Hacker News Reader

Comment by sp332 | Hacker News Reader

The sales were part of a prearranged executive stock sale plan, known as a 10b5-1 program, that Becker filed with the SEC... Jan. 26

View on HN

It was "prearranged" by one month. This honestly just demonstrates how easy it is to game 10B5-1 plans.

I submitted this guy's newsletter separately, but it appears that SVB also lacked a Chief Risk Officer for most of 2022 and failed to explicitly disclose that until March 8 (i.e. two days ago).[1] It all looks pretty shady.

[1]: https://nongaap.substack.com/p/sivb-held-to-mortem-governanc... (submission: https://news.ycombinator.com/item?id=35098617)

Yes, this, thanks. The missing Chief Risk Officer is an issue. It's not necessarily nefarious, but the optics aren't great either.

Edited to not repeat what you said. :)

seriously, this is the cheapest clickbait and fortunately nobody important is making a big story out of this.

You really don’t think he knew this was coming six weeks ago?

He has been regularly selling stock for years

Here are the SEC records which are public records:

https://www.sec.gov/edgar/search/#/ciks=0001259867&entityNam...

I'm sure he knew things were in trouble (seems like they knew there was trouble for probably the past year or so) but I'm equally sure he thought the situation was salvageable probably up until the moment the FDIC walked in the door and maybe even now he thinks it could have been saved if they hadn't intervened.

Everyone else could see his plan to sell for the last six weeks.

Reply on news.ycombinator.com