DOJ & SEC are investigating the collapse of Silicon Valley Bank. While the probes may not lead to charges or allegations of misconduct, this is an action typical of prosecutors & regulators after financial institutions suffer large, unexpected losses.
While the probes may not lead to charges or allegations of misconduct, this is an action typical of prosecutors and regulators after financial institutions suffer large, unexpected losses. The agencies will investigate stock sales made by the company's financial's officers in the days leading up to the collapse. The Justice Department's fraud prosecutors in Washington and San Francisco are involved in the inquiry, as well, per the Washington Post.
Regulators stepped in on March 10 and shut the bank down, halting share trading and placing the company under the control of the Federal Deposit Insurance Corporation. Lawmakers have turned to blaming either the administrations of President Joe Biden or former President Donald Trump for the bank's collapse. During the Trump administration, the Senate passed an act that rolled back several policies under the Great Recession-era Dobb-Frank Act.
“You lobbied for weaker rules, got what you wanted, and used this opportunity to greedily and incompetently abdicate your basic responsibilities to your clients and the public – facilitating a near-economic disaster," Sen. Elizabeth Warren wrote in a letter to CEO Greg Becker.
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WSJ News Exclusive | Justice Department, SEC Investigating Silicon Valley Bank’s CollapseBreaking: The collapse of Silicon Valley Bank is under investigation by the Justice Department and SEC, including stock sales by officers days before the bank failed
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Fed, FDIC, Treasury Department say Silicon Valley Bank clients will get fundsSome feared that if Washington didn't rescue the failed bank, customers would make runs on other banks.
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