The collapse of Silicon Valley Bank is the second largest bank failure in U.S. history. SVB was taken over by the FDIC last Friday after depositors, fearing the bank would soon be unable to pay its debts, began withdrawing their money at an alarming rate. Smith experts Cliff Rossi and Bill Longbrake recently spoke with Progyan Basu, clinical professor of Accounting and Information Assurance, about the impact of this failure on the banking industry and the economy as a whole.
In addition to being Executives-in-Residence at the Robert H. Smith School of Business, both Rossi and Longbrake have decades of experience in the finance industry. Prior to entering academia, Rossi had nearly 25 years of experience in banking and government. He held senior executive roles in risk management at several of the largest financial services companies, including Citigroup’s Consumer Lending Group, Washington Mutual, Countrywide Bank, Freddie Mac and Fannie Mae. Longbrake was CFO for Washington Mutual and served in senior positions at the Comptroller of the Currency and the FDIC. He is currently the director of City First Bank of DC and director of Boeing Employees Credit Union.
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