🚨 Crypto bank Silvergate underwent a risky transformation without the warning of US Federal Reserve (FED) auditors! 🏦🔍
- FED OIG report shows that auditors did not raise alarm during Silvergate Bank's transformation into a crypto bank.
- Given the unlimited growth of the bank, regulators needed to take more decisive and proactive actions.
- Silvergate's problems include "inefficient" senior management and family relations. 😬
- "The bank's corporate governance and risk management capabilities have not kept pace with rapid growth and complex, changing risk." 💼📉
- FED OIG report shows that auditors did not raise alarm during Silvergate Bank's transformation into a crypto bank.
- Given the unlimited growth of the bank, regulators needed to take more decisive and proactive actions.
- Silvergate's problems include "inefficient" senior management and family relations. 😬
- "The bank's corporate governance and risk management capabilities have not kept pace with rapid growth and complex, changing risk." 💼📉