5 ms·

I'm just curious, who was running the investment / risk team at SVB and why should they get a pass for doing such a terrible job?

mgraczyk 4y ago
They don't, they got fired already.
- Mountain_Skies 4y ago
  Pretty mild consequences considering the magnitude of their screw up. Doubt they're going to be missing any meals or have trouble paying the electric bill.
  - mgraczyk 4y ago
    Do you think software engineers who write code with bugs that take down their company should miss meals as a consequence?
    - kats 4y ago
      Yes for sure.
- college_physics 4y ago
  They'll be recycled soon enough like the Lehmann guy. There is a talent shortage in the industry.
TigeriusKirk 4y ago
They've been fired and their bank has been shut down. Not sure how they're getting a pass.
- spencerflem 4y ago
  because they're not losing any money. we all are (collectively) by bailing them out
  - TigeriusKirk 4y ago
    I'd like to see them personally financially wiped out, but that's not how this process works. I suppose it's possible there could be a shareholder suit against them. That would be interesting.
    - spencerflem 4y ago
      you know what, fair
askl56 4y ago
From the UK branch which also is in severe trouble[0] Jay Ersapah, the boss of Financial Risk Management at SVB’s UK branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth. “The phrase ‘you can’t be what you can’t see’ resonates with me,’” Ersapah was quoted as saying on the company website. “As a queer person of color and a first-generation immigrant from a working-class background, there were not many role models for me to ‘see’ growing up.” Her efforts as the company’s European LGBTQIA+ Employee Resource Group co-chair earned her a spot on SVB’s “outstanding LGBT+ Role Model Lists 2022,” a list shared in a company post just four months before the bank was shut down by federal authorities over liquidity fears. [0] https://nypost.com/2023/03/11/silicon-valley-bank-pushed-woke-programs-ahead-of-collapse/ https://nypost.com/2023/03/11/silicon-valley-bank-pushed-wok...
- piperswe 4y ago
  I'm not sure how relevant this is to the topic at hand.
  - tootallgavin 4y ago
    Cause none that seems to have any thing to do with Financial Risk Management
    - noirbot 4y ago
      Because people are only allowed to be their job? How is the fact that they also have other passions outside of their job mean they must have been a terrible employee. If I had a major fuckup at my job and then someone dug up how my job talked about me running a board game group at lunch at work, would you be pulling quotes about how my love of Illimat and The Crew was a sign that my company was negligent?
      - tootallgavin 4y ago
        -> running a board game group at lunch at work I mean would you say the same of S.B.F of FTX who was playing league of legends while on the clock? If everything were running smoothly there would be no reason to look. But if mistakes are getting made while on the job, could it be because an individual is doing more than the job description?
AmVess 4y ago
The entire c-suite were running things at Lehman and DB and flew those into the ground, too.
gnicholas 4y ago
Apparently they had no Chief Risk Officer for much of the last year: https://fortune.com/2023/03/10/silicon-valley-bank-chief-risk-officer/ https://fortune.com/2023/03/10/silicon-valley-bank-chief-ris...

mgraczyk 4y ago

They don't, they got fired already.

Mountain_Skies 4y ago
Pretty mild consequences considering the magnitude of their screw up. Doubt they're going to be missing any meals or have trouble paying the electric bill.
- mgraczyk 4y ago
  Do you think software engineers who write code with bugs that take down their company should miss meals as a consequence?
  - kats 4y ago
    Yes for sure.
college_physics 4y ago
They'll be recycled soon enough like the Lehmann guy. There is a talent shortage in the industry.

TigeriusKirk 4y ago

They've been fired and their bank has been shut down. Not sure how they're getting a pass.

spencerflem 4y ago
because they're not losing any money. we all are (collectively) by bailing them out
- TigeriusKirk 4y ago
  I'd like to see them personally financially wiped out, but that's not how this process works. I suppose it's possible there could be a shareholder suit against them. That would be interesting.
  - spencerflem 4y ago
    you know what, fair

askl56 4y ago

From the UK branch which also is in severe trouble[0] Jay Ersapah, the boss of Financial Risk Management at SVB’s UK branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth. “The phrase ‘you can’t be what you can’t see’ resonates with me,’” Ersapah was quoted as saying on the company website. “As a queer person of color and a first-generation immigrant from a working-class background, there were not many role models for me to ‘see’ growing up.” Her efforts as the company’s European LGBTQIA+ Employee Resource Group co-chair earned her a spot on SVB’s “outstanding LGBT+ Role Model Lists 2022,” a list shared in a company post just four months before the bank was shut down by federal authorities over liquidity fears. [0] https://nypost.com/2023/03/11/silicon-valley-bank-pushed-woke-programs-ahead-of-collapse/ https://nypost.com/2023/03/11/silicon-valley-bank-pushed-wok...

piperswe 4y ago
I'm not sure how relevant this is to the topic at hand.
- tootallgavin 4y ago
  Cause none that seems to have any thing to do with Financial Risk Management
  - noirbot 4y ago
    Because people are only allowed to be their job? How is the fact that they also have other passions outside of their job mean they must have been a terrible employee. If I had a major fuckup at my job and then someone dug up how my job talked about me running a board game group at lunch at work, would you be pulling quotes about how my love of Illimat and The Crew was a sign that my company was negligent?
    - tootallgavin 4y ago
      -> running a board game group at lunch at work I mean would you say the same of S.B.F of FTX who was playing league of legends while on the clock? If everything were running smoothly there would be no reason to look. But if mistakes are getting made while on the job, could it be because an individual is doing more than the job description?

AmVess 4y ago

The entire c-suite were running things at Lehman and DB and flew those into the ground, too.

gnicholas 4y ago

Apparently they had no Chief Risk Officer for much of the last year: https://fortune.com/2023/03/10/silicon-valley-bank-chief-risk-officer/ https://fortune.com/2023/03/10/silicon-valley-bank-chief-ris...