SVB board, executives became greedy

Wait! More bank closures and failures?

My wife Terre told me this morning (March 14) that the bank of Montecito was closing today because of the storm and possible floods heading our way. We both said: “Oh, no! Are they insolvent too?” But — whew — just an atmospheric river event, not insolvency!

However, the creepy news is that the Silicon Valley Bank and other banks just crashed because of a “liquidity crisis.” But wait!

Didn’t we just have the big Crash of 2008? But wait! Didn’t we have a big crash in 1929, followed by the Great Depression?

But wait. Didn’t we solve the banking crisis situation with the Dodd-Frank bill passed after the 2008 crash? That law would have prevented this crash. However, mysteriously, that law was repealed.

Before I get to why, I also want to mention that the bank board and executives of Silicon Valley Bank also gave themselves a