The UK arm of the collapsed Silicon Valley Bank is reported to have paid millions of pounds in bonuses days after it was sold in a rescue deal for £1.
Staff at Silicon Valley Bank UK (SVB UK) are said to have been given payouts from what has been described as a “modest” bonus pool of between £15m and £20m. The Californian-based bank collapsed eight days ago, triggering concerns of a new global banking crisis.
Well done folks. We are insolvent, but anyway here is your paycheck financed by taxpayers. Moral hazard EVERYWHERE.