Silicon Valley Bank insiders borrowed a record $219 million from the lender as its troubles built
In the lead-up to Silicon Valley Bank's historic collapse, insiders at the California-based lender scooped up a record $219 million worth of loans.
SVB issued the loans to company bigwigs — from directors to key shareholders — in the last quarter of 2022,The tally was three times the dollar amount borrowed by higher-ups in the quarter before that and the highest in at least 20 years, according to government data. of the once-trusted lender to startups and VC firms — the second-biggest bank failure in US history. Its downfall was sparked by a failed capital raise and a run on its deposits that crushed its finances.
Its seizure sent shockwaves through the US banking system amid fears of contagion effects spilling over to a global banking crisis, culminating in
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