Greg Becker, the former CEO of Silicon Valley Bank, is said to have been spotted in Hawaii. Becker oversaw the organization until it recently went under. Days after the banker departed the defunct institution, Becker and his wife are said to have fled to their $3.1 million Maui townhouse.
Furthermore, according to accounts, the aforementioned SVB former CEO seemed unconcerned about money despite the recent upheaval. Earlier this week, it was discovered that the alleged pair had taken a limo to the San Francisco Airport. The Daily Mail also alleged that the aforementioned pair has purchased first-class tickets for their picturesque island getaway.
SVB Former CEO in Hawaii
According to reports, Becker, SVB former CEO, was spotted in Lahaina wearing shorts and flip-flops. He purportedly owns a two-story home that was specially built and is situated in a gated neighborhood. A tennis court, three surf breaks, three swimming pools, and a clubhouse are also on the aforementioned property.
SVB former CEO Becker was apparently seen cowering inside a car when Bautista went out to grab their supper, despite the fact that he appeared unconcerned by the situation and was very at ease. This might be a result of Becker’s recent facing reaction and criticism of how he handled the bank’s demise. In addition, the Department of Justice is looking into him for stock sales made prior to SVB’s bankruptcy filing.
Allegations Towards Becker
Prior to the official filing of bankruptcy by Silicon Valley Bank, it was previously reported that SVB former CEO Becker was spotted selling 12,500 shares for around $3.5 million. Also, it was said that Becker and the business’s CFO, Daniel Beck, were being sued by the bank’s shareholders.
According to the aforementioned shareholders, the two executives allegedly withheld knowledge that the business was growing “vulnerable” to a bank run as a result of rising interest rates. After the Silicon Valley Bank filed for bankruptcy, industry professionals began to worry more and more that other banks might follow suit. The Silicon Valley Bank was recognized as the 16th largest bank in the United States and is known as the largest bank in Silicon Valley by deposits.
Goldman Sachs has shared its prognosis that the United States economy may enter recession over the next 12 months by 10% points, to 35%, in light of the strain that other small banks are currently under. On the other hand, legislators have received assurances from Treasury Secretary Janet Yellen that the US financial system is stable.