#DAVIDV_COMMENT: #SILICON_VALLEY #BAILOUT?? The #COST of Complete #INCOMPETENCY! Say Good Bye to your Grandchildren’s Grand Children Inheritance! Both the FEDERAL GOVERNMENT and TREASURY DEPT are #ILLEGAL_ENTITIES operating AGAINST THE GOOD WILL OF THE AMERICAN CITIZEN. imho
#FDIC SUES 17 former $Silicon_Valley #Bank_Executives over #Collapse | The case is FDIC as receiver v #Becker et al, U.S. District Court, Northern District of #California, No. 25-00569.
(Reuters) — The FDIC sued 17 former executives and directors of Silicon Valley Bank on Thursday, seeking to recover #billions of dollars for alleged #gross_negligence and #breaches of #fiduciary_duty that caused the bank’s March 2023 collapse, one of the Largest USA Banking #failures.
In a complaint filed in San Francisco federal court, the FDIC, in its capacity the bank’s receiver, said the defendants #ignored_fundamental_standards of prudent banking and the bank’s own risk policies in letting the bank take on #excessive_risks to boost short-term profit and its stock price.
The FDIC #faulted the bank’s overreliance on #unhedged, interest rate-sensitive long-term government bonds such as US Treasuries and mortgage-backed securities, as rates looked set to — and eventually did — rise.
It also objected to the payment of a #grossly_imprudent” $294 million dividend to its parent that drained needed capital “at a time of financial distress and #management_weakness” in December 2022, less than three months before its #demise.
“SVB represents a case of #egregious #mismanagement of interest-rate and liquidity risks by the bank’s former officers and directors,” the complaint said.
The defendants include former Chief Executive #Gregory_Becker, former Chief Financial Officer #Daniel_Beck, four other former executives and 11 former directors.
Becker’s lawyer was traveling on Thursday and unable to comment, a spokesperson said.
Lawyers for former Chief Risk Officer #Laura_Izurieta called it “outrageous” to make her a defendant, saying she provided sound risk management advice before stepping down in April 2022, well before the bank’s collapse.
“Their actions are reflective of outgoing FDIC leadership that is not interested in the truth,” Izurieta’s lawyers said.
Lawyers for the other defendants did not immediately respond to requests for comment.
Silicon Valley Bank’s March 10, 2023 collapse and seizure by the FDIC shocked financial markets.
It disrupted many technology startups whose deposits it held, and upset many customers because an unusually large percentage of its deposits was uninsured.
The collapse presaged the demise of two other banks, Signature Bank and First Republic Bank, and prompted fears of a replay of the 2008 banking crisis.
First Citizens BancShares, a North Carolina lender, acquired Silicon Valley Bank’s deposits and tens of billions of dollars of loans in an FDIC-arranged sale.
Silicon Valley Bank had about $209 billion of assets when it failed. Larger US bank failures include Lehman Brothers in 2008, Washington Mutual including its banking unit in 2008, and First Republic in 2023.
https://www.cnn.com/2025/01/16/business/fdic-sues-svb-executives-directors-intl-hnk/index.html
#DAVIDV_COMMENT: #SILICON_VALLEY #BAILOUT?? The #COST of Complete #INCOMPETENCY! Say Good Bye to your Grandchildren’s Grand Children Inheritance! Both the FEDERAL GOVERNMENT and TREASURY DEPT are #ILLEGAL_ENTITIES operating AGAINST THE GOOD WILL OF THE AMERICAN CITIZEN. imho
We the people DEMAND DISMANTLEMENT of current Banking Regulators. We also demand Criminal Investigation into our treasury dept (Janet Yellen) for #Robbery of #WE_THE_PEOPLES USA Currency --that is grossly unaccountable!
Here is why?
THIS IS ANOTHER 2008 BAIL OUT of Failed Banks and Companies. DON'T BE FOOLED AGAIN!
Unlike #CHINA the USA has Propped up Companies rather than letting them FAIL..
..and they deserve to fail --we assure you!
CHINA LETS THEM ALL FAIL! SURVIVAL OF THE FITTEST OVER THERE.. Hello anyone Home!
Basically United States of American has STOLEN FUNDS from the TALENTED AND HAS GIVEN IT TO THE UNTALENTED (aka WITH THE TALENTS MONEY TO BOOT! UGH!).
And why the USA will FAIL in Technological advances with China. (WE ASSURE YOU!)
The REAL Silicon Valley has always been right here in Florida! Many have been unfortunately BILKED BIGTIME! ;)
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