The Blubber

Per NYT

While Silicon Valley Bank collapsed, its CEO Greg Becker could still make $10 million in annual pay before that happened. This came as he was able to cash out millions in stock options just weeks before the collapse of the lender.

Recently, Becker had to appear before the Senate in a hearing to explain why the bank failed. Per the report, the former CEO blamed everyone but himself.

Here were some of the parties he blamed.

• Regulators
• The media
• The board of directors
• The bank's depositors

So far, the SVB CEO didn't discuss the collapse until the hearing., where he gave a statement saying that he was sorry and that he was working in a place where that he "truly loved."

When asked about his own mistakes, Becker failed to answer. And to this, Senator Sherrod Brown, Ohio Democrat, gave this statement.

Senator Brown: “It sounds a lot like ‘my dog ate my homework,’”

Regarding the $10 million he was able to cash out in 2022, Becker argued that the sale was preplanned and that he didn't act on any information that wasn't made public.

In March, around the time of SVB's collapse, it was reported that Becker was also on the board of directors of the Federal Reserve Bank of San Francisco. However, due to the collapse, he was then relieved of his position, according to the Fed.

Becker became a Class A director of the San Francisco Fed's head office board in 2019. As a Class A director, he shouldn't be involved in selecting the reserve bank's leadership, which the Class B and C directors appoint.

During that time, Bernie Sanders also commented on the collapse of SVB. He also highlighted its CEO, Becker, as being the director of the San Francisco Fed.

See flow at unusualwhales.com/flow.

Other News:

• The CEO of Silicon Valley Bank was on the board of directors of the Federal Reserve Bank of San Francisco
• Bernie Sanders comments on SVB collapse, shedding light on the CEO being the director of the San Francisco Fed

Resources:

The New York Times