W Daughter
(via chicagosky/TT)
0:00 Former Silicon Valley CEO
07:46 Chris Whalen, Whalen Global Advisers Chairman
Two years have passed since the collapse of Silicon Valley Bank, which shook the regional banking sector. The financial sector (XLF) recently saw its worst session since the crisis, raising questions about the safety of banks in the current economic climate.
Former CEO of Silicon Valley Bank, Ken Wilcox, also the author of "The China Business Conundrum," joins Wealth host Brad Smith to discuss the bank’s recovery and share his insights on the state of the financial sector.
"The financial sector is doing just fine; I think it’s in better shape than it was," Wilcox says. "As far as I can tell, the future is reasonably bright."
Reflecting on the collapse, Wilcox says, "It could have been anticipated, but it would have required, I think, a financially astute observer, and they would have had to study the financial statements."
Wilcox notes that one key indicator there was an issue was the simultaneous rise in deposits, banks’ investments in long-term interest-bearing securities, and interest rates.
"The financial sector has learned a lesson and, for the time being anyway, is taking the necessary precautions," he adds.
Next, Chris Whalen, Whalen Global Advisors Chairman joins Yahoo Finance anchor Madison Mills to discuss the state of the financial sector seeing their worst week since the collapse of Silicon Valley bank. Whalen weighs in on risks, saying, ‘Banks have to be bigger today,’ and ‘That is why we are seeing more consolidation… most banks shouldn’t own mortgage-backed securities.’ ‘The Main Street bank is going to have to evolve more,’ Whalen says.
#youtube #banks #stockmarket
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