Saturday, March 11, 2023

SVB CEO and CFO Sell Stock Before Implosion

Bloomberg reported:

Silicon Valley Bank Chief Executive Officer Greg Becker sold $3.6 million of company stock under a trading plan less than two weeks before the firm disclosed extensive losses that led to its failure.

On Friday, Silicon Valley Bank failed after a week of tumult fueled by a letter the firm sent to shareholders that it would try to raise more than $2 billion in capital after taking losses.

SEC filings indicate SVB's CFO sold company stock grossing $575,000 in late February.

SVB executives know how to get theirs before the equity pot evaporates.  That's the PEU way.  

SVB Financial targets private equity underwriters (PEU), offering private equity fund banking.

SVB has the back of PEU CFO's:

Time will indicate if the greed and leverage boys use any of their ample dry powder to support SVB Financial.   I'm sure it's been a busy weekend for all parties, examining the fallout from SVB's failure on the PEU greedosystem.

Update:  As for irony: