The CEO of the embattled Silicon Valley bank has finally spoken out after the institution’s collapse. In a heartfelt message to its customers and investors, Greg Becker poignantly said: “My Bad.”
SVB, which styled itself as “The financial partner of the innovation economy,” is wreaking havoc on the mental states of CFOs from some of the biggest names in tech.
The bank’s biggest customers and investors began to be concerned with the bank’s solvency after the Federal Reserve began to raise interest rates, coupled with the bank’s high exposure to government bonds but were urged not to worry. Though now we know they absolutely should have been worried.
But, despite the negative press he has received. Becker is taking it all in stride. He credits his calm demeanor to the fact that no matter how many families and individuals he puts in financial ruin because of his greet, he and his family will always be independently wealthy.
“My investments are in a good space, and so is my family, so I have much to be grateful for.”
The head of the Santa Clara headquarter bank followed up by saying that “there was no way to see this coming.” Becker did sell $3.6 million in the bank’s stock days before the bank’s failure but is chalking that up to coincidence. “I was just lucky, I guess.”
The Federal government has said that the failed bank’s depositors would be made whole. President Biden said that taxpayer money would be used to bail out the bank, to which CEO Becker replied, “See, it all worked out. So chill.”