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Executives at Silicon Valley Bank, Signature Bank and First Republic Bank were paid millions of dollars over their tenures up until their banks failed, the bulk of the compensation coming in the form company stock.
From Bloomberg: Sens. Sherrod Brown, a Democrat who leads the Senate Banking Committee, and Tim Scott, the top Republican on the panel, kicked off an oversight hearing on Tuesday, May 16, united in their criticism of former senior managers at Silicon Valley Bank and Signature Bank.
Republican Louisiana Sen. John Kennedy confronted former Silicon Valley Bank (SVB) President Greg Becker about his decision-making preceding the bank’s failure at a Senate Banking Committee hearing Tuesday.
Democratic Pennsylvania Sen. John Fetterman struggled with asking basic questions to a Silicon Valley Bank (SVB) executive Greg Becker.
Fed Vice Chair for Supervision Michael Barr said the agency was “carefully considering” rule changes for larger regional banks of over $100 billion in assets.