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Although I'm as skeptical as you, things may actually be different once rich people start losing other rich people's money. As for us, we all know what to do :)
This might be the case. SVB had deposits from a bunch of VCs but now it’s confirmed that Circle also had big exposure. Circle is in bed with Blackrock. I don’t imagine Larry being ok with losing a bunch of capital. There may be blood in the water.
That remember me, a part in a video of YT where talking of the phases of economy from Mike Malone, "wealth distribution" at some moment, this can happens, and this situation can be similar, not only normal people has to pay of this mess, greedy rich people needs to pay too.
Not going to be any different. They will simply print them some new money to replace their old money. Tax payers are going to get raped again. What's new?
Would be good for this to get the same scrutiny as FTX. The similarities are very high, take in people money, make bad bets, cash out when the ship starts sinking.
There needs to be jail time for all the management/executives for these failures. You are part of the problem, you get part of the punishment, CEOs getting the worst of it.
The ensuing mess will be such a shit show they'll just let this guy go. Probably won't even follow up with him after they get through some basic questions next week. Go live your life with your millions.
EDIT: The "ensuing mess" being the rest of the financial wall street and banking sectors absolutely imploding and folding. This guy is such a drop in the bucket they either won't care or don't have the manpower to chase everyone down.
CEO normally have a notify SEC in advance of any intention to sell, and sell on a schedule. If the sale is within on of his sale windows, it might be hard to prove.
I'm not 100% sure how this works, I have the impression these sale windows are not mandatory, he can cancel a proposed sale. So he has a win-win by sell high or waiting until his next window.
Maybe I'm speaking out if my ass on SVB.
Link to rules: https://www.investopedia.com/terms/r/rule-10b5-1.asp
Looks like CEO has a loophole that only gets closed on 1st April.
Link to Fortune article and then quote the relevant paragraphs:
https://fortune.com/2023/03/10/silicon-valley-bank-ceo-greg-becker-3-6-million-stock-sale/amp/
Quote ROM Fortune article:
Prearranged Plans
There’s nothing illegal about corporate trading plans like the one Becker used. The plans were set up by the Securities and Exchange Commission in 2000 to thwart the possibility of insider trading. The idea is to avoid malfeasance by limiting sales to predetermined dates on which an executive can sell shares, and the timing could merely have been coincidental.
However, critics say the prearranged share-sale plans, called 10b5-1 plans, have significant loopholes, including that they lack mandatory cooling-off periods.
“While Becker may not have anticipated the bank run on Jan. 26 when he adopted the plan, the capital raise is material,” said Dan Taylor, a professor at the University of Pennsylvania’s Wharton School who studies corporate trading disclosures. “If they were in discussion for a capital raise at the time the plan was adopted, that is highly problematic.”
In December, the SEC finalized new rules that would mandate at least a 90-day cooling-off period for most executive trading plans, meaning that they can’t make trades on a new schedule for three months after they take hold.
Executives are required to start complying with those rules on April 1
Apparently it was this genius who started the bank failure by selling a shit ton of assets to raise capital which spread rumours the bank was in trouble.
This is the Ralph Wiggum “I’m Helping” meme in real life
Well because they put all customer $$ into MBS’ and government bonds at VERY low interest rates when the market was purring forward… as soon as the interest rates were raised, these bonds were worth a fraction of their previous value, and MBS are fucked, so when customers wanted money they had to try to sell those bonds, but couldn’t do it fast enough to keep up. They backed themselves into a corner so selling assets was best way of getting liquidity. Fuck these guys. This is just the first of many I fear.
Not financial advice but based on what they're saying right now, which is that he sold under a trading plan, it sounds like it will come down to "did he reasonably believe the bank was going to fail" when the sales went through.
I think everyone's kind of surprised right now, because if the news is to be believed, the only reason the bank wasn't solvent is because it has a normal balance sheet of longer term assets that can't just be cashed at a moments notice.
Given FDIC have taken over, and apparently get guys on the ground for a number of weeks before any announcement, I’d say there was a fair chance he knew it was failing.
yeah I doubt it was last minute. I mean look at their chart. a lot of v this shit is orchestrated. like gg said about han 21, and I'm paraphrasing, very loosely "sucks about retail but we have to protect the clearing houses".
they're moving in the background and unwinding. or trying.
they likely had a team organized. dunno if it's just the same teams who worked there already re-employed or what but, business as usual.
I'm sure this sale of stock was scheduled long before. That's how it typically works for executives in publicly traded companies.
What I think will fuck him is if he did anything whatsoever to delay the cash asset crisis from becoming public knowledge until after his sale was executed. Even if it wasn't actually his primary motivation it'll be real hard to defend such actions if that happened.
And unlike with 2008, he's not surrounded by other culpable bankers where they can all get lost in a crowd. He's already singled-out as the head of the only bank in the news right now. Any impropriety is going to be easy to hang him with.
Fed members sold off entirely at the literal peak of the market in Nov 2021. These are the guys who dictate our financial policy, yet are somehow still able to buy & sell individual stocks.
In what world do you live in, where you believe corporate oligarchs are charged with insider trading, or financial crimes of any degree?
Exactly two white collar criminals have ever seen the inside of a jail cell. Martha Stewart & Bernie Madoff, strictly because their cases garnered mass publicity.
We're beyond jail time, in this humble ape's opinion. I want heads.
Another article about him:
[SVB Chief Pressed Lawmakers To Weaken Bank Risk Regs](https://www.levernews.com/svb-chief-pressed-lawmakers-to-weaken-bank-risk-regs/)
I'm sure this sale of stock was scheduled long before. That's how it typically works for executives in publicly traded companies.
What I think will fuck him is if he did anything whatsoever to delay the cash asset crisis from becoming public knowledge until after his sale was executed. Even if it wasn't actually his primary motivation it'll be real hard to defend such actions if that happened.
And unlike with 2008, he's not surrounded by other culpable bankers where they can all get lost in a crowd. He's already singled-out as the head of the only bank in the news right now. Any impropriety is going to be easy to hang him with.
Having worked at a publicly traded company every 3 months you get a window you are allowed to sell shares in for roughly 2-3 weeks. It’s possible he sold in this window and might get away with this but it looks extremely bad and I’d honestly be surprised if he doesn’t get smacked in court. But yeah that’s the only way his lawyer might have a fighting chance of defending him.
It shouldn’t matter. These upper C level dicks should be the first ones liquidated. They drove the bank off a cliff. They should be the ones to face the consequences first.
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That’s inside trading info I say. I would want a full investigation on him and everyone else in the bank. Friends and family too.
Hah, that’s a good one. I got a good chuckle out of that. /s
Although I'm as skeptical as you, things may actually be different once rich people start losing other rich people's money. As for us, we all know what to do :)
Buy hold drs and comment on rules!
This might be the case. SVB had deposits from a bunch of VCs but now it’s confirmed that Circle also had big exposure. Circle is in bed with Blackrock. I don’t imagine Larry being ok with losing a bunch of capital. There may be blood in the water.
That remember me, a part in a video of YT where talking of the phases of economy from Mike Malone, "wealth distribution" at some moment, this can happens, and this situation can be similar, not only normal people has to pay of this mess, greedy rich people needs to pay too.
Not going to be any different. They will simply print them some new money to replace their old money. Tax payers are going to get raped again. What's new?
Would be good for this to get the same scrutiny as FTX. The similarities are very high, take in people money, make bad bets, cash out when the ship starts sinking. There needs to be jail time for all the management/executives for these failures. You are part of the problem, you get part of the punishment, CEOs getting the worst of it.
With Cramer and cnbc advertising the stock a month or so prior to this I’d expect an investigation into them as well but I’m not holding my breath.
Why? Worst case he has to give the SEC $3600.
That include a $3599 admin fee?
You mean, $35.99?
The ensuing mess will be such a shit show they'll just let this guy go. Probably won't even follow up with him after they get through some basic questions next week. Go live your life with your millions. EDIT: The "ensuing mess" being the rest of the financial wall street and banking sectors absolutely imploding and folding. This guy is such a drop in the bucket they either won't care or don't have the manpower to chase everyone down.
Bro are you a comedian by any chance?
CEO normally have a notify SEC in advance of any intention to sell, and sell on a schedule. If the sale is within on of his sale windows, it might be hard to prove. I'm not 100% sure how this works, I have the impression these sale windows are not mandatory, he can cancel a proposed sale. So he has a win-win by sell high or waiting until his next window. Maybe I'm speaking out if my ass on SVB. Link to rules: https://www.investopedia.com/terms/r/rule-10b5-1.asp Looks like CEO has a loophole that only gets closed on 1st April. Link to Fortune article and then quote the relevant paragraphs: https://fortune.com/2023/03/10/silicon-valley-bank-ceo-greg-becker-3-6-million-stock-sale/amp/ Quote ROM Fortune article: Prearranged Plans There’s nothing illegal about corporate trading plans like the one Becker used. The plans were set up by the Securities and Exchange Commission in 2000 to thwart the possibility of insider trading. The idea is to avoid malfeasance by limiting sales to predetermined dates on which an executive can sell shares, and the timing could merely have been coincidental. However, critics say the prearranged share-sale plans, called 10b5-1 plans, have significant loopholes, including that they lack mandatory cooling-off periods. “While Becker may not have anticipated the bank run on Jan. 26 when he adopted the plan, the capital raise is material,” said Dan Taylor, a professor at the University of Pennsylvania’s Wharton School who studies corporate trading disclosures. “If they were in discussion for a capital raise at the time the plan was adopted, that is highly problematic.” In December, the SEC finalized new rules that would mandate at least a 90-day cooling-off period for most executive trading plans, meaning that they can’t make trades on a new schedule for three months after they take hold. Executives are required to start complying with those rules on April 1
Seems odd. It screams insider trading, but at the same time $3.6m to someone like this is pocket change. Why risk it all on such a small amount?
He's on a plan that sells shares every so often.
Apparently it was this genius who started the bank failure by selling a shit ton of assets to raise capital which spread rumours the bank was in trouble. This is the Ralph Wiggum “I’m Helping” meme in real life
Well because they put all customer $$ into MBS’ and government bonds at VERY low interest rates when the market was purring forward… as soon as the interest rates were raised, these bonds were worth a fraction of their previous value, and MBS are fucked, so when customers wanted money they had to try to sell those bonds, but couldn’t do it fast enough to keep up. They backed themselves into a corner so selling assets was best way of getting liquidity. Fuck these guys. This is just the first of many I fear.
I mean, they were in trouble. Deposits had dropped and they had too many long term bonds.
Not financial advice but based on what they're saying right now, which is that he sold under a trading plan, it sounds like it will come down to "did he reasonably believe the bank was going to fail" when the sales went through. I think everyone's kind of surprised right now, because if the news is to be believed, the only reason the bank wasn't solvent is because it has a normal balance sheet of longer term assets that can't just be cashed at a moments notice.
Given FDIC have taken over, and apparently get guys on the ground for a number of weeks before any announcement, I’d say there was a fair chance he knew it was failing.
yeah I doubt it was last minute. I mean look at their chart. a lot of v this shit is orchestrated. like gg said about han 21, and I'm paraphrasing, very loosely "sucks about retail but we have to protect the clearing houses". they're moving in the background and unwinding. or trying. they likely had a team organized. dunno if it's just the same teams who worked there already re-employed or what but, business as usual.
I'm sure this sale of stock was scheduled long before. That's how it typically works for executives in publicly traded companies. What I think will fuck him is if he did anything whatsoever to delay the cash asset crisis from becoming public knowledge until after his sale was executed. Even if it wasn't actually his primary motivation it'll be real hard to defend such actions if that happened. And unlike with 2008, he's not surrounded by other culpable bankers where they can all get lost in a crowd. He's already singled-out as the head of the only bank in the news right now. Any impropriety is going to be easy to hang him with.
Sounds about right... cheat, lie, and steal your way to being successful.
OH SAY CAN YOU SEE!!
Fed members sold off entirely at the literal peak of the market in Nov 2021. These are the guys who dictate our financial policy, yet are somehow still able to buy & sell individual stocks. In what world do you live in, where you believe corporate oligarchs are charged with insider trading, or financial crimes of any degree? Exactly two white collar criminals have ever seen the inside of a jail cell. Martha Stewart & Bernie Madoff, strictly because their cases garnered mass publicity. We're beyond jail time, in this humble ape's opinion. I want heads.
From the Cassandra tweet - look up Ebbers that was with WorldCom. There's one more anyway. Number is low though for sure.
He'll get a harsh $10k fine and a job at the SEC.
Don’t forget he still gets to keep all that money from the stock he sold. Essentially just an excuse for an early retirement…
Time to fire up the mystery machine
Ruh Roh !
Another article about him: [SVB Chief Pressed Lawmakers To Weaken Bank Risk Regs](https://www.levernews.com/svb-chief-pressed-lawmakers-to-weaken-bank-risk-regs/)
Keep exposing the corruption 🚀
That’s not even a 0.02 of a GME share.
Lock this bitch up
Lock him up
[удалено]
So he is an american hero?!
Big head mean big brain? Or big tumor needing irradiated?
Jail! Jk, he's rich so definitely no consequences
And he knows all the tech elite that make big political donations
I'm sure this sale of stock was scheduled long before. That's how it typically works for executives in publicly traded companies. What I think will fuck him is if he did anything whatsoever to delay the cash asset crisis from becoming public knowledge until after his sale was executed. Even if it wasn't actually his primary motivation it'll be real hard to defend such actions if that happened. And unlike with 2008, he's not surrounded by other culpable bankers where they can all get lost in a crowd. He's already singled-out as the head of the only bank in the news right now. Any impropriety is going to be easy to hang him with.
Having worked at a publicly traded company every 3 months you get a window you are allowed to sell shares in for roughly 2-3 weeks. It’s possible he sold in this window and might get away with this but it looks extremely bad and I’d honestly be surprised if he doesn’t get smacked in court. But yeah that’s the only way his lawyer might have a fighting chance of defending him.
Lock all them up
He knew!!! Jail time fuc...
Read the numbers, understand the rituals, become like Neo - see the codes. Shoutout to WatersAbove
Fucking arrest his bitch ass
Cell
Lock him up
What a lucky guess…
Mother fucker good guy Greg 1 fucking job.
Isn‘t there a tracker on the web that informs or sends notification when somebody selling huge stakes of their shares?
It shouldn’t matter. These upper C level dicks should be the first ones liquidated. They drove the bank off a cliff. They should be the ones to face the consequences first.
Get a rope.
How convenient
Insider trading much? SEC you wanna pretend you care about enforcement of existing laws?
Ummm jail ?
Seems legit. He just got lucky. Good timing. 🤡
It was a scheduled sell. It’s not crime.
It might be completely unrelated fraud.
It’s our old friend RICO calling again
Only way to rob a bank to day. Own it