The former bigshot of Silicon Valley Bank, who ran the place when it collapsed, was spotted living it up in Hawaii -- while his former colleagues try to clean up the mess he left behind.
Greg Becker and his wife were seen living in luxury in their $3.1 million Maui townhouse, just days after Becker left his role as CEO of SVB. The photos obtained by the Daily Mail show that the rich and famous couple is enjoying their chauffer-driven limo, first-class tickets, gated community with a tennis court, three surf breaks, three swimming pools, and a clubhouse. Talk about living high on the hog!
Becker is under investigation by the Justice Department for selling his stocks right before the bank went under. He cashed in 12,500 shares for almost $3.5 million, just two weeks before the collapse. Not good!
The ex-boss is also being sued by shareholders for hiding the fact that SVB was “particularly susceptible” to a bank run.
Despite that bad news, Treasury Secretary Janet Yellen reassured lawmakers that the US banking system is still in stable condition.