Ex-Silicon Valley Bank CEO Greg Becker jets to Hawaii after collapse

The previous CEO of Silicon Valley Financial institution who sat on the helm of the monetary instinct when it collapsed was noticed sauntering in Hawaii Wednesday — as his former colleagues scramble to select up the items.

Greg Becker and spouse Marilyn Bautista fled to their $3.1 million Maui townhouse simply days after Becker, who was CEO of SVB since 2011, left the agency, photographs taken by the Each day Mail present.

Regardless of his change in employment standing, Becker appeared unconcerned with money because the couple loved a chauffeur-driven limo experience to San Francisco Airport Monday and first-class tickets to their island paradise, the outlet reported.

The previous boss sported shorts and flip-flops on a stroll by Lahaina, the place his custom-designed two-story house lies inside a gated group outfitted with a tennis court docket, three surf breaks, three swimming swimming pools and a clubhouse.

Becker did conceal within the automotive at one level whereas Bautista picked up their lunch from Cheeseburger in Paradise.

Becker has fallen beneath intense criticism for the best way he dealt with the financial institution’s demise and is even beneath investigation by the Justice Division for promoting shares simply earlier than SVB went beneath.

The ex-CEO cashed in 12,500 shares for almost $3.5 million simply two weeks earlier than the agency went beneath.

He and CFO Daniel Beck are additionally being sued by SVB shareholders for allegedly concealing the truth that rising rates of interest left the agency “notably prone” to a financial institution run.

SVB’s collapse final week despatched widespread panic that different banks might comply with go well with.

On Thursday, Goldman Sachs raised its chance of the US financial system getting into a recession within the subsequent 12 months by 10 share factors to 35%, citing the stress on small banks.

Treasury Secretary Janet Yellen, nonetheless, reassured lawmakers that the US banking system is in steady situation.

“I can reassure the members of the Committee that our banking system stays sound, and that People can really feel assured that their deposits shall be there after they want them,” Yellen stated Thursday.