[Red State] As RedState’s Joe Cunningham reported, Silicon Valley Bank (SVB) was taken over and shut down by federal regulators Friday in one of the biggest financial failures in history, and the largest since the Global Financial Crisis of 2008. The bank’s collapse sent stocks tumbling and ignited worries about "contagion"—in other words, more bank failures.Multiple reports describe people lining up outside SVB branches hoping to get their money out; the NYPD was even dispatched in New York City to calm things down.
But now the plot thickens, as Fortune reports:
Silicon Valley Bank Chief Executive Officer Greg Becker sold $3.6 million of company stock under a trading plan less than two weeks before the firm disclosed extensive losses that led to its failure.
The sale of 12,451 shares on Feb. 27 was the first time in more than a year that Becker had sold shares in parent company SVB Financial Group, according to regulatory filings. He filed the plan that allowed him to sell the shares on Jan. 26.