The employees of Silicon Valley Bank were given their annual bonuses just hours before the bank collapsed and was taken over by regulators.
The bank is used by numerous startups and tech companies in Silicon Valley, and the largest bank to fail since Washington Mutual in 2008.
We learned that the top executives at the bank sold their stock weeks before the crash. If it was done based on insider information, then it is illegal.
CNBC reported yesterday that hours before the bank collapsed, the bank paid its employees their annual bonuses:
Silicon Valley Bank employees received their annual bonuses Friday just hours before regulators seized the failing bank, according to people with knowledge of the payments.
The Santa Clara, California-based bank has historically paid employee bonuses on the second Friday of March, said the people, who declined to be identified speaking about the awards. The payments were for work done in 2022 and had been in process days before the bank’s collapse, the sources said.
