Silicon Valley Bank Collapse: Here’s Who Benefited From Their Executive, PAC Donations

Only 15 U.S. banks were deemed “too big to fail” and subjected to rigorous stress testing after the Great Recession.

Friday’s closure of the nation’s 16th largest bank demonstrates the Biden administration feels all banks are too big to fail.

Silicon Valley Bank last week announced it would issue billions in new stock to bolster its finances. That news prompted venture capital funds to tell their startups to yank their money from SVB. A classic bank run ensued, which regulators stopped by seizing control of the bank and placing it into receivership.

Fox Business further reported:

Silicon Valley Bank, the nation’s 16th-largest bank, failed Friday after depositors hurried to withdraw money amid anxiety over the bank’s health. It was the second-biggest bank failure in United States history after the collapse of Washington Mutual in 2008.

The bank’s California executives and political action committee have propped up a handful of politicians in recent elections, which has primarily benefited Democrat lawmakers.

Greg Becker, the bank’s president and chief executive officer, cut two maximum checks totaling $5,800 to the campaigns of New York Senate Majority Leader Chuck Schumer and Virginia Sen. Mark Warner during the 2022 midterm election cycle. The two Democrat senators are the only politicians Becker financially backed directly during the most recent cycle.

Becker also gave $2,500 to the New Democrat Coalition Action Fund in May last year. The New Democrat Coalition Action Fund sent $1 million in contributions to numerous Democrat politicians during the 2022 elections.

Becker’s most recent donations came on the heels of $5,600 he donated between President Biden’s 2020 campaign and victory fund.

Jeffrey Leerink, the chief executive officer of SVB Securities, donated $1,250 to Massachusetts Democrat Rep. Jake Auchincloss during the 2022 and 2020 elections.

Meanwhile, Silicon Valley Bank’s chief credit officer, Marc Cadieux, poured $250 into Biden’s campaign during the 2020 elections.

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