Senator John Kennedy Tells Gregory Becker He Did A Stupid Mistake

Silicon Valley Bank's former CEO, Gregory Becker, faced criticism and derision from senators during a hearing about the bank's failure. Becker deflected blame onto regulators, the media, the board of directors, and depositors, but senators were not convinced. The bank collapsed after a brief bank run and the purchase of government bonds, which dropped in value due to rising interest rates. SVB had a high number of uninsured accounts, making it vulnerable to a bank run. Becker claimed he was working with regulators to stabilize the bank but failed to identify any personal mistakes. The Federal Reserve partly blamed itself but also criticized the bank's leaders for taking excessive risks. Democrats are pushing for increased bank regulation, while some Republicans argue that existing regulations need better enforcement. Questions about Becker's pay and bonuses were raised, with senators questioning their fairness and ethics.
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