Silicon Valley Bank CEO Greg Becker and two top lieutenants were at the helm of the bank as it rode a wave of low rates and easy-money policies. When the Federal Reserve started raising rates at its fastest pace in decades, they all but ignored it.
Mr. Becker grew up in northeast Indiana, where his father ran a business-supply company, according to Investor’s Business Daily. After graduating from Indiana University, he got his start at a bank in Detroit. That bank eventually asked him to work at its California office and, while there, he was recruited by SVB, news reports said.
“Because SVB’s business model and risk profile does not pose systemic risk, imposing the numerous Dodd-Frank requirements that were designed for the largest bank holding companies would place an outsized burden on us, with minimal corresponding regulatory benefit,” Mr. Becker wrote. Mr. Beck sold just over $575,000 worth of shares on Feb. 27, roughly one-third of his holdings in the company.
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