Posted on 03/13/2023 6:53:13 AM PDT by Red Badger
Silicon Valley Bank on Friday paid out annual bonuses to eligible U.S. employees, BEFORE the bank collapsed and was seized, per Axios.
The bonuses were for work done during 2022, and were previously scheduled to be disbursed on March 10.
Axios reports some bonuses were not paid as they were also scheduled later.
An FDIC spokesperson told Axios: "Without commenting on salaries, it’s our standard practice to ask retain [sic] bank employees to assist with an orderly transition as part of our resolution process."
Notably, before the collapse of Silicon Valley Bank, $SIVB, the CEO sold $3.57 million of stock within the last two weeks.
This was part of their trading plans, the 10-5b.
Gregory Becker, CEO, sold 11% on Feb 27, 2023.
Michael Zucker, General Counsel, 19% on Feb 5.
Daniel Beck, CFO, sold 32% on Feb 27.
Michelle Draper, CMO, sold 25% on Feb 1.
Silicon Valley Bank has collapsed, the largest bank since 2008.
Silicon Valley was the 16th largest bank in the US, holding $210 billion in assets.
ilicon Valley Bank CEO Greg Becker gave a statement trying to calm investors and entrepreneurs on Thursday afternoon. The company didn't open for trading at 9:30 after its shares dropped by 62% premarket trading.
Read Axios story for full details: https://www.axios.com/2023/03/11/silicon-valley-bank-paid-bonuses-fdic
Claw that sh*t back !
More here:
https://freerepublic.com/focus/f-news/4137476/posts
https://freerepublic.com/focus/news/4137644/posts
https://freerepublic.com/focus/news/4137731/posts
😁👍
Did they get bonuses because they did so well in their Diversity classes?
This is nothing but a foil.
The real crime is its CEO selling his stock 2 weeks prior, and its board giving themselves huge bonuses a few days prior.
Also prosecute them for insider trading!
Question for people better versed in securities law than I am:
Does this constitute “Insider Trading”? Is it criminally actionable?
Are you an attorney? I'd really like to know if this sleazy business really does constitute insider trading as defined in the law.
Only if you can prove it to a jury.......................
The defense would not want me to be on that jury ...
Not everything sleazy is also illegal ... but some people DON’T get the benefit of the doubt.
“This was part of their trading plans, the 10-5b.”
So, no, as it was previously disclosed and properly documented. But what does the rule of law (or, in this case regulation) mean anymore anyway?
These folks are from CA, woke and likely big Dem donors...so they skate no matter what.
San Frisco Fed was supposed to monitor/supervise (or whatever the proper phrase is)... SVB board member sits of SF Fed.
you can’t make it up...
Cover.............................😉
Yep
Honestly, it depends on who the employees were. I don’t have a problem with lower level employees getting the bonuses they were promised for work the previous year.
England’s largest bank made a deal to buy out Silicon Valley Bank and plans to settle debt.
Breitbart
Just the UK branch IIRC.................
Surprise!
Yes Biden is not letting the FDIC sell the full banking deal all the large banks have bids on it.
You know Biden the highest bidder always wins on the mum.
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