Robert ReichGary Becker, CEO of the Silicon Valley Bank that failed Friday, sold $3.6 million of his own shares in the bank Thursday.
TDonoval@rbreich insider trading? 🤔
Dana Woodman 
@rbreich correct me if I'm wrong but wasn't this a pre-planned sale filed with the SEC?
Not that these corporate CEOs aren't culpable but the details are important.
Greg Clarke 🇨🇦 
@danawoodman @rbreich it sounds like he insider bankrupted as opposed to insider traded. I'm sure the CEO had the power to delay the bankruptcy by a few days or weeks to ensure his prearranged trades went through.
Art Saves Us AllJust in time.
Slurmdog Millionaire@rbreich Bloomberg ref because this sounds too evil to be real
https://finance.yahoo.com/news/svb-chief-sold-3-6-233758987.html
Alans5502@rbreich Barrons reports that a trade of that number of shares was made two weeks ago. Options expiry or foreknowledge???
JenX@rbreich Peter Thiel’s Founder’s Fund withdrew all of its cash from SVB before its collapse. “The fund had no cash in with SVB by Thursday morning, Bloomberg reported.” https://www.businessinsider.in/tech/news/peter-thiels-founders-fund-got-its-cash-out-of-silicon-valley-bank-before-it-was-shut-down-report-says/articleshow/98567263.cms
IncognitimFry Shocked GIF - Fry Shocked Futurama - Discover & Share GIFs
Click to view the GIF
Unprecedented 2023
Vote to Save Us All@JenX @rbreich @DemocracyMattersALot No justice unless this douche does time for acting on the news and starting the run.
author_is_ShrikeTron🔠💉x5
Mark Taylor@rbreich Hello DOJ
OtownKim@marktaylor @rbreich 😂😂😂😂. They are in on it.
Vincent St. Pierre 🇨🇦@rbreich Hm.
Doesn't regulations share that he needs to disclose this, well-ahead of time? I assume as such: and that probably means that his sale won't lead to charges or sanction.
-rb
Thomas H Jones II
Phil K@rbreich Oops! Who could have known!?
@rbreich Reminds me of the time George W Bush sold his shares in Arbusto Energy while he was on the audit committee of that company just before the company went bankrupt. That ‘sale’ was the source of W’s capital investment in the Texas Rangers. George H.W. Bush’s SEC was crickets re the Arbusto ‘sale’
Canadian Crone
One Dude. Opinions. All Mine.
Susan is Surfeited on Politics@rbreich Oh, yoo-hoo, FDIC? Claw-back time.
GillesdeChicago@rbreich that’s going to be a TRULY great story he tells the folks at SEC.
ごご@rbreich and this is why we need clawback laws
@rbreich the US oligarchy are above the law
Elric the damned@rbreich that used to be called stealing.
Russell 🏴🇺🇦🍉@rbreich Isn't insider trading illegal?
Nontechie Talk 
@rbreich Can we take a moment to appreciate the temperature of this #conversation?!
1) OP posts a fact.
2) Others
a) post additional facts.
b) opine about those facts.
3) No one rushes to judgment on the few facts that have been shared in this thread, recognizing that more facts are likely out there
4) No one goes off directing ad hominem attacks on others
5) People are hopeful a proper investigation will uncover more facts and weight them accordingly towards justice.
Loving the #Fediverse!
Richard@rbreich He'll be a Republican candidate for Senator soon.
Nathan Wierink@rbreich and who of his friends went short on the stock?
Paul Chambers🚧The sales were pursuant to a Rule 10b5-1 trading plan entered into by him effective January 26, 2023.
With it being such a new plan, I wonder if he was aware it was crumbling back then?
Rule 10b5-1 plans are supposed to trigger sales independent of current happenings, indifferent to insider information.
It's so recent, though.
The SEC Filings:
🔗 Gregory Becker: https://www.sec.gov/Archives/edgar/data/1259867/000156218023002056/xslF345X03/primarydocument.xml
🔗 Daniel Beck https://www.sec.gov/Archives/edgar/data/719739/000156218023002059/xslF345X03/primarydocument.xml
LAUREN
Lady Liberty 🗽@rbreich let’s call it what it is!! LEGAL CHEATING.
Nandor 🏳️🌈@rbreich Of course he did. And there will be no consequences.
thefathippy@rbreich
Phew! That was lucky 🤔
Phew! That was lucky 🤔
Jim Goodall@rbreich I'm sure he'll tell us it's totally unconnected... a complete fluke!
Al Mele@rbreich definitely NOT insider trading, nope nope nope - just a wild coincidence.
William HughesLooks like someone might have a deluxe suite reserved for them at Club Fed...
Midwest Bob@rbreich How old were the heads of the bank? Anyone over 50?
Olaf S Hutton
Steve Bellovin
Liz "Not A Convicted Felon" D.Just like the CEO of Enron.
Beryl@rbreich We are the victims.
Mellowkat@rbreich sounds about right.
Bruce Fulton@rbreich How bout that?
Dou@rbreich The greedy take their cash & run
Phillip Hallam-Baker
Mordko@rbreich Greg. You are confusing your Beckers. Gary was an economist
nanowiz@rbreich
And nothing will ever be done about it!
And nothing will ever be done about it!
James Glueck@rbreich prosecute this MFer DOJ don’t repeat the non response of 2009
Christopher Walker@rbreich Remember when Martha Stewart went to jail for insider trading that was about 100 times less egregious than this? Pepperidge Farm remembers.
@rbreich Rich people are apparently allowed to do insider trading.
@rbreich They're going to just shift focus back to blocking student-loan forgiveness because that's the "actual evil". 🤷🏻♀️🤦🏻♀️
wellactually@rbreich - -chaser - he was NOT the only c-level dumping stock in the last few weeks.
Paul Neilan
LAF and LOVE@rbreich Isn’t that “Insider Trading” ???