Two Democrat lawmakers, AOC and SenWarren, are questioning circle, BlockFi and 12 other firms about their banking relationship with Silicon Valley Bank – including “white glove” service and other luxurious perks for execs. cheyenneligon reports
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez want to know why crypto companies, including bankrupt crypto lender BlockFi and stablecoin issuer Circle, banked at now-collapsed Silicon Valley Bank.
The lawmakers sent letters to BlockFi and Circle on Sunday with a list of questions and concerns. Twelve other non-crypto firmsThe two Democratic lawmakers are looking for more information on what they call the “mutual backscratching dynamic” between SVB and venture capitalists, in which the bank treated VCs and other high-rolling depositors to extensive lines of credit and luxurious “white glove” services like “industry ski trips, conferences and fancy dinners.
The proverbial champagne service, the lawmakers argue, “could help explain why some customers placed massive, uninsured deposits at SVB” – which ultimately forced federal regulators toto staunch the flow of withdrawals when the bank collapsed after a $42 billion single-day run last month. Now, they want answers from Circle and BlockFi’s CEOs, Jeremy Allaire and Zac Prince, respectively. The two firms held approximately $3.5 billion in uninsured deposits at SVB, of whichAllaire and Prince have been asked to provide answers about the history of their relationships with SVB, including how much money they deposited and maintained at the bank, investment relationships between the firms, their related entities and SVB.
They have also been asked to provide information about the alleged “coddling” of any of their executives or board members by SVB, including details about financial relationships between the executives and SVB, any trips executives took that were sponsored by SVB, and whether any executive ever raised a red flag internally about SVB’s exposure to uninsured assets.
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
Warren, Ocasio-Cortez probe major SVB depositors about role in bank collapseSen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez raised concerns over the 'cozy' relationship between Silicon Valley Bank and its biggest customers.
続きを読む »
Warren, AOC press top Silicon Valley Bank depositors about any cushy treatment they receivedProgressive Democrats Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez demanded answers from SVB's 14 largest depositors.
続きを読む »
Sen. Richard Blumenthal to Undergo Surgery After Breaking Leg at UConn ParadeU.S. Sen. Richard Blumenthal says he expects to undergo surgery to repair a broken leg he suffered Saturday during a parade for the University of Connecticut men’s basketball team.
続きを読む »
Sen. Richard Blumenthal breaks his leg at UConn parade, will undergo surgeryU.S. Sen. Richard Blumenthal said he expects to undergo surgery to repair a broken leg he suffered Saturday during a victory parade for the University of Connecticut men’s basketball team.
続きを読む »
‘Yellowjackets’: Melanie Lynskey and Warren Kole on a Fragile Marriage in Season 2As 'the more savage, dark impulse Shauna' of the past bubbles up to the surface, the actors who play adult Shauna and Jeff speak to The Hollywood Reporter about unconditional love.
続きを読む »
Sen. Richard Blumenthal breaks leg during UConn NCAA victory paradeUS Senator Richard Blumenthal is expected to undergo surgery after he fractured his femur during a victory parade for the UConn Men’s Basketball team in Hartford.
続きを読む »