The former chief executive of Silicon Valley Bank plans to apologize before a Senate committee Tuesday, writing in prepared testimony that he believes no bank could have survived the run that gutted SVB in early March
“I never envisioned myself or SVB being in this situation,” former CEO Greg Becker writes, adding that he is “truly sorry for how this has impacted SVB’s employees, clients, and shareholders.” Becker is scheduled to testify at 10 a.m. ET Tuesday alongside two former executives of Signature Bank, which collapsed two days after SVB. Regulators were forced to take over both lenders after depositors rushed to withdraw their funds at once.
He says inaccurate comparisons to Silvergate, a crypto lender that announced its liquidation days before SVB failed, helped fuel “an unprecedented bank run.” “By the end of the day on March 9, $42 billion in deposits were withdrawn from SVB in 10 hours, or roughly $1 million every second,” Becker writes.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silicon Valley Bank’s former CEO says Fed, social media contributed to bank’s collapseThe fastest pace of rate hikes by the Federal Reserve in decades combined with negative social media sentiment contributed to the failure of SVB Financial Group’s Silicon Valley Bank, said Greg Bec…
Read more »
Former Silicon Valley Bank CEO says no bank could have survived what it facedThe former chief executive of the failed Silicon Valley Bank plans to tell Congress that no bank could have survived its unprecedented deposit flight, which led to its closure by federal regulators and raised questions about the U.S. financial system.
Read more »
Former Silicon Valley Bank CEO says rate hikes, withdrawals sank firmGreg Becker, former CEO of failed lender Silicon Valley Bank, apologized in congressional testimony for its 'devastating' collapse while citing rising interest rates and mounting withdrawal requests as key causes of its demise.
Read more »
A Women’s History of Silicon ValleyBill Gates, Mark Zuckerberg, Steve Jobs … the mythos of Silicon Valley is saturated with men, the vast majority of them white. This week, WIRED Classics asks who are the unsung heroes of the computer revolution?
Read more »
Ex-CEO of Silicon Valley Bank says no bank could have survived a run 'of that velocity and magnitude'The former chief executive of Silicon Valley Bank plans to tell lawmakers Tuesday he did the best he could under the circumstances, and will apologize for...
Read more »
A Hole New World: RIKEN’s Breakthrough in Silicon Quantum Dot LifespanModeling Longer-Lived Holes in Silicon Quantum Dots To Advance the Development of Quantum Computers RIKEN physicists have developed a theoretical model to optimize semiconductor nanodevices, demonstrating that carefully designed quantum dots can create robust silicon hole-spin qubits resistant to e
Read more »