Is private sector auditing of large financial institutions fit for purpose?
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Digital bank runs are a new threat to financial stability.
The cause of banking crises since the debacle in the 1980s remains unchanged. Incentives encourage executives to take excessive risks, with few consequences if bets turn bad. It’s happening again.
The failure of Silicon Valley Bank has raised questions about some of the consequences when the government steps in to protect the depositors of troubled banks.



