Senior White House officials have been in touch with Warren Buffett on the banking crisis.
The calls have centered around Buffett possibly investing in the US regional banking sector in some way, but the billionaire has also given advice and guidance more broadly about the current turmoil, per Bloomberg.
Recently, Biden has asked Congress to give FDIC more authority to fine bankers from failed banks, clawback their executive pay, and bar them from the industry.
"No one is above the law," Biden said in the statement, "and strengthening accountability is an important deterrent to prevent mismanagement in the future."
Senior White House officials have been in touch with Warren Buffett on the banking crisis
3/19/2023
The current law "limits the administration’s authority to hold executives responsible," he said.
"The President urges Congress to expand the FDIC’s authorities to expressly cover cases like this" the White House statement said, citing Becker's stock sales.
Before the collapse of Silicon Valley Bank, $SIVB, the CEO sold $3.57 million of stock within the last two weeks.
This was part of their trading plans, the 10-51-b plans.
Gregory Becker, CEO, sold 11% on Feb 27, 2023.
Michael Zucker, General Counsel, 19% on Feb 5.
Daniel Beck, CFO, sold 32% on Feb 27.
Michelle Draper, CMO, sold 25% on Feb 1.
Silicon Valley Bank has collapsed, the largest bank since 2008.
Read more: https://unusualwhales.com/news/numerous-corporate-executives-sold-silicon-valley-bank-sivb-stock-before-the-collapse
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