Ex SVB head says social media ‘fueled’ run on doomed bank ...Middle East

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Ex SVB head says social media ‘fueled’ run on doomed bank
NEW YORK: The former head of Silicon Valley Bank blamed the lender’s sudden collapse on a “social media fueled run” on it, according to congressional testimony released Monday.In a written statement ahead of his first major public appearance Tuesday since the bank’s sudden March demise, former chief executive Gregory Becker defended SVB’s risk management practices and suggested the 40-year-old California lender fell victim to forces beyond its control, such as the Federal Reserve’s abrupt shift in monetary policy to counter inflation.Becker is expected to face tough questioning Tuesday from the Senate Banking Committee.Part of his written statement focused on the events of March 8, when SVB

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