Former SVB CEO Tells Senate He Is ‘Truly Sorry’ for Collapse but Deflects Blame

In his first public remarks since Silicon Valley Bank collapsed, triggering widespread industry turmoil, the lender’s former chief executive pointed the finger at pretty much everybody but himself for the lender’s demise, casting blame on regulators, the media, his board of directors and even the bank’s own depositors.

Gregory Becker, who was fired from SVB shortly after its March failure, earned bipartisan derision on Tuesday for his explanations during testimony with the Senate Banking Committee. Though Mr. Becker repeatedly said that SVB’s unwinding was caused by unforeseeable circumstances, senators took a sharper view of his decision making.

“It was bone-deep, down-to-the-marrow stupidity,” Senator John Kennedy, Republican of Louisiana, told him.

SVB’s collapse two months ago has prompted criticism from all corners. The San Francisco lender, with a high concentration of clients in the technology and venture capital industries, unraveled after a bank run that lasted…

Continue Reading →

This article was written by Rob Copeland and originally published on