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Material Loss Review of Silicon Valley Bank

Fed OIG Report on SVB: Officials considered removing SVB’s CEO from FRB San Francisco’s board of directors after discussions to downgrade SVB’s rating but chose not to for fear of spooking markets.

Summary: Silicon Valley Bank—which once had over $200 billion in total assets—failed in March 2023. SVB went into receivership and cost the Deposit Insurance Fund an estimated $16.1 billion. SVB failed for several reasons. It was vulnerable to the business cycles of its customer base—concentrated in
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Official Portrait 2022

Gary Gensler: "The SEC now has issued proposals for most of that unified agenda we laid out two years ago." "I will not be able to comment on any active, ongoing litigation."

Source: SEC Chair Gary Gensler Testimony Before the United States House of Representatives Committee on Financial Services With Citadel telling peers it is ready to fight the SEC, Members of Congress introducing bills to fire him, and serious efforts behind closed doors to block the SEC's agenda, I
dismal-jellyfish 🧱 Market Reform
POSTPONED: October 5, 2023 Meeting of the Global Markets Advisory Committee.

POSTPONED: October 5, 2023 Meeting of the Global Markets Advisory Committee. Was to be a presentation on swap market oversight, tokenized assets, & NFT Regulation.

88 FR 62068: * At this meeting, the GMAC will hear a presentation from the GMAC’s Global Market Structure Subcommittee on the Subcommittee’s workstreams involving U.S. Treasury market reforms, global standards and best practices for market volatility controls and circuit breakers, improving liquidity across asset classes, and international
dismal-jellyfish 📰 News
CFTC Whistleblower Determination

Whistleblower Alert! CFTC Awards Whistleblower More Than $300,000. This Means the Penalty Levied Ranged from $1-$3 million

Press Release: The Commodity Futures Trading Commission today announced an award of more than $300,000 to a whistleblower whose particularly informative tip caused the Division of Enforcement (DOE) to open an investigation that led to an underlying enforcement action. That tip precisely and accurately described the misconduct at issue.
dismal-jellyfish 📰 News