Top Senate Democrats press DOJ, SEC to investigate whether Silicon Valley Bank executives broke any laws
Publishing timestamp: 2023-03-15 15:04:19
Summary
Democratic Senators Elizabeth Warren and Richard Blumenthal have called for an investigation into whether officials involved in the failure of Silicon Valley Bank violated civil or criminal law. The bank's collapse was the largest since the 2008 financial crisis and was caused by a failure to hedge against rising interest rates. The senators have accused SVB executives of risky and questionable decision-making, preferential treatment to the bank's founders, and lobbying Congress for exemptions to federal oversight regulations. The investigation will look into stock sales conducted by SVB executives ahead of the bank's collapse.
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Keywords: svb financial group, business news, banks, financials, u.s. economy, politics, breaking news: politics, signature bank, markets, technology,