What is the second news related to the collapse of the Silicon Valley Bank that should make you scratch your head?
As reported by CBC News:
“Months before it became the second-largest bank in U.S. history to fail Silicon Valley Bank quietly laid off 100 to 120 employees according to an internal email seen by NBC News.
The layoffs done in January represented only about 1.4% of SVB’s 8 500 employees. Two people familiar with the layoffs who spoke on the condition on anonymity told NBC News that the layoffs appeared to be concentrated in nonclient-facing roles particularly in recruiting and talent acquisition.
An email sent Jan. 11 by the company’s chief human resources officer said “change and uncertainty” in the economic outlook were to blame for the job cuts.”
Really? Or was it planning the collapse? Or was the planned collapse already being prepared for?
And while these employees were laid off with the rest of the employees losing their jobs once it collapsed what do you think happened to the CEO Gregory Becker? He has escaped to his opulent $3.1 million hideaway in Maui leaving the chaos brought on by the bank’s failure 3 000 miles in his wake.
The disgraced former boss of Silicon Valley Bank is lounging by the ocean in his Hawaiian hideaway while his clients fret about when or even if they will be able to access their money.
After sprinting through the United Airlines terminal at the San Francisco airport on Monday afternoon Gregory Becker and his wife Marilyn Bautista boarded a first-class flight to Maui where they were spotted walking through the streets of Lahaina wearing shorts and flip-flops.
They are currently living in their three-bed three-bath Hawaiian townhouse which they bought back in May 2018 but which then they “immediately decided to raze it to the ground and build something better on the lot which overlooks a small stretch of golden sand running behind the property.”
“Becker 55 has been widely criticized for the way he handled the bank’s collapse and now the Justice Department has launched a probeinto his decision to cash out $3.57 million of stock just weeks before it folded.” Sounds like another “coincidence” don’t you think?
“CNBCreported that he sold nearly $30 million of stock over the past two years.”