Question Of The Day: Why Hasn't The CEO Of Silicon Valley Bank, Greg Becker, Been Arrested Yet?
I will admit that some of this stuff is beyond my understanding. Rate hikes, leveraging, securities, financial muckity muck. I do my best to understand it and I've watched the Big Short many times, but I am positive there are things in this podcast that I got wrong even if I was directionally correct.
One thing I do know for sure is that the CEO should be in fucking JAIL. How is this legal?
Forget about the corruption, the quid pro quo campaign contributions, and lobbying to dismantle the protections put in place after the financial industry almost destroyed the country in 2008.
It wasn't enough that this guy would've lost his customers BILLIONS of dollars, he had to use inside information to unload his stock mere weeks before the collapse came that he caused. I nice little golden parachute severance for himself after he already had paid himself fat bonuses along the way by doing shitty investments to enrich himself. I fucking hate this guy and now he just gets to ride off into the sunset with millions he stole from his customers and the American public? That is fucking bullshit. I feel like banking is the only industry where you get rewarded for stealing. There only job is to take your money and make more money with it, but they routinely fuck up, steal it, lose it, and then get to laugh about it on their yachts. That infuriates me.
There needs to be real punishments for bankers who skirt the rules and fuck everyone over. Simply getting fired isn't enough. If damaging your customers and the American economy isn't enough of a reason to properly assess risk then maybe there needs to be a bigger stick to counteract the carrot that is making away with millions and millions of dollars. You fuck up on a grand scale while knowingly going all in on bets with other people's money then you go to jail. End of story. Maybe that would enough of a reason to play by the rules. The current system isn't cutting it.