Stock market news today: SVB, Dow and S&P 500 updates
US stocks tumbled as investors fear the banking sector may have yet more problems to overcome. Credit Suisse's shares fell sharply after the Saudi National Bank said it would not invest any more in the troubled Swiss bank.
During a conversation with Erin Burnett on CNN’s Erin Burnett Outfront Tuesday, Blankfein reacted to a quote from Florida Governor Ron DeSantis and a Wall Street Journal op-ed by Andy Kessler.
DeSantis blamed the bank’s collapse on its concern with “DEI [diversity, equity and inclusion] and politics.”
Kessler, meanwhile, wrote, "In its proxy statement, SVB notes that besides 91% of their board being independent and 45% women, they also have “1 Black,” “1 LGBTQ+” and “2 Veterans.” I’m not saying 12 white men would have avoided this mess, but the company may have been distracted by diversity demands.”
Instead of addressing the quotes head-on, Blankfein said that in retrospect, signs of the bank’s collapse were missed.