First Republic’s former CEO Mike Roffler testified Wednesday his bank became the second-largest failed lender in American history for factors other than its “herculean” leadership team.
The former chief of First Republic, which became the second-largest bank to fail in American history earlier this month, pointed fingers in every direction but his own for what caused his institution to unravel, leading to a strongly-worded takedown from one Democratic lawmaker.
Roffler also pointed fingers at social media and media outlets’ alleged role in accelerating billions of dollars in deposit flight as well as “technological advancements” that have enabled customers to digitally withdraw cash. Rep. Brad Sherman didn’t buy Roffler’s defense, commenting shortly after that it was one of the “three worst-run banks in America” knocked out by little more than a “modest rainstorm.”
“We shouldn’t be blaming the depositors, they didn’t take money out of solvent banks,” Sherman continued, attributing the failures to “recklessness and greed.”
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