Targeting Boards in an Age of Cram Downs.

Another short note on the ongoing financial crisis

Directors of First Republic Bank from SEC filings, [missing CEO Michael Roffler]

Early on Sunday March 12th, I wrote a short note on the collapse (and governance) of Silicon Valley Bank. It was all moving very quickly and later that day, the U.S. Government intervened to save depositors of SVB and took over NY-based Signature Bank under the systemic risk exception:

“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.” ~ Statement by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg.