Rep. Tlaib to Former CEO of Silicon Valley Bank: ‘You’re Not Stupid, You’re Just Being Greedy’

TLAIB Thank you so ░░░░░░░░ And I really appreciate ░░░░░░░░ colleague from North Carolina ░░░░░░░░ I think this is ░░░░░░░░ to help answer the ░░░░░░░░ that you refuse to ░░░░░░░░ Mr Becker If you ░░░░░░░░ at the screen you ░░░░░░░░ at the slide there ░░░░░░░░ s it s it ░░░░░░░░ pretty clear Just so ░░░░░░░░ re clear because I ░░░░░░░░ you re blaming social ░░░░░░░░ you re you re ░░░░░░░░ re actually somebody that ░░░░░░░░ blaming you re not ░░░░░░░░ at me Mr Becker ░░░░░░░░ m right here BECKER ░░░░░░░░ TLAIB You re blaming ░░░░░░░░ media for your mismanagement ░░░░░░░░ so forth which to ░░░░░░░░ clearly looks like greed ░░░░░░░░ you re not stupid ░░░░░░░░ re just being greedy ░░░░░░░░ you wanted to get ░░░░░░░░ payout I just just ░░░░░░░░ we re clear for ░░░░░░░░ record Were you aware ░░░░░░░░ any material nonpublic information ░░░░░░░░ as the potential capital ░░░░░░░░ before January 6 trading ░░░░░░░░ change that allowed you ░░░░░░░░ sell over 3 million ░░░░░░░░ stock in in Silicon ░░░░░░░░ Bank stock BECKER When ░░░░░░░░ plan was set up ░░░░░░░░ was not aware TLAIB ░░░░░░░░ On January just on ░░░░░░░░ 26th you changed a ░░░░░░░░ trading plan allowing the ░░░░░░░░ sale of your shares ░░░░░░░░ the company Correct BECKER ░░░░░░░░ that day TLAIB January ░░░░░░░░ BECKER I filed a ░░░░░░░░ 1 plan that was ░░░░░░░░ off by our legal ░░░░░░░░ TLAIB OK so it ░░░░░░░░ yes Yes So getting ░░░░░░░░ question were you aware ░░░░░░░░ any material nonpublic information ░░░░░░░░ as the potential capital ░░░░░░░░ before January 6 trading ░░░░░░░░ change that allowed you ░░░░░░░░ sell over 3 million ░░░░░░░░ your in Silicon Valley ░░░░░░░░ stock BECKER When that ░░░░░░░░ was set up I ░░░░░░░░ not aware of the ░░░░░░░░ to raise capital TLAIB ░░░░░░░░ Mr Becker given the ░░░░░░░░ funds rate increase more ░░░░░░░░ 3 percent points during ░░░░░░░░ why did your company ░░░░░░░░ the swaps exposing your ░░░░░░░░ to further rate increases ░░░░░░░░ everybody wants to know ░░░░░░░░ answer to the why ░░░░░░░░ Congressman as mentioned earlier ░░░░░░░░ decision around our interest ░░░░░░░░ hedges was made overseen ░░░░░░░░ our asset liability committee ░░░░░░░░ executed by our treasury ░░░░░░░░ TLAIB OK So not ░░░░░░░░ fault Given that interest ░░░░░░░░ continue to rise under ░░░░░░░░ leadership you until the ░░░░░░░░ did you feel that ░░░░░░░░ these swaps were safe ░░░░░░░░ sound practice BECKER Congresswoman ░░░░░░░░ mentioned I was not ░░░░░░░░ in those decisions TLAIB ░░░░░░░░ you didn t and ░░░░░░░░ still got paid They ░░░░░░░░ you to not know ░░░░░░░░ of this Like what ░░░░░░░░ you do As as ░░░░░░░░ lead person you were ░░░░░░░░ like I didn t ░░░░░░░░ I don t know ░░░░░░░░ you got millions of ░░░░░░░░ to not know anything ░░░░░░░░ your own bank Given ░░░░░░░░ incentive compensation plan Mr ░░░░░░░░ I mean The Financial ░░░░░░░░ had been reported that ░░░░░░░░ interest rate swap sales ░░░░░░░░ in gain of 500 ░░░░░░░░ dollars for Silicon Valley ░░░░░░░░ in the first two ░░░░░░░░ of 2022 alone Given ░░░░░░░░ incentive compensation plan and ░░░░░░░░ forms of pay did ░░░░░░░░ benefit from terminating its ░░░░░░░░ against interest rates BECKER ░░░░░░░░ if I could clarify ░░░░░░░░ points TLAIB Did you ░░░░░░░░ money for it Did ░░░░░░░░ comp did you benefit ░░░░░░░░ that decision BECKER Congressman ░░░░░░░░ I clarify the point ░░░░░░░░ Sure BECKER that you ░░░░░░░░ making TLAIB Sure BECKER ░░░░░░░░ the hedges are when ░░░░░░░░ are changed sold the ░░░░░░░░ if there is a ░░░░░░░░ it s actually amortized ░░░░░░░░ several years That was ░░░░░░░░ taken into income that ░░░░░░░░ of time And secondly ░░░░░░░░ Compensation Committee would actually ░░░░░░░░ anything that they believe ░░░░░░░░ an anomaly outside of ░░░░░░░░ standard practices and back ░░░░░░░░ out typically from incentive ░░░░░░░░ TLAIB But but Mr ░░░░░░░░ do you think selling ░░░░░░░░ hedges to interest rate ░░░░░░░░ was selling the hedges ░░░░░░░░ interest rate risk is ░░░░░░░░ good for for your ░░░░░░░░ shareholders and other financial ░░░░░░░░ our own financial system ░░░░░░░░ the country as a ░░░░░░░░ Was it was it ░░░░░░░░ good for you or ░░░░░░░░ it for the executives ░░░░░░░░ Silicon Valley that benefit ░░░░░░░░ the sales through your ░░░░░░░░ based compensation Because according ░░░░░░░░ this timeline it looked ░░░░░░░░ you set it up ░░░░░░░░ you all benefit and ░░░░░░░░ away while every other ░░░░░░░░ and and our financial ░░░░░░░░ was literally like at ░░░░░░░░ BECKER Congresswoman our compensation ░░░░░░░░ set up for long ░░░░░░░░ incentives TLAIB You knew ░░░░░░░░ know you knew You ░░░░░░░░ a couple of years ░░░░░░░░ know even if we ░░░░░░░░ regulation they sent you ░░░░░░░░ they met with you ░░░░░░░░ What do you want ░░░░░░░░ to do Come arrest ░░░░░░░░ and so you can ░░░░░░░░ to the fact that ░░░░░░░░ saw that you guys ░░░░░░░░ making really really terrible ░░░░░░░░ I mean terrible decisions ░░░░░░░░ mean I love that ░░░░░░░░ calls it poor governance ░░░░░░░░ mismanagement You were awful ░░░░░░░░ your job obviously right ░░░░░░░░ you re but at ░░░░░░░░ end you benefited while ░░░░░░░░ small business community and ░░░░░░░░ country hurt You know ░░░░░░░░ that looks like when ░░░░░░░░ go back to my ░░░░░░░░ and they re like ░░░░░░░░ why we can t ░░░░░░░░ the fact that you ░░░░░░░░ while everybody else suffered ░░░░░░░░ mean do you care ░░░░░░░░ even it would collapse ░░░░░░░░ financial system in our ░░░░░░░░ with your with your ░░░░░░░░ CAHIRMAN Gentlewoman s time ░░░░░░░░ expired.”