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.
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Trump Blamed for Gutting Financial Rules After Silicon Valley Bank Collapse: A Closer Look – Late Night with Seth Meyers
Late Night with Seth Meyers
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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.
You'd think conservatives would be praising Biden for NOT bailing out silicone investors?
Because they're hatred is irrational not practical.
Cadet Catsup.
Ol boy could never be a Colonel with those spicy bone spurs.
I can literally feel the endorphins release at 2:05 when Wally says “Whaat? No!”
Somebody need a bubble economy that runs really fast?
Have not seen this good of a clown since Gacy
the best part of seth ran down the side of his mothers face TRUMP2024
Honestly crypto is quite profitable and lucrative I’d suggest Bonaveststockfx, which I think is more reliable than this so called bank that ran away with our money.
Investment in stocks is a great way to invest your money. The team is constantly checking the market for changes and make sure that you are always informed about the best time to invest. As a result, I have made more money than ever before, and I don't have to manage my portfolio on my own! Invest in stocks, it's worth it!
Yep, Dodd Frank would have prevented the collapse.
It was because of woke stuff. They were spending their money on "diversity and inclusivity specialists", and not hiring the actual positions they needed. Really stupid stuff.
OK Seth–your Bernie impression is great, your best. {Need a little work on the Aussie one
Well the recent events with SVB make it unlikely for the market to make significant gains soon, so it's wise to manage expectations and prepare for a potentially long recovery period. It's recommended to avoid making significant investment decisions until the economic environment stabilizes in areas of concern. It's best to exercise caution and avoid engaging with the current turbulence.
After working in corporate world, fed and local government, and and non-profit, I can tell you this: corporations follow rules like Sarbanes-Oxley, while the government has no such controls that it follows. They routinely fail their own audits. I've personally worked on projects funded by gov grants that not only failed but then I observed purposely fraud to cover it up and declare success. I worked for a nonprofit that had funds 3x normal due to COVID, and then did not properly document much of anything – even basic accounting fails like reusing invoice numbers for different purchases because lowest employee had access to blank preapproved P.Os! Intant audit issue if audit done correctly,. That's your gov $ at work… or should I say $ at waste.
What's consistent is the fleecing of us all for those with rich and powerful friends to benefit. This isn't really party specific or president specific – look at the craziness Obama did in taking over General Motors by ordering them to issue preferred stock only to the government (!) so he gained controlling votes to fire the CEO and appoint a government accountant buddy. Or how about the investing of $249M in a battery company in Calif run by his friend, and they promptly went bankrupt?
Why be surprised? A billionaire realtor likes to play fast and lose with $ and his company was already convicted of tax fraud in NY. And whenever he wanted to do something, he ignored the budget, ignored advisors, ignored everyone. The wall construction wasn't approved, so he moved budget from other projects to it. No one noticed that he gutted National Park Service and anything else he didn't care about to give the $ to the wall? It's documented. And the wall was just a bad engineering idea – it's already falling over in sandy areas, as predicted. You should run some pics of that failing wall on the show so that Americans see what their $ has gone to.
That shuffle step was cute.
These people are wicked and they will be held accountable for their evil deeds
Republicans removed safety rules
#TrumpRICOnow 🙂
LoL….part 2….Biden and the flushing toilet! Funny! 😀
LoL! Trumpenstein… 😀
The best thing was Bernie sanders stating the exact range that silicon bank fell into as where a collapse will happen
Correction: There's no way that trump would know that was Frankenstein's monster and not Frankenstein so when impersonating trump, he would get it wrong. Impersonating trump getting it correct is a bad impersonation of trump.
There you go, fat shaming cats. But they don't seem to care. (12:18)
LOL, the frankenstein bit, chefs kiss!
Seth is so proud of the eruption of laughter from his Frankenstein…..'s monster line! hahah I had to go back and replay it.
God bless Seth!!!! Thank you!!
After the premise of “we hate fire, don’t we folks?” I lost it at “big guy, strong guy, bolts in his neck”
“99% of the trains go to the last 1% of the stop.”
He was sucking up to bankers, so they would loan to his sorry ass in the future.
He served himself, and screwed US at every turn.
The train derailments due to his deregulation. Then he goes to a crash site, and blames me the people who inherited the consequences of his incompetence, ignorance, impulsivity, theft, and self dealing.
He tore up trade agreements, and had private meetings with a war criminal, who helped him spread lies about his qualified opponent, to get his grubby hands into the cookie jar.
He spreads doubt on legitimate elections, because he wants to get his hands back into that cookie jar.
Before he became POtuS, he wanted a tower in Moscow, with his name on it.
He had business meetings with Putin, in his efforts to get into the that world.
In 2023, it looks like he wants to make America Russia.
The fallout from this assault on US, is expansive, and will take decades to recover from.
THEY TOOK RISK AT BANK WHAT ABOUT BILLIONS FOR WAR THAT GONE FROM THE PUBLIC ON THE RUN ! YET SWIFT WHORE''s AND SCUM BAG''s DEALING AND STEALING FROM HUNTED HOOKER's AND THE OTHER SCAMMERS ON BOTH SIDE''s ! HUNTED FOOL''s
TRUMP LEARNING !ASK WHO CHANGE BANKING LAWS HAVE $0 MONEY IN BANK''s BACKED LOAN''s PUBLIC TAXES AS STOCKS TRADED HIGHER FROM STEALING WHAT WAS THE DEPOSIT BASE !
I just came back for the Frankenstein joke, I loved it
Plungey has a pirate hat? starting a countdown now to Plungey being revealed as the Sea Captain