Rifle has passed the crcm cafp ctfa and every other banking exam known to man. He also write half of them.
This should be obvious. These banks HAD to buy bonds to cover their liabilities (deposits) on their balance sheets. They needed yield. To get the yield they bought long dated bonds, with a hold to maturity classification as the money piled up in accounts.
Should be another bad day on Wall Street. Most of us were born poor and will die poor, due to a bad decision during the 2020 Presidential election.
I've got to think having most of your depositors from the same industry doesn't help.
Conservative obsession with trans people continues.
Except for the fact that's not what happens. Stick with something you know. Like family porn night.
It's not incorrectly. How does a bank have a subprime arm that goes under? That's not conservative. That's incompetence.
Your subprime company did 5000-6500 subprime auto loans a month. They were fifth or sixth in the country month-to-month in number of subprime originations. "Very little"? Pffft! You were one of the biggest out of literally hundreds of subprime auto lenders.
Remember a few years ago when the other company I co-founded was skyrocketing and didn't need me involved day-to-day after I hired a CEO who had led a pretty big tech company? Remember at that time when I said I was looking into starting a subprime lending agency? Well, why do all of that when a large subpriime lender can offer you equity to come on board, then sell for just over $300M a year later and cash out? Not only am I in the field (a lender, not a bank), but I am in demand almost as much as my 9" crank is and asked to speak at large conferences on a monthly basis.
We shouldn't. But here we are. Let's instead amplify moral hazard.
This is what "unsophisticated" rural farmers often do. You'd think those fancy tech start up guys would be smart. Of course, a lot of those farming families never forgot the Great Depression.
That wouldn't have had any impact in this situation. As I understand it, the bank invested a ton into government bonds, generally one of the safest, least volatile investments possible. When the Fed started raising interest rates to cool inflation from the massive influx of cash into the economy from Uncle Joe's handouts it made these old bonds essentially worthless. Now, should the board have seen this coming and purchased less bonds? Maybe. But then they'd be investing that money into the market, which is the opposite of what you're advocating.
I mean what about the last 50 years wouldn’t lead someone to think consolidation is inevitable. The megacorps make more money than they know what to do with and use it to buy their competition. It’s happened in almost every other industry, why not banking?
Increased regulation has forced the consolidation. Increased regulation has forced excessive risk taking in an effort to find profitable means to continue business operations. Increased regulation, guys like you crave, is driven by the megacorps to make it harder for smaller players to make it.
I'm not. It's lazy and moronic when you look at what the history of "regulation" creates. Increased consolidation, less competition, and more cronies.
They'll be fine. Cartel money, dirty Russian mob money, dirty Arab money...too many players to fail lol.
Over regulation most certainly created the situation we now see causing crisis across the banking sector. Regulation created the consolidation of banks, limiting the competition, and encouraging the risk scenario where yield was necessary to find.
Good thing you clarified that it is at 9 am in the morning as opposed to 9 am at night. Something tells me that they had your microphone muted the entire meeting.
You didn't successfully defend it at all.
No, saying "9 am tomorrow morning" or "9 am Wednesday morning" are both horrendous examples of writing and any academic institution outside of West Virginia would call you out on that.
Another flight. Finished with the meal that they served me. Qualified for Ambassador Status again with Marriott. Kiss the ring.
