Former Silicon Valley Bank, Signature Bank executives testify about bank failures | full video

The Senate Committee on Banking, Housing, and Urban Affairs met on Tuesday to discuss the recent collapse of Silicon Valley Bank and Signature Bank. Former CEO of Silicon Valley Bank Gregory Becker, former chairman and co-founder of Signature Bank Scott Shay and former president of Signature Bank Eric Howell testified at the hearing.
#hearing #banking #business
CBS News Streaming Network is the premier 24/7 anchored streaming news service from CBS News and Stations, available free to everyone with access to the Internet. The CBS News Streaming Network is your destination for breaking news, live events and original reporting locally, nationally and around the globe. Launched in November 2014 as CBSN, the CBS News Streaming Network is available live in 91 countries and on 30 digital platforms and apps, as well as on CBSNews.com and Paramount+.
Subscribe to the CBS News KZbin channel: / cbsnews
Watch CBS News: cbsn.ws/1PlLpZ7c
Download the CBS News app: cbsn.ws/1Xb1WC8
Follow CBS News on Instagram: / cbsnews
Like CBS News on Facebook: / cbsnews
Follow CBS News on Twitter: / cbsnews
Subscribe to our newsletters: cbsn.ws/1RqHw7T
Try Paramount+ free: bit.ly/2OiW1kZ
For video licensing inquiries, contact: [e-mail]

[@TECHN0]

Why aren’t these clowns in prison?

[@there_is_nothing_here]

1000000000000000% The fact these guys are able to step away with golden parachutes worth millions while the company goes down at flames is insane. And we keep doing it to ourselves!

[@zoso73]

What crime did they commit? Be specific.

[@croberts2358]

Wef

[@JamesSchoendorf]

Answer - Because the system is corrupt & those who mis-manage aren't held accountable for their actions ( but they should be )

[@comediavietii1245]

They invested in the most safe asset, US Treasuries and lost 10% on that. As banks are leveraged 10/1, when the bank run happened their equity started getting wiped out and then the FDIC came in. They did nothing wrong until proven otherwise. It's just normal operations for any bank.

[@kquat7899]

Becker/Shay/Howell: "It wasn't our fault." This was a waste of time. Should've let Senator Kennedy ask the questions.

[@Teebs131]

yeah because Kennedy was obviously asking the really important questions by hyperfocusing and wasting his time on talking about pronouns. Maybe he should have used his time better *shrugs*

[@XOR2009]

Most questions was about compensation..just wondering if these senators have to pay back their salaries when found guilty of corruption and sex scandals, etc.😮

[@devinnie7572]

Exactly. We don't hold politicians accountable so why should we hold corporate stockholders accountable? It's basically communism to do so.

[@dhswede]

@ XOR2009 and DeVinnie Politicians are held accountable during an election if the voters chose to do so. These aren't corporate stockholders but managers of banks who as there job have a fiduciary responsibility to managed banks properly by law so what happen doesn't occur. Stockholders have the ultimate vote as an investor. Don't put your money in organizations with incompetent managers ... you could loss it .. that's your penalty.

[@devinnie7572]

@@dhswede Regulations are basically communism, Fox news told me so.

[@mikesperle2359]

000😊

[@jusadude7162]

I think everyone got rich off of Covid money except ME😬

[@dancers915]

What if WE, the American People, started OUR VERY OWN Banking System?

[@boxman117]

It sounds to me like a lot of the problems in this situation could have been prevented and originate in poor management.

[@Ikbenjanus]

and a follow up question could perhaps be, what/ who would be considered as being part of management? Is it the board? Is it the audit committee? the CEO? CFO? The risk committee? The bank? The regulators? The senators? The industry? The economy? Our leaders?

[@dhswede]

Total mismanagement of risk. Bought long term low interest securities in an increasing interest rate market using uncommitted depositors money. When interest rates were low this allowed them to pay marginally higher rates .. maybe as little as 1/4% than their competitors and keep depositors happy which worked ok until there was a run on the bank. As rates started to rise, they couldn't pay the increased rates since they locked so much in at lower rates. Some people started moving money than all of sudden a bank run occurred. How could they have prevented it.. locked in securities .. both long and short relative to the same term they had for the deposits.. long and short. This would likely have limited there growth and also likely the CEOs growth as well but put the banks on firm ground. Yet these bankers offered no advice as to how they could have prevented the issue. The CEOs as a minimum had a fiduciary responsibility to make sure the banks are run soundly. As a min all CEO's bonuses paid for the past several years should be clawed back. Some of these banks were paying huge bonuses to there staff as the FED was taking over.

[@Rudabaka]

18:45.. Kennedy just biting at the bit! 😂😂😂

[@adymatt334]

Warren is so good on these issues.

[@Hydrogenagent]

Im a trucker and could be a better banker!

[@peterdecsi999]

Looks like to me! Everything was nit and tidy those banks!!!! Risk was managed properly, liquidity was more than need it!!! So my question is where is the money???

[@Hydrogenagent]

If you own a bank, you must be a great investor!

[@douglasbuchanan2973]

Thanks !!!!!! DO THE MATH!!!!!!!!!!!!!!!!!!!!!

[@donovanthompson6356]

Ya after the fake investments with our money

[@theresa1305]

They need to go to jail.

[@brentcline4552]

Didn’t Becker run off and hide in Hawaii after SVB was placed in receivership?

[@neilweston7605]

wows

[@dabbyj509]

Sound like to me all involved the Government, Regulators and the Bankers simply did not do their jobs but definitely got paid. Now where is the Disapland for who is Responsible. Confidence is not Free!

[@jasonflorence127]

The guy sitting behind Becker with the glasses cracked me up with his facial expressions.

[@tore705]

Gas?

[@johnwilson327]

Lack of oversights and penalties of risk taken by bank CEO at our expense is without consequences. Deregulation has let these greedy buggers create an atmosphere where I have a harder time borrowing money due to higher interest rates.

[@stellarhyme3]

These Senators talk too much.

[@thethree60five]

Jack, "Coffin it up Trump."

[@LollieVox]

Bad news & selfish hateful people seem to be the norm these days.

[@venusgonzalez5342]

THESE MEN NEED ALL THERE LIC. AND ALL THESE MONEYS THEY GOT

[@RushZone]

They cut out the entire part with John Fetterman literally talking like a 3 year old child...

[@davidnorth3411]

2:30, every part of the following views are at the epicenter of fault . The cover, the contents and the author of the script are these corporations

[@biblestudy3823]

Praise Christ !!! The Author is = Jesus The Content is = Scriptures The Bible The Org = The Kingdom of Heaven It is written = in the last days the banks & money systems will fail It is also written = God = who cannot lie nor fail; & He never sleeps nor slumbers !!! Call on Him = NOW

[@Hydrogenagent]

Did Zion bank go down?

[@kalijasin]

How is this Not fraud?

[@donovanthompson6356]

And all there LLC

[@jusadude7162]

Lol, “to the best of my memory” 🤦‍♂️🤡

[@Joaocruz30]

00:09:31 "(...)Chasing profitability than stabilitity(...) sounds like greed!" He was kidding right! Because for a bank that statement it's axiomatic! CHRIST ALL MIGHTY!

[@warrenwalker8170]

bankers are so arrogant esp Jamie Diamond the worse of the worse

[@warrenwalker8170]

liers and thieves

[@user-om3wp2ss5i]

👋 اجمل 🌹❤ اجمل 🌹🌹🌹🌎 من ❤ تحيه حب من القلب انتم خير امه

[@JBGAMBIT]

[After the show] Now, ..how much are you going to donate to my Re-election Campaign??

[@jayjude1944]

Howell was the fall guy

[@roberth5435]

Banking has adopted the airline approach to "one level of safety." Rely on the regulators for risk management. Don't worry about risk as an independent activity. Don't advertise your superior approach to depositors or shareholders. Just rely on the feds to tell you the standards and comply with their recommendations. After all, depositors will get bailed out if you fail. SVG got less attention from the feds because it was smaller. That's different from the airline business, where all Part 121 (scheduled passenger) carriers all get the same level of scrutiny--and a higher level than banks, apparently. The last fatal U.S. airline crash was in 2009. Bank failures continue.

[@donovanthompson6356]

Wow no punishment

[@roberth5435]

Punishment is rare in financial services. No one went to jail after the home loan crisis. Raj Rajaratnam was a special case. He's out now.

[@donovanthompson6356]

And lets not forget our money they stole right we put our money in banks and the banks invest our money and by stalks and call it there money money money

[@Lovo369]

Becker is excuse after excuse.

[@happykitten5695]

🕉☮💛😻🐾

[@droolalot5795]

Put these 6cks in jail

[@tore705]

Banking CEO thiefs.