Former Silicon Valley Bank CEO blames Fed and social media for collapse.
TL;DR
Former CEO of Silicon Valley Bank, Gregory Becker, will testify before Congress that no bank could have survived the unprecedented deposit flight that led to the bank's closure by federal regulators. Becker will also defend SVB's top executives against charges of incompetence and his annual compensation of nearly $10 million. The bank suffered $142 billion in actual and requested withdrawals over two days, which is a multiple of the previous largest bank run in U.S. history. Becker links the bank's failure to government spending and Federal Reserve interest rate decisions.
Topics:businessfinance#bank-run#compensation#federal-regulators#finance#interest-rates#silicon-valley-bank
- Former Silicon Valley Bank CEO says no bank could have survived what it faced The Washington Post
- Former Silicon Valley Bank CEO: 'I am truly sorry' CNN
- SVB's Former CEO Says Fed, Social Media Contributed to Bank's Collapse Bloomberg
- Ex US bank bosses call collapse 'unprecedented' BBC
- San Francisco Fed Ties to S.V.B. Chief Attracts Scrutiny to Century-Old Setup The New York Times
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