The US banking system on life support
Business Daily
BBC
4.4 • 796 Ratings
🗓️ 5 June 2023
⏱️ 19 minutes
🧾️ Download transcript
Summary
In March 2023 Silicon Valley Bank collapsed. It was the second largest banking failure in US history. The regulator, the FDIC, fired the management team and brought in a new person to run the institution while a buyer was found.
As the former CEO of Fannie Mae, Tim Mayopoulus has experience of steering a bank through financial turmoil.
He speaks to Sam Fenwick about how he steadied the nerves of SVB employees, customers and the global banking sector.
Producer/presenter: Sam Fenwick
(Photo: Man walking past SVB branch. Credit: Getty Images)
Transcript
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| 0:00.0 | The Explanation is the podcast from the BBC World Service that goes beyond the spin, |
| 0:06.8 | exploring the important questions about long-running stories and the latest global news, |
| 0:13.4 | an honest explanation of the events shaping our lives. |
| 0:18.0 | Search for the explanation, wherever you get your BBC podcasts. |
| 0:25.1 | When banks experience financial losses, it is and should be a matter of concern. |
| 0:34.4 | Silicon Valley Bank has been trying to reassure its clients that their money is safe after a collapse in its share price. |
| 0:42.1 | In the moment, it definitely, it was making me physically ill, just, you know, trying to get through it. |
| 0:48.1 | Federal regulators shockingly shuttered Silicon Valley Bank Friday. Following the bank's demise, the CEO acknowledged. |
| 0:56.4 | Today on Business Daily from the BBC World Service, how do you stop panic when banks are collapsing? |
| 1:03.3 | Today, thanks to the quick action of my administration over the past few days, |
| 1:07.5 | Americans can have confidence that the banking system is safe. |
| 1:11.9 | Your deposits will be there when you need them. |
| 1:14.8 | Small businesses across the country, the deposit accounts at these banks can breathe easier |
| 1:19.5 | knowing they'll be able to pay their workers and pay their bills. |
| 1:24.0 | Friday, March 10th, 2023 was a historic day for all the wrong reasons. |
| 1:29.8 | It was the day Silicon Valley Bank collapsed, making it the second largest banking failure in U.S. history. |
| 1:37.4 | My wife and I were getting ready to go to bed. |
| 1:39.5 | It was, I don't know, 10 or 11 o'clock at night. |
| 1:43.3 | As the lights went out on SVB, |
| 1:46.3 | banking regulators were preparing a rescue mission. |
| 1:49.5 | They were looking to see whether I would be willing to serve as the CEO, |
| 1:53.7 | but that they needed an answer very quickly. |
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