The former chief executive of Silicon Valley Bank plans to apologize before a Senate committee Tuesday, writing in prepared testimony that he believes no bank could have survived the run that gutted SVB in early March
“I never envisioned myself or SVB being in this situation,” former CEO Greg Becker writes, adding that he is “truly sorry for how this has impacted SVB’s employees, clients, and shareholders.” Becker is scheduled to testify at 10 a.m. ET Tuesday alongside two former executives of Signature Bank, which collapsed two days after SVB. Regulators were forced to take over both lenders after depositors rushed to withdraw their funds at once.
He says inaccurate comparisons to Silvergate, a crypto lender that announced its liquidation days before SVB failed, helped fuel “an unprecedented bank run.” “By the end of the day on March 9, $42 billion in deposits were withdrawn from SVB in 10 hours, or roughly $1 million every second,” Becker writes.
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