Gentile’s Profile
- Prior to joining the firm in 2007, Mr. Gentile served as the CFO for Lehman Brothers’ Global Investment Bank where he directed the accounting and financial needs within the Fixed Income division.
- Mish Note: Lehman went bankrupt on September 15, 2008.
- Prior to that, he served as CFO of the Global Corporate and Investment Bank at Bank of America,
- Wikipedia Note: Merrill Lynch & Co. agreed to be acquired by Bank of America on September 14, 2008, at the height of the financial crisis of 2007–2008, the same weekend that Lehman Brothers was allowed to fail.
- Previously, Mr. Gentile spent more than 10 years with J.P. Morgan in various financial management positions, including Global Head of Financial Risk Management.
- Mish Comment: Global head of Financial Risk management, what a hoot!
- He started his career at Arthur Andersen.
- Wikipedia Note: Arthur Andersen was an American accounting firm based in Chicago that provided auditing, tax advising, consulting and other professional services to large corporations. By 2001, it had become one of the world’s largest multinational corporations and was one of the “Big Five” accounting firms (along with Deloitte & Touche, Ernst & Young, KPMG and PricewaterhouseCoopers). The firm collapsed by mid-2002, as details of its questionable accounting practices for energy company Enron and telecommunications company Worldcom were revealed amid the two high-profile bankruptcies. The scandals were a factor in the enactment of the Sarbanes-Oxley Act of 2002.
The above excerpts from SVB’s Profile except as noted.
Need a 12 Hour Snooze?
Apparently that’s how long it takes Bill Ackman to explain why a bailout is needed.
Sarbanes-Oxley Act: What It Does to Protect Investors
Please consider Sarbanes-Oxley Act: What It Does to Protect Investors
The Sarbanes-Oxley Act of 2002 is a law the U.S. Congress passed on July 30 of that year to help protect investors from fraudulent financial reporting by corporations.
Also known as the SOX Act of 2002, it mandated strict reforms to existing securities regulations and imposed tough new penalties on lawbreakers.
The Sarbanes-Oxley Act of 2002 came in response to financial scandals in the early 2000s involving publicly traded companies such as Enron Corporation, Tyco International plc, and WorldCom.
The high-profile frauds shook investor confidence in the trustworthiness of corporate financial statements and led many to demand an overhaul of decades-old regulatory standards.
Expect Criminal Indictments of SVB Top Executives
Yesterday I commented Expect Criminal Indictments of SVB Top Executives, Here’s Why
The CEO, CFO, and CMO all have some serious explaining to do on insider sales.
This post originated at MishTalk.Com.
Correction
Joseph Gentile is the Chief Administrative Officer at SVB Securities, an investment firm. SVB Securities is a subsidiary of the former parent company of Silicon Valley Bank, which is financially independent from the collapsed bank.
I picked up this story from Fox News. It was repeated many times by people I respect.
I wish I had the editorial staff of a major news outlet, but I don’t. I did verify additional details on Wikipedia.
Fox News issued this correction: “Editor’s Note: The article that previously appeared here was factually inaccurate. We apologize for our errors“.
I believe that is insufficient as it did not even mention Gentile’s name. Instead, Fox removed the entire article with only that headline remaining.
That’s neither an apology nor a correction in my book.
We can do better. Apologies to Joseph Gentile.
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Mish
No eat black potato comrade! It make hallucinations!
Contagion or no?
Rather than bottling up
existing savings, the authorities should pursue every possible means for
promoting the orderly and continuous flow of monetary savings into real
investment (which increases the real rate of interest). I.e., the FED should gradually drive the banks out of the savings business (which contrary to the FED, doesn’t
reduce the size of the payment’s system).
I’m sure they could have seen what would happen many weeks ago.
The complete deregulation of interest rates
for the commercial banks, indeed sponsored by the most dominant economic
predator, the oligarch: the American Bankers Association, is vitiated on
largely false premises on which deregulation is based, viz., that deposits in
commercial banks constitute the “savings’ of the depositors, that these are “lent”
to the banks, and that the commercial banks are only a “medium” through which
this end is affected.