During a hearing on bank failures by the US Senate Banking Committee, Louisiana Senator John Kennedy grilled former Silicon Valley Bank CEO Greg Becker on his investment choices while in charge
California banking regulators shut down Silicon Valley Bank on March 10 after depositors withdrew $42 billion in 24 hours, sparking a rout in bank shares globally and investor fears of contagion spreading to other banks.
"I believe it was a series of unprecedented events that all came together in the fastest bank run in history," Becker told the Senate Banking Committee. "There is a simple answer, the same answer we find for most big bank failures -- because the executives were getting rich."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silicon Valley Bank’s former CEO says Fed, social media contributed to bank’s collapseThe fastest pace of rate hikes by the Federal Reserve in decades combined with negative social media sentiment contributed to the failure of SVB Financial Group’s Silicon Valley Bank, said Greg Bec…
Read more »
Former Silicon Valley Bank CEO says no bank could have survived what it facedThe former chief executive of the failed Silicon Valley Bank plans to tell Congress that no bank could have survived its unprecedented deposit flight, which led to its closure by federal regulators and raised questions about the U.S. financial system.
Read more »
Former Silicon Valley Bank CEO says rate hikes, withdrawals sank firmGreg Becker, former CEO of failed lender Silicon Valley Bank, apologized in congressional testimony for its 'devastating' collapse while citing rising interest rates and mounting withdrawal requests as key causes of its demise.
Read more »
Former Silicon Valley Bank CEO: 'I am truly sorry' | CNN BusinessThe former chief executive of Silicon Valley Bank plans to apologize before a Senate committee Tuesday, writing in prepared testimony that he believes no bank could have survived the run that gutted SVB in early March.
Read more »
Ex-CEO of Silicon Valley Bank says no bank could have survived a run 'of that velocity and magnitude'The former chief executive of Silicon Valley Bank plans to tell lawmakers Tuesday he did the best he could under the circumstances, and will apologize for...
Read more »
Ex-SVB CEO Greg Becker blames rate hikes, social media for bank’s collapse“The takeover of SVB has been personally and professionally devastating, and I am truly sorry for how this has impacted SVB’s employees, clients and shareholders,” he said in prepared t…
Read more »