June 29, 2023 (NO COMMENTS)

Global regulators spent more than a decade writing rules that would allow big banks to be wound down swiftly and safely. But there was little evidence of that work when four lenders failed in the space of six weeks in March and April. The US Federal Deposit Insurance Corporation has drawn sharp criticism – including from former staffers – for its handling of the Silicon Valley Bank collapse on March 10. Thomas Hoenig, former vice-chair of the FDIC, calls it a β€œchaotic resolution at best”, with