"Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out... and the reforms that have been put in place means we are not going to do that again," she told NBC's "Face the Nation" on Sunday. "But we are concerned about depositors, and we're focused on trying to meet their needs." According to CNBC, the timing of the collapse of Silicon Valley Bank coincided with the payment of annual bonuses to its employees, which had been scheduled for the second Friday of the month. The bank's employees in Santa Clara reportedly received their bonuses just hours before the bank's collapse, as these payments had already been processed in the days leading up to the event. The exact amount received by the 8,500+ employees of Silicon Valley Bank for their 2022 work is unknown at this time. However, according to Glassdoor, bonuses for SVB employees can range from $12,000 for associates to $140,000 for managing directors. It is worth noting that SVB was the highest-paying publicly traded bank in 2018, with an average employee compensation of $250,683, the financial news outlet reported. Also, as per earlier reports, former CEO Greg Becker sold $3.57 million worth of stock in a pre-planned automated sell-off just two weeks before Silicon Valley Bank's collapse. Becker sold a total of 12,451 shares at an average price of $287.42 per share on February 27th. Additionally, CFO Daniel Beck also sold 2,000 shares at a price of $287.59 per share, resulting in a sale of $575,000 worth of shares, the Daily Mail noted. "Financial institution executives...warn that the federal government only has until Monday morning to find a prospective buyer for the failed bank before other small, regional banks may feel the effects," the outlet added. Sources include: DailyMail.co.uk CNBC.comAsked whether the government might bail out banks as it did during the 2008 crisis, @SecYellen says, “We’re not going to do that again.” But she adds, “We are concerned about depositors and are focused on trying to meet their needs.” pic.twitter.com/sg5WBFWfPj
— Face The Nation (@FaceTheNation) March 12, 2023
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