News

It’s OK to be boring, especially when your job is to protect people’s money. Bragging that you have the “coolest banking job in the entire world” (Top Line, FT Weekend, March 18) as Greg Becker, boss of the now collapsed Silicon Valley Bank, did should be taken as a red flag. “Cool” and fiduciary duty are not easy bedfellows. Bankers are not Disney princesses and movie stars. “Cool” does not factor into it.

In the now infamous Sequoia Capital article about FTX’s Sam Bankman-Fried, “cool” behaviours such as playing video games during investor meetings were taken as signs of genius.

However, it should be basic common sense that one should not give billions of dollars to a young man and his frat house friends because they talk nice, went to good schools, and are fun to hang out with.

So please, do the due diligence, fill in the compliance reports, ask the tough questions, and leave being cool to TikTok creators.

Rumbie Mugadza
Brussels, Belgium