Panic with Friends - Axos Bank CEO Greg Garrabrants Explains the Recent Banking Crisis

Panic with Friends – Investing for Profit and Joy

While we were busy deciding if TikTok should be banned and if Facebook was as bad as smoking, some bankers decided once again to cause a real crisis. Last weekend rumors were flying that bank CEOs were visiting old man Warren Buffet in Omaha. I’m no expert, and I honestly have no idea how all this plays out in the very short term, so I had my friend and longtime Regional Bank CEO Greg Garrabrants of Axos Bank ($18.4 billion in assets) come on ‘Panic’ to talk about it all. Who better to talk about it than a CEO who survived without taking TARP money way back in the ole ‘great financial crisis’?

We all just learned a big lesson and thankfully, the government quickly backstopped deposits. We saw what fear looked like in a bank run, and the potential for panic to spread. Hopefully this episode helps calm some people and explain the deposit options that people have.

Please do hit me up if you want to be connected with Axos Bank for their 'sweep' deposit insurance banking product.

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For more details on today’s conversation read on below…

Guest: Greg Garrabrants

Profile: CEO Axos Bank

Where to Find Him: LinkedIn

What is Greg Panicked About? Our ability to take advantage of all the market opportunities that are arising as a result of all this recent dislocation.

Show Notes:

• Introduction. (00:42)

• Welcome Greg (03:27)

• What the FED should monitor (05:01)

• Insured/Uninsured deposits (06:16)

• Extraordinary growth of SVB (08:05)

• SVBs fatal decision (08:30

• Focus on the wrong risk (13:07)

• SVBs ecosystem (16:04)

• Several early warnings (23:59)

• Flashback to 2007 (27:20)

• Opportunity in Fintech (30:22)

• Thoughts on crypto (32:06)

• Countercyclical business (35:31)

• Where is the industry going? (39:52)

• Opportunity in Wealthtech (44:15)

• Best time to buy a house? (49:43)

• Closing thoughts. (50:44)

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© Panic with Friends, 2023. All rights reserved.

Host: Howard Lindzon | Producer: Knut Jensen | Researcher: Pete Weishaupt Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, or an offer to buy or sell any security. For full disclosures: https://howardlindzon.com/c/disclaimer/