Seth takes a closer look at the Biden administration trying to stem the fallout from the sudden collapse of Silicon Valley Bank, which has put a spotlight on efforts by the Trump administration to weaken financial rules that could have prevented the crisis.
Late Night with Seth Meyers. Stream now on Peacock:
Subscribe to Late Night:
Watch Late Night with Seth Meyers Weeknights 12:35/11:35c on NBC.
Get more Late Night with Seth Meyers:
LATE NIGHT ON SOCIAL
Follow Late Night on Twitter:
Like Late Night on Facebook:
Follow Late Night Instagram:
Late Night on Tumblr:
Late Night with Seth Meyers on YouTube features A-list celebrity guests, memorable comedy, and topical monologue jokes.
GET MORE NBC
Like NBC:
Follow NBC:
NBC Tumblr:
YouTube:
NBC Instagram:
Trump Blamed for Gutting Financial Rules After Silicon Valley Bank Collapse: A Closer Look – Late Night with Seth Meyers
Late Night with Seth Meyers
…(read more)
LEARN MORE ABOUT: Bank Failures
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
Silicon Valley Bank, one of the biggest investors in tech startups in the US, was recently hit hard by a series of scandals involving fraud and mismanagement. While the bank has been struggling to survive, President Trump and his administration have been criticized for their role in gutting financial rules that could have prevented the collapse of the bank.
The Trump administration has been scaling back regulations put in place after the 2008 financial crisis, arguing that they stifled innovation and made it harder for businesses to grow. Critics have argued, however, that this deregulation has allowed banks to engage in risky behavior and has made them vulnerable to collapse.
Silicon Valley Bank’s troubles started when it was revealed that it had been lending money to executives who were involved in a fraudulent scheme. The bank also had poor internal controls, which allowed this scheme to go undetected for a long time. As a result, the bank has lost more than $200 million and is facing numerous lawsuits.
While the bank’s management is certainly to blame for these problems, critics have also pointed fingers at President Trump and his administration. They argue that the administration’s deregulatory agenda has weakened the banking industry and made it more vulnerable to fraud and mismanagement.
Indeed, the Trump administration has weakened a number of key financial regulations, including the Dodd-Frank Act, which was passed in the aftermath of the 2008 financial crisis. This law was designed to prevent banks from engaging in risky behavior and to increase transparency in the financial industry. Since taking office, however, President Trump has been rolling back regulations and weakening the law’s enforcement provisions.
Critics argue that this deregulation has allowed banks to take risks that could ultimately harm the economy. In the case of Silicon Valley Bank, the bank’s collapse could have a ripple effect throughout the tech industry, which relies heavily on funding from venture capital firms.
Moreover, the collapse of Silicon Valley Bank could also harm startups that were backed by the bank, as they may struggle to find funding in the wake of the bank’s troubles. This could ultimately harm the economy, as startups are often seen as drivers of growth and innovation.
In conclusion, while Silicon Valley Bank’s collapse is ultimately the result of mismanagement, President Trump and his administration’s deregulatory agenda have been accused of creating an environment that allows for this kind of behavior. Critics argue that the administration needs to take a more proactive approach to financial regulation to prevent similar collapses from happening in the future.
A Closer Examination: Trump Held Accountable for Weakening Financial Regulations Following the Failure of Silicon Valley Bank. appeared first on Inflation Protection.
