Silicon Valley Bank

I am quoted in the Washington Times on the Silicon Valley Bank:

“The reason for the failure was clearly poor judgment, poor management and maybe lack of supervision by regulators,” said David Kass, who teaches advanced financial management and business finance at the University of Maryland’s School of Business. “The bank did not have a risk officer. That’s absurd. It was just very poor management at the bank for investment policy.” As for a connection between the bank’s woke policies and its collapse, Mr. Kass said, “I don’t see the link.” Mr. Kass said even some stock analysts at major banks were rating SVB shares as a good buy within one week of its collapse. He noted that JPMorgan and Wells Fargo rated SVB stock as “overweight” or worth buying on March 9 and Goldman Sachs rated it as “buy” on March 3. “A lot of people were asleep at the switch,” he said.