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In his first public appearance since SVB’s collapse, former CEO Greg Becker is asked to defend trip to Hawaii and whether he’ll forfeit $1.5 million bonus

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In his first public appearance since SVB’s collapse, former CEO Greg Becker is asked to defend trip to Hawaii and whether he’ll forfeit $1.5 million bonus


There were plenty of people in the room on Tuesday during the Senate hearing about bank failures who agreed that former SVB CEO Greg Becker was to blame for SVB’s failures, but Becker sure did not seem to be one of them.

Bipartisan fire was directed at Becker and two executives from Signature bank as senators questioned the executives about their decision making leading up to the bank runs in mid-March. Becker reiterated that he believed there was a unique amalgamation of factors including rising interest rates and media attention on the bank. Becker, when asked, didn’t pinpoint any specific decision he would make differently looking back. 

On March 9, $42 billion in deposits were withdrawn in a single day from SVB after it became clear that the bank had suffered huge unrealized losses in its loan portfolio due to rising interest rates. Becker argued that the bank run was the central root cause of the bank’s failure. “I do not believe that any bank could survive a bank run of that velocity and magnitude,” Becker said.

During the two hour hearing, Becker explained that he partially blamed the media for its coverage of SVB and said that a herd mentality set off a bank fun that ultimately led to the bank’s demise. “Silvergate’s failure and the link to SVB caused rumors and misconceptions to spread quickly online, leading to the start of what would become an unprecedented bank run,” Becker explained.

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Yet the senators pushed him to acknowledge that executive mismanagement was a factor in SVB’s failure. “It’s hard to believe a 30 year bank executive and CEO for 12 years should have needed a roadmap from the regulators to define the obvious problems that needed to be fixed and weren’t,” said Sen. Sherrod Brown of Ohio, who is the chairman of the Senate banking Committee. In response to questions about why SVB lacked a chief risk officer in the eight months before the bank run, Becker argued that they were in the midst of a search for a qualified candidate. He acknowledged that regulators had pointed out flaws in SVB’s balance sheet, but said that he was in the process of working with regulators when the bank run happened. “[I] strongly believe that the leadership team and I made the best decisions we could with the facts, forecasts and outside expert advice available to us at the time,” he explained. “I believe we were responsive to the regulator’s feedback,” he added.

Becker was also put on the hot seat regarding executive compensation. He earned nearly $10 million in 2022, although he explained it was part of a compensation package that would have been paid out over a few years, and added that much of his compensation was held in stock that was wiped out. Sen. John Kennedy of Louisiana accused Becker of neglecting to reorganize its loan portfolio to adjust for rising interest rates because it would have lowered Becker’s bonus. Becker denied these claims, arguing his compensation package was long term. Multiple senators asked Becker if he was keeping his $1.5 million bonus he received in 2022, to which he said he would comply with regulators if they seized the bonus. Becker denied that he acted on non-public information when he cashed out some of his stock options in the weeks before SVB fell.

Senators seized on the sentiment that similar to the 2008 financial crisis, big banks were bailed out while working class Americans bore the brunt of executives failures. In a tense exchange. Sen. Raphael Warnock of Georgia asked Becker if he considered “ordinary folks” when conducting his business at the bank. “They don’t they don’t have the high class problem of $10 million over a few years, did you consider them when you were making your decisions?” Warnock asked. 

While Becker said he took responsibility for the bank’s failures, senators were clearly frustrated that he could not point to a fatal wrong decision on his own part. Senators brought up a trip to Hawaii Becker took after the bank run and Sen. John Fetterman asked Becker whether he thinks the same policies that apply to working class Americans should apply to him. “Shouldn’t you have a working requirement after we bail out your bank? Republicans seem to be more preoccupied with SNAP requirements for hungry people than protecting taxpayers that have to bail out these banks,” Fetterman said at the end of the hearing, to which Becker did not reply.

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Hawaii

Hawaii Adopts Fines For Excise, Rental Tax Reporting Failures – Law360 Tax Authority

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Hawaii Adopts Fines For Excise, Rental Tax Reporting Failures – Law360 Tax Authority


By Zak Kostro · June 25, 2024, 6:57 PM EDT

Hawaii will impose fines for failures to comply with the reporting requirements of the state’s general excise tax and transient accommodations tax laws as part of a bill signed by the…

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California mother is arrested for confronting drag queens at Hawaii hotel over ‘inappropriate’ Pride show

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California mother is arrested for confronting drag queens at Hawaii hotel over ‘inappropriate’ Pride show


A University of California Davis employee was briefly detained after she was seen aggressively confronting drag performers at a resort in Hawaii.

Beth Bourne, a program director at UC Davis’ Institute of Transportation Studies, was filmed raging at drag queens after she spotted them at the Alohilani Resort in Waikīkī, where they were to perform for a pride event.

Bourne, who is a leader for the conservative group Moms for Liberty, became enraged after she spotted the drag queens in the lobby, and accused the hotel of failing to provide a safe environment for her son.

Beth Bourne, a program director at UC Davis’ Institute of Transportation Studies, was filmed raging at drag queens after she spotted them at the Alohilani Resort in Waikīkī

‘I’m sorry but I paid to be a customer at a hotel where I thought you believe that women were for real,’ the activist yelled as she held her phone up to record the drag queens.

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‘Because you put on make-up, you’re wearing high heels, you have a Barbie outfit on – you don’t think this is degrading.

She added: ‘This is misogyny… if you give me back my money right now, I will leave the hotel, but I’m not going to have my children come down from the 30th floor and see what’s happening here.’

Bourne then asked the performers their names, saying she wants to know who they are as a hotel employee attempts to escort her away.

‘Are you a man?’ she asked one of them. ‘What do you think about my son who might think that he can put on make-up and fancy clothing and high heels and have his penis cut off and take estrogen so he can grow fake boobs?’ 

One of the performers, who goes by Marina Del Rey, shared video of the incident on social media, saying Bourne attacked his group.

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One of the performers, who goes by Marina Del Rey, shared video of the incident on social media, saying Bourne attacked his group

One of the performers, who goes by Marina Del Rey, shared video of the incident on social media, saying Bourne attacked his group

He said on Instagram: ‘There was prior dialog from her ahead of what I filmed and ultimately she was taken off the property by the police.

‘I would like to say a huge THANK U to the resort for your care and concerns during and after, to all of us…. those within witness – guest or staff – many extended compassion of which I’m very very grateful…

‘We are all okay. A little shook & saddened but grateful to the people we were in the company of and everyone who reached out. and still keeping faith in humanity.’

Marina Del Rey explained the group was in the lobby to film a video that saw them playing roles as hotel staff.

‘This woman saw us filming and came to a slow burn and then she popped off. Her rant went on and on – possibly with the attempt to get a riled angered response,’ the performer added.

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Bourne became an anti-trans activist following the rupture of her relationship with her nonbinary eldest of two child

Bourne became an anti-trans activist following the rupture of her relationship with her nonbinary eldest of two child

DailyMail.com has reached out to UC Davis and the Alohilani Resort for comment on this story.

Many social media users have demanded that Bourne be fired from UC Davis following her recorded actions.

Elaine Vinton said on Facebook: ‘To all of my CA friends, I am urging you to contact UC Davis Human Resources, and lodge a complaint for their employment of Beth Bourne, the chairwoman of Moms For Liberty, Davis CA. 

‘She is harassing students and staff, quoting UC Davis’s practice of cutting of the penises of male children, among other practices. She is an unhinged bigot threatening the LGBTQ+ Community. Please make a call!’

Bourne is a controversial figure and claims without evidence on her social media accounts that ‘1/22 kids is trans’ at UC Davis.

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Responding to the video on X, Bourne wrote: ‘I am not okay with children being exposed to drag queens. 

The performers were at the hotel to participate in a brunch for Pride month

The performers were at the hotel to participate in a brunch for Pride month

‘Several other Alohilani hotel guests told me they also found it offensive so I spoke up to the manager yesterday. I was briefly detained by police, refunded my hotel charges, and have no regrets for speaking up. 

‘If we can be heard, this will end.’

Bourne became an anti-trans activist following the rupture of her relationship with her nonbinary eldest of two child.

Lily, 18, came out as nonbinary five years ago, moving out of Bourne’s home in their junior year of high school after clashes over their gender identity, as reported by The Sacramento Bee. 

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'Pirates Of The Caribbean' actor killed in Hawaii shark attack

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'Pirates Of The Caribbean' actor killed in Hawaii shark attack


A Hawaiian surfer who also acted on TV and in movies including Johnny Depp’s Pirates Of The Caribbean has died in a shark attack, authorities said.

Tamayo Perry, 49, died on Sunday at Malaekahana Beach on Oahu, moments after the encounter.

Perry played a buccaneer in the fourth installment of the popular swashbuckling franchise, Pirates Of The Caribbean: On Stranger Tides.

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He also appeared in the re-boot of Hawaii Five-O and in cult TV series Lost, which was largely filmed on the US archipelago, as well as in the 2002 surf movie Blue Crush.

In addition to his big and small screen appearances, Perry was a lifeguard and professional surfer who was well known in the local community.

In this undated image released by Christa Funk, shows well-known Hawaii lifeguard Tamayo Perry pipeline surfing. Photo: AP

Honolulu acting Ocean Safety chief Kurt Lager said as a lifeguard, Perry was “loved by all” on Oahu’s north shore.

“Tamayo’s personality was infectious, and as much as people loved him, he loved everyone else more,” he said.

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Honolulu Mayor Rick Blangiardi told a press conference on Sunday that Perry’s death was “tragic.”

“Tamayo was a legendary waterman and highly respected. (He) grew up right over here, and just a great member of our ocean safety team.” – AFP



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