For most of the past year, the bank’s managers left vacant the post of risk management officer.
Economists say the acute problem was thatheld an unusually high percentage of its $209 billion in assets in Treasury bonds and mortgage-backed securities. As the Federal Reserve raised interest rates rapidly in the past year to fight soaring inflation, the value of the long-term debt held byAs panicked investors withdrew money last week, the bank couldn’t easily sell its assets to cover its deposits.
“A lot of the managers were focused on a number of woke causes, including the risk manager in the United Kingdom who was involved in a number of social justice causes,” he said. “But the bottom line is, they apparently weren’t focused on actually managing the risk of the bank.
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