SVB Exec was CFO of Lehman Brothers before the 2008 collapse
Before joining Silicon Valley Bank (SVB) as Chief Administrative Officer (CAO) in 2007, Joseph Gentile served as Chief Financial Officer (CFO) at Lehman Brothers’ Global Investment Bank before the public collapse in 2008.
Gentile worked at Lehman as CFO, leading the accounting and financial needs of the Fixed Income division before he left in 2007 – just a year before it became one of the biggest banks to declare bankruptcy during the crisis. 2008 financial.
Since leaving Lehman, before the major collapse, he has held the position of CAO at SVB.
Having been founded in 1983, SVB, the technology-focused bank, collapsed last week when panicked customers suddenly withdrew tens of billions of dollars after the bank announced a loss of around 1, $8 billion from the sale of its investments in US Treasuries and mortgages. attached titles.
Ultimately, regulators shut down Silicon Valley Bank, and the Federal Deposit Insurance Corporation (FDIC) took control of the bank and said it would protect insured deposits.
On Sunday, the U.S. Treasury, Federal Reserve and FDIC announced that they would take “decisive action to protect the U.S. economy by bolstering public confidence in the (U.S.) banking system” by effectively making deposits above the $250,000 FDIC limit available on Monday.
At the time of the collapse in 2008, Lehman was the fourth-largest US investment bank, with $639 billion in assets and $619 billion in debt, according to case studies. At the end of 2022, SVB was the sixteenth largest bank by assets according to US Federal Reserve data.
Gentile’s connection to Lehman and SVB has sparked numerous takeovers on social media.
“Like I said Lehman 2.0 – when you have more than 10x++ leverage and sell assets at a loss, it’s a disaster,” said a Twitter account by the name of “Stratton Oak”. “Joseph Gentile was the general manager of (SVB). Prior to joining us in 2007, he served as Chief Financial Officer of the Global Investment Bank of Lehman Brothers.
Like I said, Lehman 2.0 – when you have more than 10x++ leverage and sell assets at a loss, it’s a disaster.
Joseph Gentile was the general manager of @SVB_Financial $SIVB
Prior to joining us in 2007, he was Chief Financial Officer of the Global Investment Bank of Lehman Brothers. https://t.co/Vu6tf2zFb0 pic.twitter.com/RFUwBL0rFU
— Straton Oak (@StratonOak) March 11, 2023
“It’s really unusual,” saidother twitter account called “unusual_whales” tweeted.
“Meet Joseph Gentile. He was chief administrative officer of Silicon Valley Bank,” the account said, before noting, “Prior to joining the company in 2007, he served as chief financial officer of Lehman Brothers’ Global Investment Bank.”
It’s really unusual.
Meet Joseph Gentile.
He was chief administrative officer of Silicon Valley Bank.
Prior to joining the company in 2007, he was Chief Financial Officer of the Global Investment Bank of Lehman Brothers.
It’s him: pic.twitter.com/KcVbJVlkkt
– unusual_whales (@unusual_whales) March 11, 2023
“What a coincidence,” said the “Wealth Saga” Twitter account.
“Meet Joseph Gentile. He was chief administrative officer of Silicon Valley Bank. Prior to joining the company in 2007, he served as Chief Financial Officer of the Global Investment Bank of Lehman Brothers,” the account added.
What a coincidence!
Meet Joseph Gentile.
He was chief administrative officer of Silicon Valley Bank.Prior to joining the company in 2007, he was Chief Financial Officer of the Global Investment Bank of Lehman Brothers. 🙂 pic.twitter.com/dmUFYTKDcX
— Wealth SaGa®️ (@wealthsaga1) March 12, 2023
Jacob Bliss is a reporter for Breitbart News. Write to him at jbliss@breitbart.com or follow him on Twitter @JacobMBliss.
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