Failed Banks Shouldn't Be Cash Machines for Disgraced Executives
In debates about who to blame for failures at Silicon Valley Bank and Signature Bank, and fears of contagion as we see UBS buy out Credit Suisse, a major angle is being overlooked: the wide swath of common ground on this issue.
CEOs Greg Becker of Silicon Valley Bank and Joseph DePaolo of Signature were compensated last year $9.9 million and $8.6 million respectively just before their banks failed and the FDIC had to bail out SVB's depositors.
We are in consensus: we must end profiteering from bank failures.
This can be addressed easily—if...