Experts categorically blamed executive mismanagement during Thursday hearing for a recent spate of bank failures that may be hastening the economy toward a recession later this year. At Senate Banking Committee hearing Thursday, Banking and regulatory experts from the University of Richmond School of Law, Catholic University and the U.S. Chamber of Commerce business lobbying group all said bad management were the primary causes of the failures. “Those three banks had very unique business models,” Chamber of Commerce vice president Thomas Quaadman testified on Thursday. “Silicon Valley Bank concentrated on capital intensive tech startups as well as biomedical startups. First Republi
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