Why Silicon Valley Bank and Signature Bank collapsed

In this edition of Your Call media roundtable, we discuss the collapse of Silicon Valley Bank and Signature Bank, and the role of the banking sector and its lobbyists in deregulation.

Every federal lobbyist who signs up to work on behalf of a Silicon Valley bank has gone through a revolving door between the federal government and the private sector, according to OpenSecrets. They also found that the cryptocurrency industry has greatly expanded its network of political influence, with federal lobbying spending rising to a whopping $21.6 million in 2022.

Prior to the collapse of Silicon Valley Bank, its former CEO Greg Becker supported two technology industry lobbying groups that tried to influence Dodd-Frank financial reform legislation and pushed for corporate tax cuts, according to reports reviewed by CNBC.


Jesse Eisingersenior editor and ProPublica reporter, author Chicken Club: Why the DOJ can’t prosecute executives

Web resources:

ProPublica: The Fed continues to gain momentum. Is it bad for America?

ProPublica: Wealthy Executives Make Millions Trading Competitor Stocks at Great Times

CNN: Facts about Trump’s 2018 relaxation of rules on banks like SVB

Open Secrets: Failed Silicon Valley bank enlists the support of revolving door lobbyists to advance its political agenda in Washington

CNNBC: The former CEO of Silicon Valley Bank supported Big Tech lobbying groups targeting Dodd-Frank and pushed for corporate tax cuts.

Chronicle of San Francisco: ‘They’re all just beasts of burden’: Experts say Silicon Valley bank collapse highlights technological hypocrisy

Interception: While welcoming the Silicon Valley bank bailout, Gavin Newsom doesn’t mention he’s a client

Content Source

California Press News – Latest News:
Los Angeles Local News || Bay Area Local News || California News || Lifestyle News || National news || Travel News || Health News

Related Articles

Back to top button