Greg Becker and two prime lieutenants, Chief Monetary Officer Daniel Beck and President Michael Descheneaux, had been on the helm of Silicon Valley Financial institution because it rode a wave of low charges and easy-money insurance policies.
Final 12 months, when the world modified and the Federal Reserve began elevating charges at its quickest tempo in a long time, all of them however ignored it, betting that rates of interest would fall and homing in on the boom-and-bust tech business.
