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4min chapter
Larry Summers breaks down the banking crisis
GZERO World with Ian Bremmer
The Gold Medal for Incompetence Goes to the Federal Reserve System in Its Regulation of Silicon Valley Bank
Larry Summers: Who has acted most irresponsibly around this? It's a race. I would say the gold medal for incompetence goes to the management of SBB, which ignored a multiplicity of warnings about its interest rate mismatch. The silver medal for incompetence probably goes to the Federal Reserve system in its regulation of Silicon Valley Bank and beyond. He says regulators had plenty of authority to have forced it to raise capital much earlier or stop paying dividends.
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