SVB insider says employees are angry with CEO
They're mad at the match, but they aren't mad at the powderkeg.<p>SVB didn't have a Chief Risk Officer from April 2022 through January 2023. They were flying blind. While the Fed raised interest rates, the bank seemingly moved forward without any risk assessments.<p>A new Chief Risk Officer was named in January 2023. The top insiders then sold tons of shares in February, suggesting that they all realized something was wrong. In the next public report on March 8th at 4pm, they announce a capital raise to offset their now booked losses. This sets off a bank run on March 9th. And the rest is history.<p>-----------<p>Maybe instead of blaming the bank run on March 9th (the lit match), they need to focus more on the 10+ months of poor risk assessments and blatant insider-trading in February (suggesting that the higher-ups discovered the issue and acted upon it for personal financial gains).<p>--------------<p>Sure, the email / press release on March 8th was poorly written. So poorly written it set off a bankrun. The CEO deserves some of the blame here for such shoddy writing that set off the stampede.<p>But that wasn't the issue. The issue was all the "dry powder" that the bank accumulated over the past year.