New Delhi: In India, Vijay Mallya put his cap on the banks and fled abroad, in America, the former CEO fled to another country after bankrupting the entire bank. Former Silicon Valley Bank CEO Greg Becker has reportedly shifted to Hawaii with his wife. America’s Silicon Valley Bank, which stood as the backbone of the technology sector for three decades, collapsed on March 10, 2023. Ex-CEO of Silicon Valley Bank escaped to Hawaii like Vijay Mallya.
Depositors and investors are trying to withdraw the money deposited in this bank. The former CEO of this bank appeared in Hawaii after the bankruptcy of Silicon Valley Bank, which was providing loans to startups. The New York Post reported about this. According to reports, former Silicon Valley Bank CEO Greg Becker and his wife Marilyn Bitusta have reportedly shifted to a Rs 29 crore townhouse in Maui, Hawaii.
In India, Vijay Mallya ran away with his hat to the banks, in America, a former bank official fled after bankrupting the entire bank. The couple took a chauffeur-driven limo ride to the San Francisco airport on Monday. He is said to have escaped by getting first class tickets to Hawaii. Photos revealed the former CEO was wearing sports shorts and flip-flops as he strolled through Lahaina.
Greg Becker is facing an investigation after federal regulators sold $3,578,652.31 worth of common stock two weeks before closing SVB. Becker joined Silicon Valley Bank three decades ago in 1993 as a loan officer. According to SVB’s website, Becker led the company’s expansion to include four primary businesses serving the innovation sector. He introduced global commercial banking, venture capital and credit investing, private banking and wealth management and investment banking.
Founded in 1983, Silicon Valley Bank is the 16th largest bank in America. Before the collapse, it helped finance nearly half of the venture capitalist technology companies in the US. On March 10, US federal regulators decided to shut down Silicon Valley Bank (SVB) and take control of its deposits, making it the biggest retail banking failure since the global financial crisis.
About $175 billion in consumer deposits are now under the control of the Federal Deposit Insurance Corporation (FDIC) after bank failures. The FDIC created a new bank named National Bank of Santa Clara. It will now hold all the assets of Silicon Valley Bank. The move comes after 48 hours of dramatic developments. The stock value of the bank also fell due to the rush to withdraw the deposit.
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