{"id":1874827,"date":"2023-03-11T20:57:56","date_gmt":"2023-03-12T01:57:56","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/silicon-valley-bank-collapse-ceo-cashed-out-millions-while-employees-got-bonuses\/"},"modified":"2023-03-12T12:10:28","modified_gmt":"2023-03-12T16:10:28","slug":"silicon-valley-bank-collapse-ceo-cashed-out-millions-while-employees-got-bonuses","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/silicon-valley-bank-collapse-ceo-cashed-out-millions-while-employees-got-bonuses\/","title":{"rendered":"Silicon Valley Bank collapse: CEO cashed out millions while employees got bonuses"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsilicon-valley-bank-collapse-ceo-cashed-out-millions-while-employees-got-bonuses%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1874827&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>\u00a0<\/p>\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<div id=\"Brid_78399405\" class=\"brid\" style=\"width: 16; height: 9;\"><\/div>\n<p><script type=\"text\/javascript\"> var _bp=_bp||[]; _bp.push({ \"div\": \"Brid_78399405\", \"obj\": {\"id\":\"27789\",\"width\":\"16\",\"height\":\"9\",\"video\":\"1259651\"} }); <\/script> <script type=\"text\/javascript\" async src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/p>\n<\/div>\n<\/div>\n<p><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/silicon-valley-bank-failing\" target=\"_blank\" rel=\"noopener\">Silicon Valley Bank<\/a> <span class=\"ArticlePage-articleBody-firstLetter\">C<\/span>EO Greg Becker cashed out stock options and options during the weeks leading to <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/silicon-valley-bank-fails\" target=\"_blank\" rel=\"noopener\">Friday&#8217;s crash<\/a>According to public filings, this netted him a profit of $2.27million.<\/p>\n<p>California closed down SVB Friday, two days after its 16th largest federally-insured bank, announced that it needed more than $2.2B to remain solvent. This sent the stock price of SVB plummeting over 60% in just 48 hours. The <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/fdic\" target=\"_blank\" rel=\"noopener\">Federal Deposit Insurance Corporation<\/a> The bank was placed in receivership and is now being called the worst U.S. bank collapse since the Great Recession of 2007-2009.<\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/silicon-valley-bank-fails\" target=\"_blank\" rel=\"noopener\">SILICON VALLEY BANK BANK DISMANTLED BY REGULATORS DUE TO THE MOST IMPORTANT FAILURES EVER SINCE 2008 CRISIS<\/a><\/b><\/p>\n<p>According to Securities and Exchange Commission filings Becker exercised stock options and sold them immediately on February 27 under a prearranged executive stock sales plan. As part of the plan, he had already filed sales on Jan. 26. He also sold stock for $1.1 million on Jan. 31, though the SEC filing for the sale stated that it was done to pay a tax liability.<\/p>\n<p>The news of Becker&#8217;s recent profits is coming amid multiple reports that the bank which serves mostly technology workers and venture capital-backed businesses, paid bonuses to employees only hours before Friday\u2019s FDIC takeover. Multiple sources <a class=\"Link\" href=\"https:\/\/www.axios.com\/2023\/03\/11\/silicon-valley-bank-paid-bonuses-fdic\" target=\"_blank\" rel=\"noopener\">Telled<\/a> <i>Axios<\/i> For work in 2022, the bonuses were previously set to be disbursed Friday. The payment of bonuses for employees who work abroad was scheduled for this month but has yet to occur.<\/p>\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<figure class=\"Figure mb-1 mb-sm-3 mb-md-1 article-lead-photo data_invisible\" data-align=\"center\" data-image-size=\"fixed\">\n<div class=\"Figure-container\">\n<div class=\"Figure-container\">\n<picture><source type=\"image\/webp\" media=\"(max-width: 768px)\" data-image-size=\"1060x600_md\" \/><source media=\"(max-width: 768px)\" data-image-size=\"1060x600_md\" \/><source type=\"image\/webp\" media=\"(max-width: 1440px)\" data-image-size=\"1060x600_xl\" \/><source media=\"(max-width: 1440px)\" data-image-size=\"1060x600_xl\" \/><source type=\"image\/webp\" data-image-size=\"1060x600\" \/><source data-image-size=\"1060x600\" \/><\/picture>\n<\/div>\n<\/div><figcaption class=\"Figure-caption\">After leaving Silicon Valley Bank Santa Clara, Calif. on Friday March 10, 2023, a Brinks worker walks towards a truck.<\/figcaption><div class=\"Figure-container\">\n<div class=\"Figure-credit\">Jeff Chiu\/AP<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<\/div>\n<p>SVB reached financial stardom in the COVID-19 crisis because of major cash deposits by booming firms that increased its deposits from $60 Billion in the first quarter 2020 to over $200 Billion in December 2022. <i>Wall Street Journal<\/i> <a class=\"Link\" href=\"https:\/\/www.wsj.com\/articles\/silicon-valley-bank-svb-financial-what-is-happening-299e9b65\" target=\"_blank\" rel=\"noopener\">reported<\/a>. Its securities portfolio grew from $27 billion in the 2020 first quarter to $127 billion by 2021&#8217;s end.<\/p>\n<p>The fact that most of SVB&#8217;s assets were seemingly secure \u2014 they were mainly longer-term government bonds \u2014 led many investors to feel the bank was secure. T<\/p>\n<\/div>\n<p>\u00a0<\/p>\n<hr \/>\n<p>&#8220;Read more from <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/svb-ceo-stock-sales-employee-bonuses\">Silicon Valley Bank Bank Collapse: CEO Cashed Out Millions, Employees Received Bonuses<\/a>&#8221;<\/p>\n<hr \/>\n<p><span style=\"font-size: 11px;\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Silicon Valley Bank CEO Greg Becker cashed out stock options and options during the weeks leading to Friday&#8217;s crashAccording to public filings, this netted him a profit of $2.27million. California closed down SVB Friday, two days after its 16th largest federally-insured bank, announced that it needed more than $2.2B to remain solvent. This sent &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1896976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Silicon Valley Bank collapse: CEO cashed out millions while employees got bonuses","footnotes":""},"categories":[538],"tags":[5373,18284,20072,3850,7385,5183,4961,8107,8109],"class_list":["post-1874827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-bank","tag-bonuses","tag-cashed","tag-ceo","tag-collapse","tag-employees","tag-millions","tag-silicon","tag-valley"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Silicon Valley Bank collapse: CEO cashed out millions while employees got bonuses","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1874827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1874827"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1874827\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1896976"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1874827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1874827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1874827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}