Ex-Silicon Valley Bank CEO Who Sold $3.5 Million Shares, Spotted in Hawaii

Paigambar Mohan Raj
Source: New York Post

The former CEO of Silicon Valley Bank (SVB), Greg Becker, who ran the firm until its collapse, has been spotted in Hawaii. Becker and his wife Marilyn Bautista, have retreated to their $3.1 million Maui townhouse, days after the banker left the deceased institution.

Becker appeared unconcerned with money despite the recent turmoil. The couple rode in a limo to the San Francisco Airport on Monday. The couple booked first-class tickets to their idyllic island destination said the Daily Mail.

The former Silicon Valley Bank boss was seen walking around in shorts and flip-flops in Lahaina. Becker has a custom-built two-story property located within a gated community. The property has a tennis court, three surf breaks, three swimming pools, and a clubhouse.

Although Becker seemed quite relaxed, he hid in the car while Bautista went to get their meal. Becker has received harsh criticism for how he has handled the bank’s failure. Moreover, he is being investigated by the DOJ (Department of Justice) for stock sales made before SVB filed for bankruptcy.

Did the former Silicon Valley Bank chief sell off shares before the collapse?

Only two weeks before the company filed for bankruptcy, the former CEO sold 12,500 shares for about $3.5 million. Furthermore, SVB shareholders are suing Becker and CFO, Daniel Beck. Shareholders claim that the two hid information about the company becoming “sensitive” to a bank run due to rising interest rates.

Following Silicon Valley Bank’s bankruptcy last week, there was widespread concern that other banks might do the same. SVB was the largest bank by deposits in Silicon Valley. Moreover, it was ranked as the 16th largest bank in the United States.

In light of the pressure on small banks, Goldman Sachs increased its prediction that the U.S. economy will enter a recession over the next 12 months by 10% points, to 35%. However, Treasury Secretary Janet Yellen assured legislators that the American financial sector is sound.