"Kinda takes the sting outta being occupied, right, Miss Elsa?"
Regards,
Posted on 03/12/2023 11:13:41 PM PDT by Cronos
Silicon Valley Bank workers reportedly received their annual bonuses just hours before the financial institution collapsed — and ahead of an expected Monday morning run by customers desperate for their cash.
Employees who agree to stay on with the failed bank also will receive 1.5 times their normal pay for the next 45 days, with hourly workers getting double their normal rate, Axios reported Saturday.
It’s unclear how much cash was distributed, but NBC said the bonuses likely ranged from $14,000 each for associates to $140,000 apiece for managing directors, based on figures posted on the Glassdoor website.
Meanwhile, the Federal Deposit Insurance Corporation reportedly emailed an unknown number of workers at the nation’s 16th-largest bank on Friday evening and offered them temporary jobs.
(Excerpt) Read more at nypost.com ...
That’s just the way these things work. I’ve seen it more than once.
More here:
https://freerepublic.com/focus/f-news/4137476/posts
https://freerepublic.com/focus/news/4137644/posts
😁👍
We need to know from the time it was apparent that the bond holdings were going down the toilet. I’m guessing that it was quite beyond the previous day.
Meanwhile Im struggling to cover my quarterly taxes to the G Damn IRS. I f-ing hate our system.
Took a few days but was only a matter of time.
Yea Bern 8-10 fed regulating agencies and state banking regulators are not enough and not to blame-again.
Bernie Sanders says Silicon Valley Bank’s failure is the ‘direct result’ of a Trump-era bank regulation policy
"Kinda takes the sting outta being occupied, right, Miss Elsa?"
Regards,
All banks, Savings and Loans, Trust and credit unions have to pay into FDIC type insurance. They have been paying this for years. This is just a socialist type take over of the cash value in the insurance wing of the banking industry. Trust me when I say, “this is the beginning of the government taking over all cash assets in the banking industry.” We will be a cashless society,and the plastic debit card or credit card will notify the federal government anytime you spend anything.
They should be forced to give it back.
Claw it back from employees.
Not sure where his head was but between this and loosening the rail regulations, he made some very dangerous missteps.
I understand your comment, but you can’t claw back compensation. The 2022 bonus payments had been in process for weeks before they were paid last week.
That said, I wonder haw many employees bank with SVB and cannot access their bonus? I was a banker for many years and learned early on to NEVER bank with your employer.
I heard their top people sold off a lot of stock just before the crash, too. Isn’t that illegal insider something?
I’d like to trust you, 63% of all global commerce is in USD.
and netflix can’t sell it’s service for lack of credit cards in much of the world incl Mexico- but the world will be using
crypto instead shortly. Uh huh.
Didn’t the CEO guy there sell off about $3.6M of stock just before the meltdown?
He exercised options. In a position like his, in a public company, that would have been planned and notice would have been given. These guy exercise options every year. This wasn’t a “sell before it tanks” move. Although…he knew it was tanking.
There are more banking regulators than ever and less banks to regulate.
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