Axos Bank CEO Greg Garrabrants Explains the Recent Banking Crisis (EP.246)

Panic with Friends - Howard Lindzon

The past week and a half was pretty tough – everyone on Twitter went from Ukraine war expert to Bank run expert after the Silicon Valley Bank debacle. There were even rumors of bank CEOs flying in to visit old man Warren Buffet in Omaha over the weekend before last. I’m no expert, and I honestly have know 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. You saw what fear looked like, and the potential for panic to spread because of politics. Hopefully this episode helps calm some people. We’re not recommending anything, only that you understand your banking products. It is your money – you have to understand how sweep works, how FDIC insurance works, and you need to understand the balance sheet of your bank.

Guest - Gregory Garrabrants, President & CEO at Axos Bank & Axos Financial

howardlindzon.com, axosbank.com

Twitter: @howardlindzon, @AxosBank, @PanicwFriends, @knutjensen

linkedin.com/in/gregorygarrabrants

#fintech #invest #investment #venturecapital #stockmarket #finance

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)