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> The Board and management of the bank all took a hit and lost their jobs. Right after they cashed out significant amounts of SVB stocks.
by UncleEntity 4y ago
> The Board and management of the bank all took a hit and lost their jobs.
Right after they cashed out significant amounts of SVB stocks.
- webmaven 4y agoDon't be too surprised if the FDIC (or perhaps the SEC, since we're talking about equity) forces clawbacks of those payouts, not to mention salary and bonuses in general after December 2021.
- unityByFreedom 4y agoWhat is the case against them? You can't claw back without demonstrating some law was broken. Making a bad financial decision that causes a business to fail isn't against the law unless you somehow profited from it. And, from what's publicly known, SVB's CEO didn't come away with more money from the bank's closure than he would have had he continued running the bank.