The former CEO of Silicon Valley Bank who sat at the helm of the financial intuition when it collapsed was spotted sauntering in Hawaii Wednesday — as his former colleagues scramble to pick up the pieces.
Greg Becker and wife Marilyn Bautista fled to their $3.1 million Maui townhouse just days after Becker, who was CEO of SVB since 2011, left the firm, photos taken by the Daily Mail show.
Despite his change in employment status, Becker seemed unconcerned with cash as the couple enjoyed a chauffeur-driven limo ride to San Francisco Airport Monday and first-class tickets to their island paradise, the outlet reported.
The former boss sported shorts and flip-flops on a stroll through Lahaina, where his custom-designed two-story home lies within a gated community outfitted with a tennis court, three surf breaks, three swimming pools and a clubhouse.
Becker did hide in the car at one point while Bautista picked up their lunch from Cheeseburger in Paradise.
Becker has fallen under intense criticism for the way he handled the bank’s demise and is even under investigation by the Justice Department for selling stocks just before SVB went under.
The ex-CEO cashed in 12,500 shares for nearly $3.5 million just two weeks before the firm went under.
He and CFO Daniel Beck are also being sued by SVB shareholders for allegedly concealing the fact that rising interest rates left the firm “particularly susceptible” to a bank run.
SVB’s collapse last week sent widespread panic that other banks could follow suit.
On Thursday, Goldman Sachs raised its probability of the US economy entering a recession in the next 12 months by 10 percentage points to 35%, citing the stress on small banks.
Treasury Secretary Janet Yellen, however, reassured lawmakers that the US banking system is in stable condition.
“I can reassure the members of the Committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them,” Yellen said Thursday.
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