> From 2006-2021, the Fed received over 3,500 merger applications from banks, and didn’t deny a single one. This record includes Silicon Valley Bank in 2021 buying Boston Private Bank and Trust, which the Fed board unanimously justified by noting that SVB would not “pose significant risk to the financial system in the event of financial distress."
Crazy to see how the Fed facilitates concentrated financial power and that it didn't used to be that way. Especially nuts that when mergers are under review the Fed says it's fine and if the combined firm failed it wouldn't be a risk but when the failure actually happens..
Crazy to see how the Fed facilitates concentrated financial power and that it didn't used to be that way. Especially nuts that when mergers are under review the Fed says it's fine and if the combined firm failed it wouldn't be a risk but when the failure actually happens..