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Greg Becker

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finance2 years ago

Senate Hearings Expose Banking Industry Accountability and Regulation Issues

Senator Elizabeth Warren is calling for an insider-trading investigation into former Silicon Valley Bank CEO Greg Becker following a Senate Banking Committee hearing. Becker was asked by several senators if he was aware Silicon Valley Bank was in trouble when he sold stock in the weeks before the collapse. Warren and a bipartisan cadre of senators have introduced a bill that would require federal regulators to claw back all or part of the compensation received by bank executives if a bank fails in the five-year period preceding the failure. Warren also calls for increased bank oversight and regulation and for Congress to unwind a Trump-era 2018 law that loosened capital requirements for banks in size of $100 billion to $250 billion.

via Yahoo Finance|
#banking-regulation#compensation-clawback#elizabeth-warren
finance2 years ago

Examining the Controversial Legacy of SVB's Former CEO Greg Becker.

The collapse of Silicon Valley Bank has brought attention to the relationship between the Federal Reserve Bank of San Francisco and the bank's former CEO, Greg Becker, who sat on the San Francisco Fed's board of directors. Critics are questioning whether the way the Fed has been organized for over a century makes sense today. The Fed's 12 reserve banks each have a nine-person board of directors, three of whom come from the banking industry. The boards have no say in bank supervision and serve mainly as advisers for the Fed bank's leadership.

via The New York Times|
#bank-supervision#board-of-directors#federal-reserve
business2 years ago

Former Silicon Valley Bank CEO Becker Retreats to Hawaiian Hideaway

Former CEO of Silicon Valley Bank, Greg Becker, who was at the helm of the financial institution when it collapsed, was spotted in Hawaii with his wife just days after leaving the firm. Becker is under investigation by the Justice Department for selling stocks just before SVB went under. He is also being sued by SVB shareholders for allegedly concealing the fact that rising interest rates left the firm "particularly susceptible" to a bank run. Despite this, Becker seemed unconcerned with cash as the couple enjoyed a chauffeur-driven limo ride to San Francisco Airport and first-class tickets to their island paradise.

via New York Post |
#bank-collapse#business#greg-becker
business2 years ago

Former Silicon Valley Bank CEO's Controversial Legacy and Hawaiian Getaway

Former CEO of Silicon Valley Bank, Greg Becker, backed two tech industry lobbying groups, TechNet and Silicon Valley Leadership Group, that lobbied government officials on issues tied to the bank, including the Dodd-Frank financial reform law and corporate tax cuts. Becker chaired TechNet and was a board member of the Silicon Valley Leadership Group before stepping down earlier this year. The lobbying adds to a string of efforts to influence policy that has drawn lawmakers' attention since the bank's failure. Some members of Congress have sought more information on the practices that left the bank vulnerable and its push to chip away at regulations.

via CNBC|
#business#dodd-frank#greg-becker