Posted on 03/11/2023 2:44:39 PM PST by marcusmaximus
Silicon Valley Bank employees received their annual bonuses Friday just hours before regulators seized the failing bank, according to people with knowledge of the payments.
The Santa Clara, California-based bank has historically paid employee bonuses on the second Friday of March, said the people, who declined to be identified speaking about the awards. The payments were for work done in 2022 and had been in process days before the bank’s collapse, the sources said.
-snip-
A spokesman for the FDIC declined to comment on the bonuses.
(Excerpt) Read more at cnbc.com ...
Cha-ching!
I feel bad for those employees—think of all the trans surgeries that will have to be delayed....
;-)
The story does not mention the millions in stock that the execs dumped before the seizure.
Surprise indeed!
The bonuses were probably paid as part of a regular Friday payroll run for the company.
Great job, guys! Keep up the good work (in your new job).
“Silicon Valley Bank employees received bonuses hours before government takeover”
SVB is sounding more and more like the FTX scam, where they claim super-wokeness and then cash-out just before the inevitable crash.
There is much more to this story. A bank that used Chinese cryptocurrency as its founding capital then paves the way for the purchase of Silicon Valley tech companies, stock offerings and sales is an ideal platform for Chinese intelligence.
Any outstanding bonuses earned for 2022 performance had to be paid by March 15, by law.
I think there’s more too but SVB was founded in 1983 and predates any kind of crypto of which I am aware.
The woke banksters who killed SVB and looted the remaining cash prior to the shutdown were just following the law? That’s a good one.
I have no doubt this bank will be deemed too big to fail, meaning we will have to cough up $ to bail them out.
The bailouts are typically announced on Sunday nights before the Asian markets open. We’ll know tomorrow I bet.
Were they deposited in SVB accounts?
We'll just borrow the money. Our kids and grand kids will have to pay it back.
Take them back and much more.
SVB has been in business far longer than crypto has existed—since 1983
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.