Greg Becker sold $3.6 million in company stock just days before the bank’s collapse. Pressure from federal lawmakers is mounting to give it back.
Becker is now coming under scrutiny, including from a personal acquaintance, Democratic California Rep. Ro Khanna, who said Sunday that Becker should give that money back.
Khanna did not indicate “nefarious” activity on Becker’s part and said people should not “jump to conclusions.” But the money gotten from the stock sale should be given to customers who hold deposits with Silicon Valley Bank, he contended. But that coverage does not apply to the more than 90 percent of the bank’s customers — including titans of the technology industry — who have deposits above that limit.The burning question for many now is whether an outside company will buy Silicon Valley Bank and make customers whole, or whether the U.S. government will step in and insure customer deposits above $250,000.
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