Daniel Gilbert et al.: Silicon Valley Bank’s risk model flashed red. So its executives changed it. Focused on profits, leaders made decisions that foreshadowed the bank’s surprise failure

"'They thought they could never go wrong,' said a former bank official who spoke on the condition of anonymity to discuss internal business practices, recalling an internal stress test in late 2018 or 2019 that showed SVB could lose at least a third of its deposits over two years. Executives directed that that model also be reworked. 'If they see a model they don’t like,' the official said, 'they scrap it.'"

…

"A week before the bank failed, in its annual report to shareholders, #SVB praised its top executives for an area of achievement: managing risk.

Becker, the CEO, had displayed 'strong leadership of the continued evolution of risk management.' Beck, the CFO, was credited for 'promotion of a strong risk culture.'"

#SVB #GregBecker #DanBeck #siliconvalleybank
https://www.washingtonpost.com/business/2023/04/02/svb-collapse-risk-model

'How did this happen' — Powell says Fed stumped over the collapse of SVB - In a post-FOMC meeting on March 22, the chairman of the Federal R... - https://cointelegraph.com/news/how-did-this-happen-powell-says-fed-stumped-over-the-collapse-of-svb #federalopenmarketcommittee #federalreserveboard #siliconvalleybank #elizabethwarren #investigation #jeromepowell #michaelbarr #gregbecker

"The collapse of Silicon Valley Bank adds to the growing list of evidence we have that the model at the core of the tech industry is deeply flawed, while showing how wrong we ever were to place any faith in the depraved billionaires who lord over it."

#SVB #GregBecker

https://www.disconnect.blog/p/the-silicon-valley-bank-collapse

DOJ and SEC to probe SVB collapse and insider stock sales: Report - The investigations are separate from one another but will both lo... - https://cointelegraph.com/news/doj-and-sec-to-probe-svb-collapse-and-insider-stock-sales-report #departmentofjustice #siliconvalleybank #stocksales #danielbeck #gregbecker #executive #insider #sec #doj

Silicon Valley Bank CEO Greg Becker sold $3.6 million of company stock under a trading plan less than two weeks before the firm disclosed extensive losses that led to its failure

Original Thread: https://m.facebook.com/story.php?story_fbid=634382605165340&id=100057808170740&mibextid=uc01c0

#GregBecker
#LockharTVMedia
#SiliconValleyBank
#SignatureBank

"The probes, which are separate and in preliminary phases, include looking into stock sales that #SVB executives’ conducted ahead of the tech-focused bank’s collapse...

"#DanielBeck, CFO of SVB, sold 2,000 shares of SVB Financial on Feb. 27, the same day that CEO #GregBecker exercised options on 12,451 shares and sold them, regulatory filings showed. The sales were done under prescheduled insider trading arrangements called 10b5-1 plans."

https://www.cnbc.com/2023/03/14/sec-and-justice-department-silicon-valley-bank-investigation.html

Spot the difference: #FTX vs #svb

• #sbf used customer deposits at #ftx to buy low valued assets,
• customers withdrawals surged vs assets in reserve
• it filed for a bankruptcy.

• #sbf now awaiting trial for securities fraud

• #svb used customer deposits to buy low valued assets

• customers withdrawals surger vs assets in reserve

• svb bailed out

• nothing happens to #gregbecker

Am i to wonder its not a #crypto problem but a #regulation problem 🤔?

La pessima notizia in fondo al nuovo crac americano della Silicon Valley Bank https://altreconomia.it/la-pessima-notizia-in-fondo-al-nuovo-crac-americano-della-silicon-valley-bank/ #grandecrisifinanziaria #quantitativeeasing #SiliconValleyBank #lehmanbrother #GordonGekko #GregBecker #wallstreet #Opinioni #finanza #banche #lehman #ponzi #svb

But looks like FDIC's moves keeps these vultures away from a cheap deal.

RT @mookie : Oh reading between the lines, the #FDIC basically told potential vultures like Thiel and the CEO of #Twitter to go suck it - no swooping in to buy a bank for cheap. #SVB #GregBecker

https://trblcorp.com/@mookie/110013058306803713

Excuse my language, but there was a whole lot of fuckery that went on that led to the #SVB failure including lobbying pushed directly by #GregBecker.

https://theintercept.com/2023/03/11/silicon-valley-bank-used-former-mccarthy-staffers-to-weaken-regulations-lobby-fdic/

Oh reading between the lines, the #FDIC basically told potential vultures like Thiel and the CEO of #Twitter to go suck it - no swooping in to buy a bank for cheap. #SVB #GregBecker

Good: “Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”

Even better: “Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed.”

#SVB #GregBecker

https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm

Probably too soon, but putting it out there anyways. #SVB #GregBecker

Imma start using the hashtag #GregBecker when posting about #SVB. And will do so whenever their bad decisions cause irreparable harm to employees and/or society — these CEOs reap huge pay benefits, so when things go horribly sideways because of their decisions, they need to eat shit. They gotta earn their keep good news or bad.

#SVB #SiliconValley #ASSHOLE #gregbecker

US bank woes? Silicon Valley Bank stocks plunge 1 day after Silvergate downfall - Concerns have been raised around the financial health of the tech... - https://cointelegraph.com/news/us-bank-woes-silicon-valley-bank-stocks-plunge-1-day-after-silvergate-downfall #siliconvalleybank #silvergate #cryptobank #gregbecker #svbshares #techbank #banking #svbceo #bank #svb