The former CEO of Silicon Valley Bank, Greg Becker, has fled to his luxurious $3.1 million Maui townhouse after his bank collapsed. Becker’s former colleagues are left to deal with the aftermath of the second-largest bank failure in American history while he lounges on a paradise island. Though he left the firm, Becker, 52, seemed unfazed as he enjoyed a chauffeur-driven limo ride to San Francisco Airport and first-class tickets to paradise. His elitist mindset and behavior are nothing new in the swamp that is Silicon Valley. With a company like SVB that had the wrong models to assess how their institution would absorb rate hikes, it’s no wonder his arrogant and reckless approach to banking led to the bank’s demise.
— NDTV News feed (@ndtvfeed) March 17, 2023
It’s concerning that taxpayers will be the ones left with the bill for SVB’s risky investments. The Fed knew about the bank’s practices and warned SVB to change its approach. Despite its supervisory review, SVB continued its boneheaded approach to banking, and now, we the people are responsible for covering all depositors over $250,000. This type of irresponsible behavior by elite bankers is unacceptable and turns a blind eye to the consequences of their actions.
It’s clear that those at the top think they are above the law, rig the system, and play by a separate set of rules. And people wonder how Donald Trump was elected president? It’s because the American people are fed up with the sheer arrogance and recklessness of elitist bankers like Greg Becker. When push comes to shove, they are only looking out for themselves and their bottom line. It’s time to hold them accountable for the damage they have caused to American taxpayers and the economy.