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Former SVB CEO Tells Senate He Is ‘Truly Sorry’ for Collapse but Deflects Blame


In his first public remarks since Silicon Valley Bank collapsed, triggering widespread industry turmoil, the lender’s former chief executive pointed the finger at pretty much everybody but himself, casting blame on regulators, the media, his board of directors and even the bank’s own depositors.Gregory Becker, who was fired from SVB shortly after its March failure, earned bipartisan derision on Tuesday for his explanations during testimony before the Senate Banking Committee. Though Mr. Becker repeatedly said that SVB’s unwinding was unforeseeable, senators took a sharper view of his decision making.“It was bone-deep, down-to-the-marrow stupidity,” Senator John Kennedy, Republican of Louisiana, told him.SVB’s failure two months ago has prompted criticism from all corners. The San Francisco lender, with a high concentration of clients in the technology and venture capital industries, unraveled after a bank run that lasted just a few days. I …

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