Wealthy elites oversaw a massive bank collapse. Now they're suing to claw back billions bizpacreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizpacreview.com Daily Mail and Mail on Sunday newspapers.
SVB Financial Group's (SVBFG) wealthy board of directors presided over the California tech lender's failure and currently are suing the FDIC for billions.
After one of the biggest banks in the technology startup lending space collapsed last week, President Joe Biden tried to reassure Americans that their banking system was still safe. But if bank examiners are not doing their job, which was the fundamental problem in the Silicon Valley Bank crash, then customers’ deposits are not safe.
The woke philosophy of Silicon Valley Bank didn't directly cause the cash crunch that led to its rapid failure but analysts say the bank's management paid more attention to its climate and social justice mission than the bank's health.