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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 .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On March 9, $42 billion in deposits were withdrawn in a single day from SVB after it became clear that the bank had suffered huge unrealized losses in its loan portfolio due to rising interest rates.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

A $16.5 Million Hawaiian Estate Completely Powered By Solar Energy

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A .5 Million Hawaiian Estate Completely Powered By Solar Energy


Kapalua, located on the northwestern tip of Maui, is one of Hawaii’s largest nature preserves and is home to many white-sand beaches, two marine sanctuaries, award-winning golf courses, restaurants, luxury hotels, and plenty of high-end real estate.

Now, one of Kapalua’s most prime pieces of real estate is coming to the market for $16.5 million. The owner is Victoria Caputo, who purchased the property with her late husband, Anthony Caputo, the former CEO of an internet security company. Caputo recently listed the home they shared, which is situated on a cliff’s edge overlooking Honokahua Bay and is near the Plantation Golf Course. The estate spans 2.65 acres and was completed in 2006 by H&S Architects and Webb Construction/Development with interiors by Hughes Design Group.

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There is a sprawling 8,252-square-foot main residence with six bedrooms and two bathrooms, as well as a guest house—the Ohana residence—that spans 1,025 square feet with two bedrooms and one bathroom. This one-of-a-kind generational estate is also complemented by an exclusive 1.18-acre easement that enhances privacy of the property. Replete with a modern design and finishes, the main residence has many elements of Hawaiian-inspired design, like Koa finishes, local stone, and teak wood. The home prioritizes indoor-outdoor living and nearly every room either connects to a terrace or patio or has picture-perfect ocean views. Other finishes include Venetian plastered walls, custom wood, and Berti Pavimenti Legno flooring. It’s outfitted with the latest tech, including a Control4 system, Lutron system, central air, and a media room with a 110-inch theater projector. The entire property is also powered by solar energy.

Upon entering through the double front doors, you’re met with a stone-lined foyer that continues through to the double-height great room. The living room has sliding glass doors that open to connect to a patio, as well as overhead windows that further flood the room with natural light. There’s a floor-to-ceiling stone fireplace, built-in shelving, Koa wood finishes on the ceiling, and three massive stone columns. A staircase leads to the second level, which is where most of the bedrooms are located. The primary suite is particularly impressive and has a private terrace perched above the backyard area. The second floor also has a screened-in lanai and a charming upstairs living space.

The sleek kitchen features a central eat-in island and prep area. The wood-clad kitchen, awash with natural light throughout the day, is outfitted with top-of-the-line amenities and views of the verdant landscaping. Off the kitchen is a formal dining room and living space with sliding pocket doors that open to the large patio. Other amenities include a gym, saltwater pool, hot tub, and 100 yards of lawn space. Near the main residence is the smaller guest cottage, called the Ohana residence, for family or friends. Not only are there two bedrooms and one bathroom, there’s a lanai, dedicated laundry area, garage, and exterior parking. In early January, Kapalua will host the PGA Sentry Golf Tournament, and residents will get incredible views of the golf tournament.

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4.3 magnitude quake rattles Hawaii Island; no tsunami threat

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4.3 magnitude quake rattles Hawaii Island; no tsunami threat


PAHALA (HawaiiNewsNow) – A 4.3 magnitude earthquake rattled residents in the Pahala area late Sunday night.

According to the U.S. Geological Survey, it happened around 11 p.m. on the southeastern flank of Mauna Loa.

Officials said there are no tsunami threats to the state.

However, residents who live near the area may feel aftershocks.

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Toddler nearly tumbles off 400-foot cliff while visiting the erupting Kilauea volcano in Hawaii on Christmas night

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Toddler nearly tumbles off 400-foot cliff while visiting the erupting Kilauea volcano in Hawaii on Christmas night


The National Park Service has warned people to be more careful when visiting the erupting Kīlauea volcano after a recent close call involving a family visiting the park.

According to a news release from NPS, the scary scene occurred Christmas night in a closed-off area beyond the safety barriers, which are set in place to help visitors avoid hazardous areas. 

While at the Kīlauea overlook, which provides the most dramatic views of the Kaluapele and Halemaʻumaʻu crater, a toddler wandered off from his family, according to the NPS.

The child ran straight toward the edge of a 400-foot cliff. The mother was able to snatch the toddler to safety before the child fell over the edge.

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“The hazards that coincide with an eruption are dangerous, and we have safety measures in place including closed areas, barriers, closure signs, and traffic management,” said Park Superintendent Rhonda Loh. “Your safety is our utmost concern, but we rely on everyone to recreate responsibility. National parks showcase nature’s splendor but they are not playgrounds.”

The Hawaii Island park attracts an uptick in visitors during an eruption, according to the NPS.

The National Park Service has warned people to be more careful when visiting the erupting Kīlauea volcano. ZUMAPRESS.com
A recent close call happened to a family visiting the park when a child ran straight toward the edge of a 400-foot cliff. AP
The mother was able to snatch the toddler to safety before the child fell over the edge. Derek Bitterman/ MEGA

In addition to the dangers of cliff edges and hazardous terrain, the increase in visitors to the area can escalate hazards. 

According to the USGS Hawaiian Volcano Observatory, the eruption began on Dec. 23.

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