Senators Rip Former Silicon Valley Bank CEO for Executive Payouts Prior to Bank’s Collapse

Committee ranking member Sen. Pat Toomey (R-Pa.) (R) speaks as Chairman Sen. Sherrod Brown (D-Ohio) (L) listens during a hearing before Senate Banking, Housing, and Urban Affairs Committee at Dirksen Senate Office Building on Capitol Hill in Washington, D.C., on Dec. 14, 2022. Photo by Alex Wong/Getty Images

During a Senate Banking Committee hearing on Tuesday, senators denounced the actions of Silicon Valley Bank (SVB) CEO Greg Becker, who has been accused of distributing bonuses and selling stock in the bank shortly before its collapse.

“In 2022, in particular, you [Becker] paid yourself a $1.5 million cash bonus even as the value of the company that you’re managing declined by two-thirds,” said Sen. J.D. Vance (R-Ohio). The senator criticized the former CEO for selling a “significant amount of SVB stock” on February 27, not even two weeks before the bank’s failure.