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US banks want socialism for themselves – and capitalism for everyone else
When banks like Silicon Valley Bank collapse, money floods to bigger ones like JPMorgan. Clients know they’re ‘too big to fail’
Greg Becker, the former CEO of Silicon Valley Bank, sold $3.6m of SBV shares on 27 February, just days before the bank disclosed a large loss that triggered its stock slide and collapse.
- Robert Reich
- The Guardian
Over the previous two years, Becker sold nearly $30m of stock.
But Becker won’t rake in the most from this mess. Jamie Dimon, chair and CEO of JPMorgan Chase, the biggest Wall Street bank, will probably make much more.
That’s because depositors in small- and medium-sized banks are now fleeing to the safety of JPMorgan and…