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What happened to the end of bailouts Joe?
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<blockquote data-quote="hislegacy" data-source="post: 77161500" data-attributes="member: 169010"><p>So let's recap:</p><p></p><p>SVB - Known among Democrats as an ATM (NBC News) - funded by mega donors to Democrat politicians .</p><p></p><p>[URL unfurl="true"]https://www.theguardian.com/business/2023/mar/11/silicon-valley-bank-weaken-risk-regulations-svb[/URL]</p><p></p><p style="margin-left: 20px">Eight years before the second-largest bank failure in American history occurred this week, the bank’s president personally pressed Congress to reduce scrutiny of his financial institution, citing the “low risk profile of our activities and business model”, according to <a href="https://www.levernews.com/svb-chief-pressed-lawmakers-to-weaken-bank-risk-regs/" target="_blank">federal records reviewed </a>by the Lever<em>. Three years later – after the bank spent more than $500,000 on federal lobbying – lawmakers obliged.</em></p> <p style="margin-left: 20px"></p><p><strong><u><span style="color: rgb(184, 49, 47)">The Bank's President spent eight years and $500,000,000 lobbying for reduced scrutiny and got it.</span></u></strong></p><p></p><p style="margin-left: 20px"><strong><u><span style="color: rgb(184, 49, 47)">In 2015 Greg Becker, SVB’s president, <a href="https://www.govinfo.gov/content/pkg/CHRG-114shrg94375/pdf/CHRG-114shrg94375.pdf?ref=the-lever" target="_blank">submitted a statement to a Senate panel</a> pushing legislators to exempt more banks – including his own – from new regulations passed in the wake of the 2008 financial crisis. Despite warnings from some senators, Becker’s lobbying effort was ultimately successful.</span></u></strong></p> <p style="margin-left: 20px"></p><p><span style="color: rgb(0, 0, 0)">Two months later, SVB <a href="https://www.svb.com/news/company-news/svb-financial-group-appoints-mary-john-miller-formerly-of-the-u.s.-treasury-department-to-its-board-of-directors?ref=the-lever" target="_blank">added</a> the former Obama treasury department official Mary Miller to its board, noting she had previously helped oversee “financial regulatory reforms”. Around that time, <a href="https://lda.senate.gov/filings/public/filing/40f1aec7-9dbf-46da-a20e-2ce2f5af80cc/print/?ref=the-lever" target="_blank">federal</a> <a href="https://lda.senate.gov/filings/public/filing/1a82c199-21a1-447c-98ca-78decd6cc97e/print/?ref=the-lever" target="_blank">disclosure</a> <a href="https://lda.senate.gov/filings/public/filing/e5be3075-8267-42a0-8aa2-aa1725d4e7d4/print/?ref=the-lever" target="_blank">records</a> <a href="https://lda.senate.gov/filings/public/filing/276fe661-9582-4f96-995d-151d133db5e2/print/?ref=the-lever" target="_blank">show</a> <strong><em><u>the bank was lobbying lawmakers</u></em></strong> on “financial regulatory reform” and the Systemic Risk Designation Improvement Act of 2015 – a bill that was the precursor to <a href="https://www.congress.gov/bill/115th-congress/senate-bill/2155/text?ref=the-lever" target="_blank">legislation</a> ultimately signed by Donald Trump that increased the regulatory threshold for stronger stress tests to $250bn.</span></p><p><span style="color: rgb(0, 0, 0)"></span></p><p><span style="color: rgb(0, 0, 0)">And this is all Trumps fault - wow!</span></p></blockquote><p></p>
[QUOTE="hislegacy, post: 77161500, member: 169010"] So let's recap: SVB - Known among Democrats as an ATM (NBC News) - funded by mega donors to Democrat politicians . [URL unfurl="true"]https://www.theguardian.com/business/2023/mar/11/silicon-valley-bank-weaken-risk-regulations-svb[/URL] [INDENT]Eight years before the second-largest bank failure in American history occurred this week, the bank’s president personally pressed Congress to reduce scrutiny of his financial institution, citing the “low risk profile of our activities and business model”, according to [URL='https://www.levernews.com/svb-chief-pressed-lawmakers-to-weaken-bank-risk-regs/']federal records reviewed [/URL]by the Lever[I]. Three years later – after the bank spent more than $500,000 on federal lobbying – lawmakers obliged.[/I][/INDENT] [INDENT][/INDENT] [B][U][COLOR=rgb(184, 49, 47)]The Bank's President spent eight years and $500,000,000 lobbying for reduced scrutiny and got it.[/COLOR][/U][/B] [INDENT][B][U][COLOR=rgb(184, 49, 47)]In 2015 Greg Becker, SVB’s president, [URL='https://www.govinfo.gov/content/pkg/CHRG-114shrg94375/pdf/CHRG-114shrg94375.pdf?ref=the-lever']submitted a statement to a Senate panel[/URL] pushing legislators to exempt more banks – including his own – from new regulations passed in the wake of the 2008 financial crisis. Despite warnings from some senators, Becker’s lobbying effort was ultimately successful.[/COLOR][/U][/B][/INDENT] [INDENT][/INDENT] [COLOR=rgb(0, 0, 0)]Two months later, SVB [URL='https://www.svb.com/news/company-news/svb-financial-group-appoints-mary-john-miller-formerly-of-the-u.s.-treasury-department-to-its-board-of-directors?ref=the-lever']added[/URL] the former Obama treasury department official Mary Miller to its board, noting she had previously helped oversee “financial regulatory reforms”. Around that time, [URL='https://lda.senate.gov/filings/public/filing/40f1aec7-9dbf-46da-a20e-2ce2f5af80cc/print/?ref=the-lever']federal[/URL] [URL='https://lda.senate.gov/filings/public/filing/1a82c199-21a1-447c-98ca-78decd6cc97e/print/?ref=the-lever']disclosure[/URL] [URL='https://lda.senate.gov/filings/public/filing/e5be3075-8267-42a0-8aa2-aa1725d4e7d4/print/?ref=the-lever']records[/URL] [URL='https://lda.senate.gov/filings/public/filing/276fe661-9582-4f96-995d-151d133db5e2/print/?ref=the-lever']show[/URL] [B][I][U]the bank was lobbying lawmakers[/U][/I][/B] on “financial regulatory reform” and the Systemic Risk Designation Improvement Act of 2015 – a bill that was the precursor to [URL='https://www.congress.gov/bill/115th-congress/senate-bill/2155/text?ref=the-lever']legislation[/URL] ultimately signed by Donald Trump that increased the regulatory threshold for stronger stress tests to $250bn. And this is all Trumps fault - wow![/COLOR] [/QUOTE]
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