FDIC Alert! After a call out in the WSJ for a 'Toxic atmosphere' full of strip clubs, dick pics, & booze, FDIC releases statement on 'Workplace culture'.
Earlier this week, the Wall Street Journal called out the FDIC's toxic work environment:
This was also picked up by u/chikaca over at r/Superstonk:
It has taken a couple of days but this morning, Vice Chairman Travis Hill and Director Jonathan McKernan released a joint statement on FDIC workplace culture:
All FDIC employees are entitled to a professional workplace that respects and values their contributions. The conduct reported by the Wall Street Journal earlier this week has no place at this agency or anywhere in the workforce and should not be tolerated.
As Board Members, we have an obligation to ensure that the FDIC holds all responsible employees and managers accountable for any inappropriate conduct. It is also critical that employees who have experienced any unprofessional conduct feel protected and have appropriate avenues to report misconduct.
It is vital that the independent review initiated by the Chairman be effectively overseen by the Board and have the latitude and time needed to conduct a thorough, holistic review. The Board should be appropriately informed throughout the review process.
Ensuring a professional work environment throughout the agency, and providing transparency and accountability for employees and the public, must be top priorities for the Board.
It is great to see them finally responding--toxicity has no place in the workplace (unless you are System of a Down melting consenting folks faces) but do they have any idea just how awful this looks?
Booze, Strip Clubs, and Dick pics are where our 'Watchmen's" attention is affixedโ all while the 5 banks failures (so far) this year on their watch that DWARF 2008 and 2009 in terms of total assets:
โ
| Year | # of failures | Total assets ($ millions) |
|---|---|---|
| 2001 | 4 | $2,358.6 |
| 2002 | 11 | $2,705.4 |
| 2003 | 3 | $1,045.2 |
| 2004 | 4 | $163.1 |
| 2005 | 0 | $0 |
| 2006 | 0 | $0 |
| 2007 | 3 | $2,602.5 |
| 2008 | 25 | $373,588.8 |
| 2009 | 140 | $170,909.4 |
| 2010 | 157 | $96,514.0 |
| 2011 | 92 | $36,012.2 |
| 2012 | 51 | $12,055.8 |
| 2013 | 24 | $6,101.7 |
| 2014 | 18 | $3,088.4 |
| 2015 | 8 | $6,727.5 |
| 2016 | 5 | $278.8 |
| 2017 | 8 | $6,530.7 |
| 2018 | 0 | $0 |
| 2019 | 4 | $241.1 |
| 2020 | 4 | $458.0 |
| 2021 | 0 | $0 |
| 2022 | 0 | $0 |
| 2023 | 5 (so far) | $548,705.0 |
Source: https://www.fdic.gov/bank/historical/bank/index.html
165 institutions failed between 2008-2009 with total assets of $544,468.2 million. Meanwhile, 'just' 5 failures this year have eclipsed that total ($548,705.0 million)
Again, our regulators at the FDIC (who are supposed to be the Watchmen of this 'sound and resilient' financial system seem way more interested in extracurricular activities (like booze, strip clubs, and dick pics) than doing their jobs.
Vice Chairman Hill and Director McKernan's statement better carry teeth and lead to real action. Otherwise, how is the FDIC any different than the legend of Nero playing his fiddle while Rome burned in the background?
In my opinion, they are not any different and their actions are showing they are NOT serious people when it comes to regulating.
TLDRS:
- After a call out in the WSJ for a 'Toxic atmosphere' full of strip clubs, dick pics, & booze, FDIC releases statement on 'Workplace culture'.
- All while the 5 banks failures (so far) this year on their watch that DWARF 2008 and 2009 in terms of total assets.
- Vice Chairman Hill and Director McKernan's statement better carry teeth and lead to real action.
- Otherwise, how is the FDIC any different than the legend of Nero playing his fiddle while Rome burned in the background?
