They just make the onions job so much harder

Can confirm. I work in banking compliance and the amount of misunderstanding when it comes to banks is unbelievable.

Or maybe the job was to oversee the committing of financial crimes

Pretty sure it's like a mandatory role. But in practice, they just go on the hub all day.

Whatever you do, don’t read the comments section. Depressing

Yes, that's how it works.

Lots of people text and drive. They're busy. Driving is pretty easy and rarely do things go wrong. Sometimes it's an important text. THEY'RE STILL RESPONSIBLE FOR THE CAR CRASH!!!!

Yea, like, would you want someone at a multi-billion dollar bank to not have someone looking into financial crimes? They probably had someone already and they recently left or something.

Oh my. History lesson time, Florida was originally the land of the native indigenous people. Spain explored, spread diseases (probably smallpox), which wiped out many of the indigenous population, then claimed Florida for the Spanish Crown. Can’t really give it back to the indigenous, because most of those tribes are now gone.

We could, remove all humans, fence it off, and let nature reassert itself, but I don’t see that happening, because there is no profit in it.

Thank you for listening to my TED-talk :)

Which would be amusing if the position was posted while the complex was already on fire 🤷

It's one of those copycat movies.

Just make a Negotiable Affection Day, that will cover all the variants.

This exactly, the entire financial cabinet to border to foreign affairs, it’s almost funny because before 2020 the media was excited for “adults” to be back in charge! But turns out those adults are actually little kids playing with their toys. At least we have the first African lesbian press secretary

/r/whoosh

Sorry, but your account is too new to post. Your account needs to be either 2 weeks old or have at least 250 combined link and comment karma. Don't modmail us about this, just wait it out or get more karma.

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

[removed]

It's a broad statement given how redditors are making pretty wild leaps of judgement based on no facts.

I'm really not sure what the regulatory job has to do with SVB going under, when SVB went under because of a bank run that had nothing to do with the job posting at all. This is like if an apartment complex burns down due to arson, and people point to an open plumber position as the smoking gun

This isn't oniony at all. All banks and credit unions have teams called "financial crimes" to deal with attempted money laundering and fraud.

This is the weird part for me, that is typical of what you would see on WSB and not a bank holding 200 billion in deposits.

They also used legal accounting tricks to hide their unrealized losses on the bonds they bought.

[deleted]

What politics? It's just amusing that either the person listing the job didn't know, or listed it regardless of everything happening. Either way it's funny!

Ya, it was terrible risk management. They essentially made a bet that interest rates won't go up in the next 5.6 years(average length of the bonds), starting from 2021. They also didn't hedge against that bet, which you would see on r/wallstreetbets.

They probably had, and they did a terrible job or were overruled.

Eat the rich

There's a difference between being on a board and being a C-Suite executive. Most of the time, Board Members are there to lend their credibility and leverage their contacts. They are probably going to rely on the information coming from the C-Suite and ask questions based on what they are being fed. They also look good on a PowerPoint, which would help convince investors to put money into a business.

After researching what happened at Theranos, I found out only a few board members fact-check the information they are being given. For example, several people with connections to the DoD didn't bother to check Holmes' claims about what Theranos was doing with the military. Ya, these boards are sold to the public as safety valves and watchdogs on behalf of investors. In reality, many just take the paycheck, believe what they are told, and leverage their contacts when needed. I can't blame them because many are on several boards and don't have the time to do deep dives on every company under their purview.

What? Unless I missed something, there was nothing to hide, the entire finance industry knew basically all of SVB's deposits were uninsured and just underestimated systemic risk.

Don't want to take a shot at you but do you have experience in the finance industry? Its posts like this along with the weird political bent that makes me wonder how much of reddit just a weird witch hunt.

That's doesn't change anything. A required role for regulatory reasons would be advertised as soon as the previous incumbent left (or announced they were leaving). So this means that management hid the failures so much that this senior position still had the job listing updated and published while the office was in actuality burning down around them!