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MALPRACTICES AT SILICON VALLEY BANK ( CA )

TV channel CNBC and the newspapers The New York Times, Forbes and MSM have denounced the fact that employees of Silicon Valley bank California, received their annual bonuses for the year 2022.barely hours before the financial institution collapsed and closed down ( and thus before the bankrun by deposit holders last Monday )

Employees who agreed to remain registered as employees after the bankruptcy declaration also received 1.5x their normal pay for the next 45 days, with hourly employees receiving double their normal rate even though they are no longer working since Friday 10 March 2023.

It is currently unclear how much the bank's more than 8,500 employees received as bonuses for 2022. SVB bonuses can range from around $12,000 for employees to $140,000 for directors. SVB was the highest-paid listed bank in 2018, when employees received an average of $250,683 salary per year.


Earlier, it was also revealed that ex-CEO Greg Becker sold $3.57 million worth of shares in a pre-planned automated sell-off just two weeks before the collapse.

In total, he sold 12,451 shares on 27 February 2023 at an average price of $287.42 each. At the same time, CFO Daniel Beck sold 2,000 shares at $287.59 per share, throwing away $575,000.

On Friday March 10 2023 share prices fell to just $29.49 in pre-trading before the FDIC seized the bank's assets or barely 10% of their previous value.


President Biden, quite unexpectedly, made a speech at 9 am yesterday in which he stated that people should not worry and that their money in US banks is safe while the finance minister had already made it known to the public that the federal government would will not bail out SVB's debts above the $250,000 which are guaranteed. ( in Belgium, this guarantee is limited to 100,000 per person and per bank account ).










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