BREAKING NEWS: Silicon Valley Bank collapse under investigation by Justice Department
The Justice Department, led by U.S. Attorney General Merrick Garland, is reportedly investigating Silicon Valley Bank's collapse.. As the tech industry grew, so too did SVB's deposits, increasing 86% in 2021 to $189 billion.
But concerns over the bank's health prompted a run on deposits last week. On Thursday, customers attempted to withdraw $42 billion — nearly a quarter of the bank's total deposits — which the bank simply did not have available. SVB had tied up most of its funds in treasury bonds and other long-term investments, which have declined in value as the Federal Reserve has raised interest rates to combat inflation in the past year.
Igor Fayermark, right, from the Federal Deposit Insurance Corporation , exits Silicon Valley Bank's headquarters in Santa Clara, California, on Monday, March 13, 2023. Securities filings show that SVB CEO Greg Becker and CFO Daniel Beck each sold shares in their bank the week before it collapsed. The Journal reported that Becker exercised options on 12.451 shares on Feb. 27 and sold them for $2.3 million.
Beck sold a little more than $575,000 worth of shares on Feb. 17, which was roughly one-third of his total stake in the company.
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