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Sen. John Kennedy: "I think a majority of the voters in our country at this juncture think(Biden)would be better off selling catheters on late night TV than serving as President of the United States."
Sen. John Kennedy (R-LA) has argued that the Silicon Vally Bank (SVB) collapse, and the resulting banking crisis, could have been avoided.
The senator stated during a speech on the Senate floor Wednesday that the bank’s executives and federal regulators should have done their job on risk management.
Kennedy emphasized that SVB Bank wasn’t broke but it had a liquidity problem.
“If the management of Silicon Valley Bank had known the difference between a banking textbook and an L.L. Bean catalog, Silicon Valley Bank would have never bought securities that are so sensitive to interest rate[s] without hedging that risk, and it’s a very easy thing to do,” Kennedy said.
“Honestly, it’s banking 101.”