Justice Department, SEC Launch Probes Assessing What Went Wrong For Silicon Valley Bank

The Justice Department and the Securities & Exchange Commission have launched a preliminary stage but separate investigation probes looking into the collapse of Silicon Valley Bank SIVB
The separate probes might not lead to charges or allegations of wrongdoing, writes Wall Street Journal
Shares in SVB Financial Group, which formerly owned the bank, fell 60% last week and stopped trading.
Also Read: Silicon Valley Bank Failure Prompts Likes For Other Big US Banks Including JP Morgan, Citi.
The investigations are also examining stock sales that SVB Financial's officers made days before the bank failed.
The Justice Department probe involves the department's fraud prosecutors in Washington and San Francisco, the report added.
Separately, Apollo Global Management Inc APO, Blackstone Inc BX, and KKR & Co KKR are weighing purchasing loans held by Silicon Valley Bank.
The bank had $73.6 billion of loans as of the end of last year. According to a Bloomberg report, the size of the loan book that Apollo and Blackstone are interested in wasn't immediately known.
Silicon Valley Bank's loan portfolio is viewed as an attractive asset and was not a part of what caused the bank to shut down, the report said.
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