The Intercept Uncovers
AFTER SUCCESSFULLY LOBBYING for the rollback of new rules applied to Wall Street in the wake of the financial crisis, lobbyists for Silicon Valley Bank immediately began pressing their case further to the federal authority that insures bank deposits in the event of another crisis, according to lobbying disclosures reviewed by The Intercept.
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The lobbying effort managed to exempt banks the size of Silicon Valley Bank from more stringent regulations, including stress tests aimed at uncovering the type of weaknesses that led to the bank’s implosion Friday. Two of the bank’s top lobbyists previously served as senior staffers for House Speaker Kevin McCarthy, who himself pushed for the repeal of significant pieces of the landmark Wall Street reform legislation known as Dodd-Frank.
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Ain't this some shite
Separately, SVB CEO Greg Becker sold $3.6M of company stock under a trading plan less than two weeks before the bank disclosed the losses.
Source: 1440 Digest
