DOJ Opens Investigation Into Silicon Valley Bank

The Washington Post reports:

The Justice Department has opened an investigation into the collapse of Silicon Valley Bank and the actions of its senior executives, according to a person familiar with the matter who spoke on the condition of anonymity to describe an investigation still in its early stages.

Financial regulators closed the bank, popular among tech firms and start-ups, last week after a run on deposits.

Late in February, as the bank’s downward trend intensified, a trust belonging to its chief executive Greg Becker sold $3.6 million in shares, according to SEC filings. Becker was among a chorus of financial institution executives who pressed Congress in 2018 to loosen financial regulations enacted after the 2008 Great Recession.

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