Posted at Hartmann Report on Mar. 13, 2023
Can We Stop the Greed-Heads From Their Destruction of Banking & More?
As we learned from the Iroquois, working on behalf of and protecting society from greedy predators should be the first job of every government…
The failure of the Silicon Valley Bank (SVB) shows us, once again, that unrestrained greed isn’t good. For even modest greed to have a positive effect in society, it must be regulated.
The CEO of SVB didn’t like the regulations imposed after the 2008 financial meltdown by Congress’ Dodd-Frank legislation, and spent over a half-million dollars bribing…er, influencing…legislators (legalized by 5 Republicans on the Supreme Court) to change the law and exempt his and other smaller, regional banks from what he argued was the heavy hand of government.
While SVB and other smaller banks were generally prosperous and profitable, many wanted to escape from the regulations Congress imposed to protect both depositors and the economy, so they spread some money around Washington DC. Donald Trump then enthusiastically signed the deregulation of smaller banks like SBV into law in 2018.