Silicon Valley Bank CEO slammed by senator for 'really stupid bet'
Senators from both major parties sharply criticized the Silicon Valley Bank CEO in a hearing on Tuesday. Senators from both parties slammed former Silicon Valley Bank CEO Greg Becker at a hearing on Tuesday, accusing him of mismanagement that they say was fueled by short-term profits and the millions he stood to gain in compensation. In a particularly heated exchange, Sen. John Kennedy, R-La., excoriated Becker over the bank's failure to protect itself against the vulnerability of large holdings in Treasury and mortgage bonds. As the Fed aggressively raised interest rates over the past year, the spike dropped the value of those bonds and punched a hole in the bank's balance sheet. "Mr. Becker, you made a really stupid bet that went bad," Kennedy said. "You had all of your eggs in one basket." In response, Becker cited an "unprecedented" bank run driven by depositor panic on social media that spurred the withdrawal of about $42 billion in a matte...