The swift demise of Silicon Valley Bank (SVB) has raised serious concerns about the bank’s management and, more importantly, the failure of oversight. These issues were highlighted during Wednesday’s hearing of the Oversight Subcommittee on Health Care and Financial Services, where Chairwoman Lisa McClain (R-Mich.) expressed her apprehensions.
“The speed that it failed raised immediate concerns not only of poor management at the bank but of a failure of oversight,” stated McClain. “Evidence that has surfaced since has shown just that.”
According to McClain, the reason behind SVB’s collapse was straightforward, branding it “one of the least complex bank failures in history.” …