Silicon Valley Financial institution, which catered to the tech trade for 3 many years, collapsed on March 10, 2023, leaving depositors scrambling for his or her cash. Amid the monetary chaos triggered by the financial institution’s collapse, the corporate’s ex-CEO was noticed in Hawaii, reported New York Post. As per the report, Greg Becker and his spouse Marilyn Bautista have escaped to their Maui townhouse price $3.1 million.
The couple reportedly loved a chauffeur-driven limo trip to San Francisco Airport on Monday and first-class tickets to Hawaii. The ex-CEO was additionally photographed sporting shorts and flip-flops whereas on a stroll by Lahaina.
Mr. Becker is at present dealing with scrutiny after he bought $3,578,652.31 in frequent inventory two weeks earlier than SVB was shut down by federal regulators.
Notably, he joined the Silicon Valley Financial institution three many years in the past in 1993 as a mortgage officer. In line with SVB’s website, Mr Becker led the growth of the corporate to incorporate 4 main companies serving the innovation sector: international business banking, enterprise capital and credit score investing, personal banking and wealth administration, and funding banking.
Silicon Valley Financial institution, established in 1983, was the sixteenth largest financial institution in America. Earlier than collapsing, it used to offer providers to just about half of the venture-backed expertise firms within the US.
On March 10, US regulators shuttered Silicon Valley Financial institution (SVB) and took management of its deposits, in what quantities to the largest retail banking failure because the international monetary disaster. After the financial institution’s closure, almost $175 billion of customer deposits at the moment are beneath the management of the Federal Deposit Insurance coverage Company (FDIC). The FDIC has created a brand new financial institution, the Nationwide Financial institution of Santa Clara, which can now maintain all of the belongings of Silicon Valley Financial institution.
The transfer got here after a dramatic 48 hours that noticed the high-tech lender’s share worth plummet amid a run on deposits by involved prospects.