The Justice Department and Securities and Exchange Commission investigations spotlight the misconduct highlighted by a new lawsuit brought against Silicon Valley Bank head, Greg Becker, over his suspicious financial moves before SVB collapse. Francesca Fiorentini and Jayar Jackson break it down on The Damage Report.
Read more here:
SEC and Justice Dept. look into Silicon Valley Bank collapse – https://www.washingtonpost.com/business/2023/03/14/justice-dept-investigating-silicon-valley-bank-collapse/
“The Justice Department and Securities and Exchange Commission have opened investigations into the collapse of Silicon Valley Bank — the second-largest bank failure in U.S. history — and the actions of its senior executives, according to two people familiar with the matter who spoke on the condition of anonymity to describe the early-stage investigations.
Financial regulators closed the bank, popular among tech firms and start-ups, last week after a run on deposits, then another regional bank, New York-based Signature, on Sunday.
The twin failures sent shocks through investment markets and Congress, as the banking sector grapples with its first major scare since the 2008 financial crisis. After the Great Recession, lawmakers stiffened rules around asset-to-equity ratios and imposed harsh restrictions on the bets financial institutions could make with depositor dollars.”
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