Senators Grill Silicon Valley Bank CEO Over Accountability and Pay

Senators from both parties criticized former Silicon Valley Bank CEO Greg Becker at a Senate hearing for mismanagement that led to the bank's failure. Sen. John Kennedy accused Becker of making a "really stupid bet" by not hedging against the vulnerability of large holdings in Treasury and mortgage bonds, which caused a hole in the bank's balance sheet. Becker defended his management but apologized for the harm caused by the bank's failure. The Federal Reserve also criticized the bank's leadership for mismanagement and faulted its own lax oversight.