UPDATE 2-Senator Warren blames First Republic executives of "mismanagement"

(Changes sourcing) May 4 (Reuters) - U.S. Senator Elizabeth Warren has accused First Republic Bank executives of "mismanagement" in a letter to its former CEO Micahel Roffler and raised questions on the failed lender's risk management as well as pay and bonuses.

"You owe your customers and the public an explanation for the decisions that resulted in the costly failure of your bank," the Democrat wrote in the letter dated Wednesday, which was made public by her office.

Regulators seized troubled First Republic Bank and JPMorgan Chase agreed to buy majority of its assets earlier this week, marking the largest U.S. bank failure since the 2008 financial crisis. "The primary cause of the collapse...appears to be complacency, incompetency, and mismanagement by you and other bank executives," Warren said. Roffler has been asked to submit responses by May 17. He could not be reached for comment on Thursday. The contents of the letter were first reported by the Wall Street Journal.
(Reporting by Niket Nishant in Bengaluru; Additional reporting by Jaiveer Singh Shekhawat; Editing by Shounak Dasgupta and Arun Koyyur)

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

UPDATE 2-Senator Warren blames First Republic executives of "mismanagement"

By Reuters

Reuters

Reuters

Gold may consolidate after surge to $3,000, but prices will likely rise higher – Saxo Bank

Why gold revaluation charts put prices at $25,000-$55,000 if history rhymes, silver poised for breakout: Crescat Capital Strategist

Gold’s safe-haven bid strengthens amid recession fears, global silver coin sales collapse – Heraeus

Gold has room to run but could pull back if a recession hits - Capitallight’s Schieven

'Unseen' forces moving a lot of gold back to the U.S.? What's really happening – Josh Phair

off-the-wire

UPDATE 2-Senator Warren blames First Republic executives of &quot;mismanagement&quot;

By Reuters

Reuters

Reuters

UPDATE 2-Senator Warren blames First Republic executives of "mismanagement"