Living the good life on Maui is never out of reach, even when you just got fired by the federal government and left unprecedented wreckage behind. While Hawaii can be an escape from everyday life, your problems can follow you to paradise, as Gregory Becker, ex-president and CEO of Silicon Valley Bank (SVB) just found out.
For now, Becker and his wife Marilyn Bautista still fly first class to Hawaii and are enjoying their $4+ million dollar completely remodeled townhome at Maui’s Puamana Resort.
You could afford these perks when making nearly $10M a year. But now, the optics of flaunting wealth are not playing well. Earlier this week, the couple arrived just the day after his high-visibility firing.
In typical Hawaii-casual island wear, Becker was later seen walking on Front Street in nearby Lahaina town. That comes as the Justice Dept. begins probing his cash-out of nearly $4 million just weeks before the bank’s collapse and $30 million in the past 24 months. So while SVB shareholders, executives, and other investors worry about their losses, even as those with deposits were made whole, the Beckers appear happy enjoying their luxury Puamana digs.
The couple arrived at San Francisco Airport via chauffeur-driven car, then flew first class on United nonstop to Maui. The price of one-way tickets to Maui on United varies from $900 to about $2,000 per person.
Home, Sweet Home Away From Home…
Their three-bed, three-bath home at Puamana, seen here before they purchased it in 2018, was torn down and rebuilt larger than before. It sits directly on exquisite Maui ocean frontage. Getting around on Maui, at least this week, their wheels are a newish convertible Mini Cooper by BMW.
The couple lives in Menlo Park when not at their island home. Before leaving California for an unknown duration on Maui (perhaps forever?), Becker sent bank staff a video asking that they “stick together (and) support each other through the crisis.” He said, “It’s with an incredibly heavy heart that I’m here to deliver this message,” according to Reuters. “I can’t imagine what was going through your head and wondering, you know, about your job, your future.” The future of the bank’s nearly 9k employees isn’t clear, even as senior leaders have already been terminated. Employees were left less than impressed by the ex-CEO’s video.
Where do the Beckers dine: Cheeseburger in Paradise!
In a strange juxtaposition to their extravagant flight and posh Maui home, they did a pickup at a Lahaina burger joint for dinner. Cheeseburger in Paradise features oceanside dining and great views, which the Beckers did not avail themselves of. The well-known restaurant is located on Front Street, oceanfront in Lahaina. They’ve been in business since 1989. Recent reviews range from “Great food, music, drinks, service, and location!” and “Nice place with good beers, burgers, and pulled-pork sandwiches” to “salad had dry chicken with bag lettuce that tasted like it was opened days ago.” Well, it is 4-star rated, not 5. It is open from breakfast through dinner, with nightly entertainment.
More about Puamana Maui.
This is a private, beautifully situated, and well-regarded 30-acre gated community in Lahaina (lead photo). Most of the properties there are vacation rentals. Amenities include tennis, three swimming pools, a clubhouse, and more, with golf nearby. Units range from 1 to 4 bedrooms, with the Beckers sitting comfortably at three bedrooms. Some units, including theirs, feature fantastic ocean views. It is a low-rise development with lush, tropical landscaping.
What does it cost to stay at Puamana?
Never mind ownership; what about a vacation at Puamana? Just one week at Puamana in a unit of their size at this time of year will likely set you back no less than $7,000 total.
In a YouTube Video from January 2023, Becker was still “optimistically looking ahead.” As someone said in the video comments, “this didn’t age well.”
I noticed someone said that they didn’t see what he did wrong, that’s correct, Becker chose to not have a risk management person, the large investors chose not to insure above the FDIC limits, so they should pay for those losses. The bad party here is those who chose to give them tax payer’s money. I bet they won’t do that for you!
Thank you for turning the light on.
not defending these bank execs but this article is literally creepy stalker vibes and is not telling the full story
in addition to casting the (typicaly scheduled and publicly reported many months ahead of time) stock sales as malicious, it goes on and on to single out this person potentially bringing harm their way
if you want to hate on the banking system, hate the regulators and multiple oversight committees as well
also make sure to hate on the various focuses this bank had that were not at all fundamental to their purpose of acting responsibly for their clients
also hate on the FDIC that went out of its way to pass the costs of this egregious behavior down to other more responsible banks, which ultimately falls on depositors
Don’t worry…most of the people at SVB were elites and since a lot of them are in government (Gavin Newsom for one), everyone will get a tax payer funded bail out. Don’t feel bad for the people who had money at that bank.
Mahalo! Very sad story of how this entitled rich guy has nearly ditched everyone for his own glory. Typical. Almost like a president of a country who flees with all the country’s wealth for himself. Very sad. Aloha!
Thank you for shedding light on this
Mahalo Beat of Hawaii!!
The answer is he’s toast, we the taxpayers are bailing the bank out, and he should learn that in prison, you have to be a certain someone to get to complain about the food.
Oh, I almost forgot the impending divorce he’ll be experiencing.
Hope he saved some cash for a rainy day.
Aloha and blessings always 💗🌺
… still trying to figure out what he did wrong. Hindsight is 20/20. No talk of criminal charges being filed against him. (Putting on my helmet and raincoat) Stop throwing rotten tomatoes at me for my comments.
the answer is nothing illegal. there will be a lot of noise made about this but at the end of the day hes operating in a flawed system. apart from “the big four”, nearly every bank in america would also fold if called on that percentage of their deposits- its the nature of the fractional lending system. this bailout just encourages more risky behavior by banks, they know the fed has their backs.
“The fed has their backs” = taxpayers money going to banks instead of; healthcare, child care, education, living wages, social security, infrastructure, etc. etc.
In the past, many BOH commenters have expressed their desire for more “high-end” types to travel to the islands because they spend more of their money than working-class folks. Be careful what you wish for.
Puamana is definitely the GEM of Lahaina. The first time I stayed there was in 1995 and Paid $175 per night for an Oceanfront 3 br condo with the 7th night free! I stayed in that very Condo twice with the last time being 2017 and I think we paid $350 per night. Actually that was about the going rate for the 3 bedrooms that hadn’t been updated and who cares you are out at the beach all day. In 2018 we were staying at another place as this Unit was unavailable as it had just been purchased. I’ve stayed at Puamana over 20 times and I believe that time is over as $7K/week is just way too much even for an entire family. the Pandemic and remote working is what has led to this and the high prices. I’m So Sad