March 12, 2023 12:20pm
Greg Becker, the CEO of SVB Financial Group, sent a video message to the bank's employees, acknowledging the bank's 'incredibly difficult' last 48 hours.
While the FDIC has taken control of the lender, Becker said he is working with banking regulators to find a partner for the bank, but there is 'no guarantee' a deal will be struck.
Becker wore a black zip-up jacket with a logo from Gleneagles, a luxury golf resort in Scotland, and spoke from a room framed by dark cabinets.
Yet ...Feds say there will be NO bailout for SVB despite fears of market meltdown as Biden holds crisis talks and it's revealed bonuses were paid to staff just HOURS before bank collapsed and CEO and CFO sold shares
Just days before the collapse, executives sold millions of dollars of stock: Gregory Becker, CEO sold 11%, Michael Zucker, General Counsel - 19%, Daniel Beck, CFO - 32%, Michelle Draper, CMO - 25%.<from Dennis D. Jamiolkowski)
A head of risk management at Silicon Valley Bank spent considerable time spearheading multiple “woke” LGBTQ+ programs, including a “safe space” for coming out stories, as the firm catapulted toward collapse.
Jay Ersapah, the boss of Financial Risk Management at SVB’s UK branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth.
Over 95% of SVB's deposits are NOT insured by the FDIC (due to being over the $250,000 limit). That is over $160 billion in uninsured customer deposits. This is awful for early-stage companies that were simply just looking for somewhere to hold their cash for operations. <Eddie Donmez>
Their Chief Administrative Officer (of their I-Banking unit) was the CFO of Lehman Brothers' when it collapsed. They also went months without a Chief Risk Officer.
SVB’s CEO was on the San Francisco Federal Reserve’s Board, he’s not anymore for pretty obvious reasons.
Henry McCusker, RegMed Investors - a depositor
P.S. -- ever watch the movie "Margin Call"?