JUST IN: Top executives at Silicon Valley Bank sold stock totaling several million dollars less than two weeks before the company became the largest bank failure since the 2008 financial crisis, according to federal disclosures obtained by ABC News.
March 17, 2023, 9:27 PMGreg Becker, President and CEO of Silicon Valley Bank , speaks during the Milken Institute Global Conference in Beverly Hills, Calif., May 3, 2022.Less than two weeks before Silicon Valley Bank became the
Becker wasn't the only member of SVB's top brass to sell company common stocks. In a separate FEC disclosure, also filed March 1, SVB Chief Financial Officer Daniel Beck sold $575,180 in company common stocks on Feb. 27.probing the collapseThe probes, which are separate, are in the preliminary stages and it is not clear whether any wrongdoing has been committed.
One day after Becker's reported remarks, SVB announced a $1.8 billion loss on the sale of securities, including Treasury and mortgage bonds which had lost significant value over the previous year due to an aggressive series of interest rate hikes at the Federal Reserve. The bank laid out plans to raise more than $2 billion in an effort to shore up its balance sheet.
Under the subsection for "Legal, Compliance and Regulatory Risks," SVB said the same regulations now deemed to have been not strong enough were so cumbersome that they could risk business at the company.
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Analysis: For Goldman Sachs, SVB's botched stock sale had a silver liningAs SVB Financial Group wrestled with a capital shortfall and the prospect of a downgrade to its credit rating last week, it went to Goldman Sachs Group Inc and worked out an unusual two-part plan, according to people familiar with the discussions.
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SVB collapse: First Republic Bank stock crashes.FirstRepublic Bank is hemorrhaging value for another day, with its stock falling nearly 35% shortly after open today. In the past five days, First Republic has seen 71% of its total value evaporate.
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