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> giving the bankers a ski jolly What banker got a “ski jolly” here? The bankers in this case are in exactly the same position they would have been in if the b

by creato 4y ago

> giving the bankers a ski jolly What banker got a “ski jolly” here? The bankers in this case are in exactly the same position they would have been in if the bank were allowed to fail without supporting depositors.

geocar 4y ago
> What banker got a “ski jolly” here? Well, this guy for one: https://www.forbes.com/sites/brianbushard/2023/03/10/svb-financial-ceo-sold-36-million-in-stock-before-banks-collapse/ https://www.forbes.com/sites/brianbushard/2023/03/10/svb-fin...
- op00to 4y ago
  ... and that trade will certainly be investigated. If the trade was not part of an existing trading plan, it's highly likely the CEO will have some very uncomfortable conversations. How is selling stock tantamount to a government bailout?
  - eppp 4y ago
    Ill be glad to have an uncomfortable conversation for a few million dollars.
    - sidlls 4y ago
      The "uncomfortable conversation" can mean a conversation about breaking insider trading regulations, the penalties for which include huge fines and potentially jail time.
  - ModernMech 4y ago
    > the CEO will have some very uncomfortable conversations. Oh no! Not uncomfortable conversations! Anything but that! Maybe it will be followed up with a strongly worded letter with an implied threat of a performative vote by Congress. How will they cope?! They might even have to show up at a gasp House committee hearing! shudders Wake me when someone is convicted.
    - op00to 4y ago
      So edgy. Let’s just bypass investigations and go directly into summary execution. Eat the rich!!!!!
      - sidlls 4y ago
        "Wake me when someone is convicted" isn't an "eat the rich" statement. The OPs point is that an "uncomfortable conversation" isn't a punishment for wrongdoing, such as insider trading.
- xmcqdpt2 4y ago
  That happened before the fdic got involved. If it turns out he was hiding something, the SEC might get involved but otherwise he was fully allowed to sell his own stock based compensation. That's how stock based compensation works.
  - deleted 4y ago
    [deleted]

by creato 4y ago

geocar 4y ago

> What banker got a “ski jolly” here? Well, this guy for one: https://www.forbes.com/sites/brianbushard/2023/03/10/svb-financial-ceo-sold-36-million-in-stock-before-banks-collapse/ https://www.forbes.com/sites/brianbushard/2023/03/10/svb-fin...

op00to 4y ago
... and that trade will certainly be investigated. If the trade was not part of an existing trading plan, it's highly likely the CEO will have some very uncomfortable conversations. How is selling stock tantamount to a government bailout?
- eppp 4y ago
  Ill be glad to have an uncomfortable conversation for a few million dollars.
  - sidlls 4y ago
    The "uncomfortable conversation" can mean a conversation about breaking insider trading regulations, the penalties for which include huge fines and potentially jail time.
- ModernMech 4y ago
  > the CEO will have some very uncomfortable conversations. Oh no! Not uncomfortable conversations! Anything but that! Maybe it will be followed up with a strongly worded letter with an implied threat of a performative vote by Congress. How will they cope?! They might even have to show up at a gasp House committee hearing! shudders Wake me when someone is convicted.
  - op00to 4y ago
    So edgy. Let’s just bypass investigations and go directly into summary execution. Eat the rich!!!!!
    - sidlls 4y ago
      "Wake me when someone is convicted" isn't an "eat the rich" statement. The OPs point is that an "uncomfortable conversation" isn't a punishment for wrongdoing, such as insider trading.
xmcqdpt2 4y ago
That happened before the fdic got involved. If it turns out he was hiding something, the SEC might get involved but otherwise he was fully allowed to sell his own stock based compensation. That's how stock based compensation works.
- deleted 4y ago
  [deleted]