Silicon Valley Bank had no official chief risk officer ahead of collapse but employed DEI executive

Silicon Valley Bank (SVB) did not have a chief risk officer for the last eight months of 2022 as it barreled toward collapse – even as it employed a chief diversity officer over the same period.

SVB Chief Risk Officer Laura Izurieta entered into an agreement with the bank to shift into a non-executive role in late April 2022 as she transitioned out of the company, according to Forbes. READ MORE

March Madness will cost employers $17B this year as workers slack off

The cost of lost worker productivity for employers due to March Madness will reach an eye-popping amount this year, Challenger, Gray & Christmas estimated.

In the report released Tuesday, the global outplacement firm estimated that employers will see $17.3 billion in costs from lost productivity from workers distracted by college hoops. The figure accounts for employees doing things like brackets and watching games on the clock amid the more than two weeks’ worth of workdays in which the NCAA tournament coincides, according to Challenger, Gray & Christmas. READ MORE

'Mr. Wonderful' torches 'idiot' bankers, says feds' SVB response 'nationalized the banking system'

Canadian-American investor Kevin O'Leary called out the "idiot bank managers" who led Silicon Valley Bank to its demise, further adding that the federal government's response to the collapse unwisely "nationalized" the banking system.

O'Leary, well-known by his "Mr. Wonderful" nickname coined on "Shark Tank" by fellow investor Barbara Corcoran, told "Hannity" that he however doesn't like playing politics, especially in terms of finance. READ MORE

US fighting a remote work ‘tug of war’ as employees look for ‘compromise,’ expert says

With more than 40 million U.S. workers expecting to do their jobs fully remote by 2025, one labor expert warned that a "tug of war" between businesses and employees to make the transition could add extra stress to the market.

"We've got this kind of interesting tug of war that's happening right now between workers and the employers," RedBalloon CEO Andrew Crapuchettes said on "Varney & Co." Friday, "because the employers want people in the office, and workers, we learned through the pandemic that, hey, you can be productive for a little bit when you work at home." READ MORE

Home Depot founder schools Fed, Biden over the 'tragedy' that comes with inflation

Billionaire investor, philanthropist and business leader Ken Langone called out the Federal Reserve under President Biden for not acting on raging inflation that’s hurting average Americans most.

"Let me say this to you about Joe Biden, in my opinion, and I'm going to be very, very direct: he thinks he's the smartest guy in the room," Langone said on "Mornings with Maria" Wednesday. "If that's the case, we're really in trouble, because the American people are a lot smarter than that." READ MORE

A Do-Nothing Day Makes Life Better

“A few years ago, my wife, Angie, and I made a pact,” Jason Heller writes in The Atlantic. “Every Sunday, we swore to each other, we will abstain from work. And we kept our promise: On the second day of each weekend, we start our morning and end our night by bingeing TV in bed. In the middle of the day, we binge TV on the couch, taking breaks exclusively to nap or read.” The anxiety of looming to-do lists sometimes creeps in, but “we fight to stay still,” he writes. READ MORE

US labor market stays resilient; Q4 labor costs revised higher

The number of Americans filing new claims for unemployment benefits fell again last week, pointing to sustained labor market strength and adding to financial market fears that the Federal Reserve could keep hiking interest rates for longer.

Those worries were further heightened by another report from the Labor Department on Thursday showing labor costs grew much faster than previously estimated in the fourth quarter. The labor market remains tight despite rising risks of a recession, contributing to keeping inflation elevated via solid wage gains. READ MORE

America's low labor participation rate 'a social and economic disaster,' experts warn

By now it's common knowledge that the U.S. saw an unprecedented drop in labor participation at the onset of the COVID-19 pandemic in 2020 as health concerns, lockdowns and stimulus payments caused tens of millions to abandon or forfeit their jobs.

But three years later, millions still haven't returned – including many who quit in the middle of their prime working years – and some economists are sounding the alarm that so many capable, would-be earners remain out of the workforce. READ MORE

Big Tech's latest shady bid aims to squash its smaller rivals

Big Tech lawyers are riding high. A Delaware judge recently delivered a lengthy memo trampling the American justice system and supporting Big Tech’s longstanding efforts to crush smaller entrepreneurs. 

Chief Judge Colm Connolly of the U.S. District Court of Delaware bit hook, line, and sinker on an absurd argument that the biggest and richest technology companies have been peddling for decades.  READ MORE