H/T Ymani Cricket
Posted on 03/11/2023 7:17:43 AM PST by bitt
SVB CEO and President Gregory Becker sold over 12,000 shares for $3,578,652.31 on February 26, while CFO Beck sold $575,180 in stocks in a separate transaction on the same day.
Ahead of the collapse of the Silicon Valley Bank (SVB), many of the company’s top executives sold their shares worth $4.5 million in the company. The bank’s Chief Executive Officer Gregory Becker, Chief Financial Officer Daniel Beck, and Chief Marketing Officer Michelle Draper sold their shares of the bank’s parent company SVB Financial Group.
While CEO and President Becker sold over 12,000 shares for $3,578,652.31 on February 26, CFO Beck sold $575,180 in stocks in a separate transaction on the same day. Draper’s shares were sold over several transactions in earlier months, data from the US Securities Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system revealed. The company’s executives have been steadily selling stocks since May 2021, further filings show.
The most recent dumping of stocks by Becker, who had not sold any shares in over a year, was done through the pre-arranged share sale through 10b5-1 plans. These plans allow company insiders and executives to arrange to sell shares on certain predetermined dates in order to prevent illegal insider trading. However, while 10b5-1 plans are not illegal they are not without their own loopholes. The biggest loophole is the lack of any mandatory cooling-off period allowing executives to trade shares on the next predetermined date.
While the US market regulator has responded by introducing a 90-day mandatory cooling-off period which would prevent executives from trading shares in the next three-month period, the new regulations are only going into effect from April 1.
(Excerpt) Read more at cnbctv18.com ...
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Well yeah. Who would have expected them to take it up the bootyjudge along with the peons?
You are already starting to hear the calls to backstop or bailout this bank.
By the middle of next week it will be massive roar to bail out this bank because we need to contain a contagion of companies and banks that will fail if this bank is allowed to fail.
Well, for their sake, I hope they’re Biden supporters.
Check transactions of members of Congress.
Gee what would a Lib call for? 🧐 oh I know ask for the FBI to raid their homes and arrest them and don’t forget Jim Cramer pumping the stock!
The SEC will be knocking on their doors.
Seems like pebbles in a gravel pile.
Yep. Indictments sure to follow.
These sales occurred on 2/26/23. Why are we hearing about them the day after the collapse?
I bet, as we sit here, several banks have flown in to California their M&A SWAT teams. The FDIC has prolly assembled DealBooks for their review, and may offer a first-loss backstop to sweeten the deal. Further, these banks' Boards are on standby, ready to approve Term Sheets.
By next week, I bet SVB will have a new owner, their c-suite will be unemployed, depositors and most other creditors will be made whole, and we will return our focus to Bidet being an idiot.
Nobody does finance as well as America.
H/T Ymani Cricket
Those bast..
Those cheat..
Those greedy..
Sorry, I tried to care.
Awwwwwwww! 😢 Sorry, NOT sorry.
ESPECIALLY PELOSI/ SCHIFF/MAXINE WATERS
Many times I’ve wondered if that is good thing or not
I believe those sales by insiders are subject to ‘claw back’ rules.
These insiders will only enjoy their $4.5 million for a few more days.
Huh, what happened ??
Rhey will be bailed out and depositors will be made whole because there are some big shooters with money tied to this bank. We are about to witness again the meaning again of power and wealth. This is no ordinary bank with mom and pop customers who would be wiped out.
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