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Silicon Valley Bank employees received
bonuses hours before government takeover

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Posted By: Harlowe, 3/11/2023 10:08:15 PM

Silicon Valley Bank employees received their annual bonuses Friday just hours before regulators seized the failing bank, according to people with knowledge of the payments. The Santa Clara, California-based bank has historically paid employee bonuses on the second Friday of March, said the people, who declined to be identified speaking about the awards. The payments were for work done in 2022 and had been in process days before the bank's collapse, the sources said.

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Reply 1 - Posted by: Harlowe 3/11/2023 10:08:45 PM (No. 1422983)
While understandable that SVB employees be paid an annual bonus for work done in 2022, it has been reported that SVB CEO and President Greg Becker sold over 12,000 shares on February 26, 2023; CFO David Beck sold $575,180 in stocks the same day; Chief Marketing Officer Michelle Draper, in earlier months, sold shares of the bank’s parent company, SVB Financial Group. Company “executives have been steadily selling stocks since May 2021” according to filings. . (CNBCTV18.com article, “Silicon Valley Bank top bosses sold $4.5 million worth of shares before the collapse” – 3-11-23) Articles being posted to this website suggest apprehension about a run on banks and impact on this country’s economy.
8 people like this.

Reply 2 - Posted by: DVC 3/12/2023 12:21:07 AM (No. 1423007)
I want to know how much "green energy" and "climate saving" investing and loaning was going on at this bank. Those sorts of "investments" are disastrous and frequently involve sketchy, failing companies which take their loans to their graves....and leave the idiots who loaned them money "holding the bag". My bet is that being in California...especially in Silicon Valley, that sort of pathetically unlikely to succeed company was probably highly sought after to loan money to. Just watch, they'll try to cover this "woke investing" up, too.
9 people like this.

Reply 3 - Posted by: watashiyo 3/12/2023 4:15:16 AM (No. 1423037)
Customers are always the victim. SEC should investigate and indict all the officers.
10 people like this.

Reply 4 - Posted by: mifla 3/12/2023 6:07:53 AM (No. 1423054)
Reminds me of all those millions Obama loaned to the green energy companies that eventually went bankrupt.
15 people like this.

Reply 5 - Posted by: judy 3/12/2023 6:25:11 AM (No. 1423061)
The bank is closed, they won't receive a bonus next year!
3 people like this.

Reply 6 - Posted by: judy 3/12/2023 6:27:15 AM (No. 1423063)
Obama did auto bail outs, shovel ready jobs & cash for clunkers, Biden will bail out the banks, Trump did No bail outs!
5 people like this.

Reply 7 - Posted by: Rumblehog 3/12/2023 7:23:41 AM (No. 1423077)
Bonuses for WHAT?! These are crime syndicate actions, not those of a legitimate banking business
7 people like this.

Reply 8 - Posted by: Venturer 3/12/2023 9:06:48 AM (No. 1423124)
It appears obvious that the banks executives saw this coming. What did they do to try to prevent it? It appears that instead of trying to straighten out the problem they bailed out. Of course we have to remember that White Collar thieves seldom get prison time.
6 people like this.

Reply 9 - Posted by: Safari Man 3/12/2023 10:59:25 AM (No. 1423225)
Where’s my money? Sorry, we just gave it to Fred and Mary
0 people like this.

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