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 have no doubt this bank will be deemed too big to fail, meaning we will have to cough up $ to bail them out.
Take them back and much more.
Obviously the bonuses weren’t based on performance unless maybe you worked the front Desk or Janitorial, maybe not even then. I guess just occasionally showing up was enough for the Desk Jockey to collect.
It looks like the date of the collapse was well planned to give top people at SVB plenty of time to shelter some of their own investment in the bank, so why not the employees. The houses were probably considered hush money.