COMMENT: Here's another side to this story that has been developing for several days. Total corruption at the top. Will he/they be prosecuted. Probably not.
From the article:
On Feb 27th, Gregory Becker, the CEO of Silicon Valley Bank, sold $3.6 million worth (11%) of his shares...
From other sources: "He is a Class A Director for the Federal Reserve Bank of San Francisco," Conflict of interest for sure.
Daniel Beck, the CFO, sold 32% (around $600,000) of his holdings.
And finally, CMO Michelle Draper sold 28% of her holdings over the last month...
Additionally, Silicon Valley Bank on Friday paid out annual bonuses to eligible U.S. employees, just hours before the bank was seized by the U.S. government,
Of particular note, as The Wall Street Journal reports, the executives' sales were done under so-called 10b5-1 plans filed 30 days earlier.
These plans allow insiders to schedule share sales in advance to allay suspicion of trading on nonpublic information. The SEC recently tightened rules for the plans, which include a 90-day waiting period before sales can be executed. The new rules went into effect on Feb. 27, the same day the executives sold.