GOP Senator humiliates Silicon Valley bank executive in video.

Senator John Kennedy Blasts Former Silicon Valley Bank CEO for “Stupid” Decisions

Background:

Former Silicon Valley Bank CEO Greg Becker faced a tough grilling from Senator John Kennedy (R., La.) during a Senate Banking Committee hearing on Tuesday. The bank failed in March, and Kennedy was determined to get to the bottom of why.

The Exchange:

Becker tried to shift the blame away from himself, citing “unprecedented events” and media coverage that sparked a bank run as the main factors in the bank’s demise. But Kennedy wasn’t having it. He pressed Becker on why the bank wasn’t hedged, and Becker claimed ignorance, saying the decision was up to a separate committee.

“You’re the CEO and … you had 55 percent of your assets in government bonds, and you didn’t know whether you were hedged or not?” Kennedy said.

Kennedy’s Reputation:

Senator Kennedy is known for his tough questioning style in committee hearings. In fact, his questions stumped President Joe Biden’s judicial nominees earlier this year.

The Verdict:

Kennedy didn’t hold back, calling Becker’s decisions “stupid” and accusing him of making a “bone-deep, down-to-the-marrow stupid” bet that ultimately cost taxpayers. Becker pointed to a series of events that led to the bank’s failure, but Kennedy wasn’t convinced.

Takeaway:

• Senator John Kennedy is not afraid to ask the tough questions.
• Former Silicon Valley Bank CEO Greg Becker faced a harsh grilling during a Senate Banking Committee hearing.
• The bank’s failure in March was attributed to a series of events and media coverage that sparked a bank run.
• Becker claimed ignorance when pressed on why the bank wasn’t hedged.
• Senator Kennedy accused Becker of making a “stupid” bet that cost taxpayers.

Overall, the exchange between Senator Kennedy and former CEO Becker was intense and revealing. It’s clear that Kennedy is not afraid to hold people accountable for their actions, and Becker’s responses left much to be desired. It remains to be seen what the fallout from this hearing will be, but one thing is for sure: Kennedy will continue to ask the tough questions.