Scammers Gonna Scam: Silicon Valley Bank Gave Employees Bonuses Just Before "Collapse" - Execs Sold Off Stocks Just Weeks Before

I’ve said it before and I’ll say it again, all of the lawlessness taking place in the united States and in the world where the US has its collective nose is due to lawless money from the Federal Reserve scam.  The Bible doesn’t just say that the love of money is the root of all evil (1 Timothy 6:10) but also that unjust weights and measurements are an abomination before the LORD (Proverbs 20:23).

First, CNBC reports:

Silicon Valley Bank

 employees received their annual bonuses Friday just hours before regulators seized the failing bank, according to people with knowledge of the payments.

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The Santa Clara, California-based bank has historically paid employee bonuses on the second Friday of March, said the people, who declined to be identified speaking about the awards. The payments were for work done in 2022 and had been in process days before the bank’s collapse, the sources said.

This year, bonus day happened to fall on SVB’s final day of independence. The institution, in the throes of a bank run triggered by panicked venture capital investors and startup founders, was seized by the Federal Deposit Insurance Corporation (FDIC) around midday Friday.

On Friday, SVB CEO Greg Becker addressed workers in a two-minute video in which he said that he no longer made decisions at the 40-year-old bank, according to the people.

The size of the payouts couldn’t be determined, but SVB bonuses range from about $12,000 for associates to $140,000 for managing directors, according to Glassdoor.com.

SVB was the highest-paying publicly traded bank in 2018, with employees getting an average of $250,683 for that year, according to Bloomberg.

After its seizure, the FDIC offered SVB employees 45 days of employment, the people said. The bank had 8,528 employees as of December.

A spokesman for the FDIC declined to comment on the bonuses.

Executives also sold off stocks just weeks prior to the alleged collapse.

Ex-CEO Greg Becker sold $3.57 million in company stock just two weeks before the bank collapsed in what is being described as a pre-planned automated sell-off. On February 27, he offloaded more than 12,000 shares at an average price of $287.42 each, while CFO Daniel Beck sold 2,000 shares; the price of the stock dropped to just under $30 on Friday.

As an FDIC-insured bank, only $250,000 per account at Silicon Valley Bank is guaranteed. However, the bank’s latest annual report shows that 96 percent of the $173 billion held there in deposits was uninsured.

The FDIC said that all insured depositors will be given access to their insured deposits, while uninsured depositors will receive an “advance dividend within the next week.”

In the meantime, the bank’s new government-appointed CEO, Tim Mayopoulos, has appealed to the bank’s high-powered startup and venture capital clients to bring their money back to the bank. He also said that he wasn’t sure what the bank’s “exact end state” would be but listed three possible outcomes: liquidation, sale or recapitalization.

Instead of looking to bail them out at taxpayer expense, the people require justice upon the heads of the executives because it seems clear they were engaged in insider trading by dumping their stocks and it looks like they are trying to milk it all to give bonuses as well.

Article posted with permission from Sons of Liberty Media