Bone Deep STUPID - Senator Kennedy doesn’t hold back
In this video, Senator John Kennedy (Republican) from Louisiana pushes for answers from the former #SiliconValleyBank CEO about why the bank failed. He suggests that unless the CEO was living on the International Space Station, he could see that interest rates were rising and the bank wasn't hedged.
"You made a STUPID Bet That Went BAD!" Senator Kennedy (Republican) Questions Bank CEOs
• Video
In this fiery exchange during a recent congressional hearing, Senator John Kennedy of Louisiana, a Republican, grilled executives of the now-failed Silicon Valley Bank (SVB) on their handling of assets amid rising interest rates. The spotlight was on Mr. Becker, the former CEO, as Senator Kennedy probed the bank's heavy reliance on government bonds and its failure to implement hedges.
As interest rates climbed, the value of SVB's assets, primarily invested in long-term government bonds, plummeted. Senator Kennedy pointedly questioned Mr. Becker on the absence of hedges, a risk management strategy to mitigate such market fluctuations. The CEO, however, seemed uncertain about the specifics of the hedging decisions, revealing a lack of access to crucial SVB documents.
The senator continued to press on the financial implications of not hedging, emphasizing that purchasing hedges would have incurred costs and reduced profits. Mr. Becker, attempting to navigate the grilling, admitted uncertainty regarding the details but underscored the complexity of financial decision-making.
Senator Kennedy did not mince words, characterizing the bank's actions as a "stupid bet" that ultimately required the American taxpayers to foot the bill for SVB's mistakes. The senator lambasted the executives for putting "all their eggs in one basket" and failing to anticipate the foreseeable consequences of rising interest rates.
The hearing concluded with Senator Kennedy painting a vivid picture of the bank's flawed decision-making, describing it as "bone deep down to the marrow stupid." The exchange underscored the repercussions of SVB's financial missteps and raised questions about the oversight and risk management practices within the banking sector.
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