Heads of failed banks questioned on executive pay, how they handled risk
Executives from two large U.S. banks that failed dramatically in March are appearing in front of the Senate Banking Committee on Tuesday.
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Executives from two large U.S. banks that failed dramatically in March are appearing in front of the Senate Banking Committee on Tuesday.
In our news wrap Tuesday, Russia fired a new missile barrage at Ukraine's capital overnight, airstrikes and explosions escalated in Sudan as the army defended bases from a paramilitary group, the European Union adopted rules to regulate products that fuel deforestation and U.S. bank executives were called to account for the salaries and bonuses they earned before their own institutions collapsed.
Former Silicon Valley Bank CEO Greg Becker tells US senators he was unaware of the lender’s troubles when he sold stock days before its collapse
Along with questions about how these banks failed, senators used the hearing to also address executive pay and whether senior executives in the U.S. are being rewarded more for short-term gains than for ensuring their companies’ long-term health.
Pennsylvania Democrat Sen. John Fetterman raised eyebrows with his choppy and sometimes borderline incoherent questioning at the Senate Banking Committee hearing on Tuesday.Fetterman was the last senator to dive into questioning during a hearing on the Silicon Valley Bank collapse that occurred earlier this year, and he appeared to struggle through his opening statement in