Confessions of a Former SVB Executive
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Confessions of a Former SVB Executive
The firm was making bigger bets than it would ever be good for and nobody in the executive office seemed to understand or care. To criticize the firm’s direction was to be branded a traitor and tossed out the door.
Andrew Ross Sorkin • Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves
The market took Whitney's skeptical argument and ran with it. On the first day of trading after her report, Citigroup's shares tanked. Four days later, Citigroup Chief Executive Officer Charles Prince resigned. In January, Citigroup slashed its dividend and set out to raise more capital.
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