Posted on 03/23/2023 4:01:44 AM PDT by CFW
Silicon Valley Bank dished out $219 million worth of loans to officers, directors and principal shareholders in the months before it collapsed.
The money was handed it out in the final quarter of 2022 and was three times higher than the amount borrowed by insiders in the three months before, marking a two-decade record high.
It comes as the San Francisco Federal Reserve boss Mary Daly has felt the wrath of both Democrats and Republicans for her failure to act on signs of weakness at the bank, which caved on March 10.
The unusually high number of loans is documented in Government reports seen by Bloomberg - but they do not disclose the recipients of their purpose.
(Excerpt) Read more at dailymail.co.uk ...
Are they going to let this go? No accountability?
this - and 90% of deposits were beyond FDIC coverage - and chief honcho of SVB sat on SF Fed board. are they all incompetent as to bank workings and how does she have a job?
Crime Scene.
It’s like Twitter. Somehow government just failed to follow regulations and oversight for this bank. Somehow the bank gave huge bonuses to employees before collapse. Somehow the bank gave “inside” loans of nearly 7X normal to employees in the quarter before collapse.
They didn’t want Elon to purchase, because he would have made public the story.
Don’t worry though. The same event of a financial service holding your money and using it to buy into bad investments while paying off political liked minded people can’t happen elsewhere or to your 401k retirement…………. Oh wait, Biden vetoed that protection.
No coincidence, will these miscreants repay the “loans”? Hard to believe felonies weren’t committed as they had to know the house of cards of about to come down. No one will do time let alone be charged.
And we bailed em out. Total corruption.
Check out this spin from CBS...
Whoever wrote that makes Linda Blair look like a piker.
Did the officers, directors and principal shareholders give 10 percent to the “Big Guy”?
Of course.
Remember, it’s a big club...and you ain’t in it.
An example of “effective altruism,” a/k/a known as embezzlement? This was one of Sam Bankman Fried’s lines.
What are the odds that these were unsecured loans. They won’t have to pay a dime back.
I believe the successor will make them pay back the amounts loaned and the interest due
sounds a lot like the same game plan used in the S&L crisis of the 80’s when owners & insiders looted much of the nations thrift industry
neal bush/silverado was a good example of the easy diggins:
all in the family? Yeb running his own S&L skam:
http://www.rationalrevolution.net/war/bush_family_and_the_s.htm
I knew someone who worked for a bank 20 years ago (VP of Data Security). He told me it was illegal for the bank to make loans to people who worked there. Was he wrong, or is that rule/law now obsolete?
How is this not Robbing The Bank ?
This is why Speaker McCarthy should be pounding on the table Demanding this bailout be Halted and Scrapped immediately so they can all be Prosecuted instead.
I know an otherwise nice guy in Tennessee, a bank official, that got 3 years for loaning money to his own brother for the huge, family owned dairy farm that could have been used for collateral. Democraps are CCP wannabe despots.(you know this whole bank crew in California is Democraps)
Depended on the bank. Some banks stopped lending to senior officers and directors and made arrangements with unaffiliated banks for loans.
Hey, if Bankman-Fried can cash out, why not SVB? Loot while the looting is good.
Now just a cotton pickin’ minit here. Let’s be fair. They had to loot the bank to bribe the politicians and officials to look the other way while they they squandered bank assets on woke BS and also looted the bank.
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