by the bank i mean, actually, i think th run was starting to because the bank s did such poor job of explaining what wa going on there, that i ultimately cause a lot of folk on social media to assume th worst. because they really didn t message it appropriately and frankly, i think that s cautionary tale for everyone who is listening to this but if they made false statements they ve got ver serious legal jeopardy that s also what extraordinary here we could look back on this - right, look back on the histor of this, and say, the ceo of silicon valley bank might be the first ceo in history t cause a run on his own ban because of his own words on conference call. peter, here s something that i don t get. we know america s favorite pas