No, they use taxpayer's money to save taxpayers.
I'm fine with that as soon as we save taxpayer's money and punish those who triggered the accident and replace them by people who are paid by taxpayers money, under direct control of the state.
There is no sensible reason to want the state to own every bank; that means you're accepting a silly amount of risk and not diversifying your investments. What you want is a social wealth fund, not owning a random industry you don't like.
SVB’s CFO was previously the CFO at Lehman, so whether he still has his job today seems to have no impact on whether the revolving door will continue to open for him or anyone else there.
Although in this case he did do it again.
Insiders file 10b5-1 plans with their brokers well in advance to automate the sale of their stock. It's very unlikely that the sales had anything to do with recent events.
The bankers sold most of the shares before it happened, because they knew it was coming.
Just shows that they knew even early SVB was fucked. I meant it was clear SVB was fucked since JPOW raised rates and SVB had dog shit assets on their HTM.
But instead of doing something they kept it afloat until they sold their shares which took about month to let it fail after they cashed out.
Right, that is the only reason why an insider would ever sell stock.
Here's the CEO's latest Form 4: https://www.sec.gov/Archives/edgar/data/719739/0001562180230...
He exercised stock options to keep his ownership roughly the same at about 26 Million USD. Wonder why he didn't cash that out.
> But instead of doing something they kept it afloat until they sold their shares which took about month to let it fail after they cashed
What should they have done? How did they manage to keep aflot? Why did they stop?
They're saving customers to a large extent, who could have done more diligence when choosing a bank, you could argue. But they still feel pain going through this process. And not saving them would have worse consequences for the entire system.