Brazilian Billionaire Says ‘Any Intern’ Would Have Seen SVB Risk

People were caught off guard when rates suddenly spiked and didn’t have the real life experience on how to manage those risks, he said. “It means the plane is flying but the pilot is not necessarily driving it,” he said of the Fed. Still, he was clear to differentiate between the current moment and the global financial crisis in 2008 and 2009. “The other day a regulator asked me why Credit Suisse went bankrupt and I said ‘first slowly then suddenly,’” he said. Most Read from Bloomberg Businessweek©2023 Bloomberg L.P.