6/11/2023 0 Comments Rule of the bone by russell banks![]() ![]() Each of the three executives testifying demurred. ![]() More than a handful of senators asked if the executives would consider returning part of their compensation, since bank failures are shouldered by the Federal Deposit Insurance Corporation and other banks in the system. ![]() Workers face consequences executives ride off into the sunset.” ![]() “To most Americans, a lack of Wall Street accountability tracks with their entire experience with our economy. Sherrod Brown, the Democratic chair of the Senate Banking Committee. “You were paying out bonuses until literally hours before regulators seized your assets,” said Sen. Democrats and Republicans on the Senate Banking Committee criticized the executives for taking risky actions or missing obvious problems that directly led to the demise of their banks, while still accepting lucrative pay packages and bonuses, even in the days and weeks leading up to the failures. The arguments got little traction with senators on both sides of the aisle. NEW YORK (AP) - Top executives at Silicon Valley Bank and Signature Bank largely avoided taking responsibility for their banks’ dramatic failures at a Senate hearing Tuesday, instead using their time to assign blame to events they said were largely out of their control. ![]()
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