BigHornRam
Well-known member
noharleyyet
Well-known member
BigHornRam
Well-known member
Substack: The Silicon Valley Bank Coverup - and The Roads Leading to Gov. Gavin Newsom
The bank just deleted their Twitter account. So much for transparency from a bank that is now 100-percent backed by taxpayers.
longbow51
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- Joined
- Feb 17, 2023
- Messages
- 1,054
Arthur Andersen oversees Enron Collapse...
KPMG...hold my beer
news.bloombergtax.com
KPMG...hold my beer
KPMG Under Pressure After Clean Audits of SVB, Signature Bank
Silicon Valley Bank and Signature Bank collapsed days apart within two weeks of their auditor KPMG LLP signing off on their books.
BigHornRam
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longbow51
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- Joined
- Feb 17, 2023
- Messages
- 1,054
Didn't see much about reading a balance sheet though
BigHornRam
Well-known member
Elizabeth just can't help herself.....
www.nytimes.com
"With support from both parties, President Donald Trump signed a law to roll back critical parts of Dodd-Frank. Regulators, including the Federal Reserve chair Jerome Powell, then made a bad situation worse, letting financial institutions load up on risk."
SVB loaded up on government bonds Elizabeth!
Opinion | Elizabeth Warren: Silicon Valley Bank Is Gone. We Know Who Is Responsible. (Published 2023)
The recent bank failures were entirely avoidable.
"With support from both parties, President Donald Trump signed a law to roll back critical parts of Dodd-Frank. Regulators, including the Federal Reserve chair Jerome Powell, then made a bad situation worse, letting financial institutions load up on risk."
SVB loaded up on government bonds Elizabeth!
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noharleyyet
Well-known member
...paywall ironyElizabeth just can't help herself.....
Opinion | Elizabeth Warren: Silicon Valley Bank Is Gone. We Know Who Is Responsible. (Published 2023)
The recent bank failures were entirely avoidable.
BigHornRam
Well-known member
You didn't miss anything intelligent.
SAJ-99
Well-known member
The number of silicon valley startups with connections to this bank is enormous. There are tons of threads that can be connected into a thousand different conspiracies. Look, I don't want to tell a professional how to do his job, but you have to find one with the Clinton's in it. Bill and Hillary add a certain legitimacy to any conspiracy.Substack: The Silicon Valley Bank Coverup - and The Roads Leading to Gov. Gavin Newsom
The bank just deleted their Twitter account. So much for transparency from a bank that is now 100-percent backed by taxpayers.www.openthebooks.com
Joking aside, I have asked the question of why so many went to this bank. Did other banks not take the money? Seems unlikely. I was told directly that "it was cool to be a customer of this bank". All I could do was laugh and asked if they got a free t-shirt or something. I still feel like there is something missing from this story, but I'm an aging Gen X'er with occasional time on my hands, so this is my hobby.
KPMG under scrutiny? Someone seriously doesn't know how bank accounting works and given how it has been explained in numerous articles over the last 5 days, they obviously don't care to know.
BigHornRam
Well-known member
Too funny! I did see Bill is a disciple of Klaus Schwab. "You will own nothing and be happy"Didn't see much about reading a balance sheet though
I don't think the customers and shareholders of SVB are too happy right now!
BigHornRam
Well-known member
Bill and Hillary conspiracies are so 1990s. You got to keep your conspiracies fresh and forward looking.The number of silicon valley startups with connections to this bank is enormous. There are tons of threads that can be connected into a thousand different conspiracies. Look, I don't want to tell a professional how to do his job, but you have to find one with the Clinton's in it. Bill and Hillary add a certain legitimacy to any conspiracy.
VikingsGuy
Well-known member
We will see, but early word is that their biggest failing was holding too many assets in Treasuries - something that until 1 week ago every auditor on the planet would view as particularly low risk and stable. After a decade of near zero Fed rates no one seemed to ask, what happens when rates rise and you need to sell them before end of term at a loss? Fighting the last war is a reoccurring theme in human history. It is nearly impossible to find any discussion on any topic where the discussion includes worrying about “what if everything that has been working for us stops but stops in a way completely differently than last time we were in trouble”.
VikingsGuy
Well-known member
By example, I would like to think folks in DC are thinking, “last time we initiated a cold war we were able to squeeze a decrepit communist economy to the breaking point and prevail - but why would that work against a modernized communist country that has more and better manufacturing infrastructure than we do?” Or, “the solution to every question in society is more government that we can just pay for with increased taxation - but wait, what about demographic collapse of the G8 countries over the next 40 years?”
antlerradar
Well-known member
This is just way too complicated, How are you ever going to explain long term stuff like this to voters and get reelected?
BigHornRam
Well-known member
Big difference between face value of a bond and market value. Any auditor that doesn't know the difference should be fired. This bank failure was due to complete incompetence of the bank management. They knew the Fed intended to raise rates and continued to buy long term bonds anyway. Stupidity 101.
D
Deleted member 28227
Guest
Right, the electorate esp. reps have shown that any kind of policy discussion is waaaay too hard.
"Meatball Ron," 2023 GOP campaign rhetoric at it's finest... what's your money that he'll counter with a penis joke?
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noharleyyet
Well-known member
BigHornRam
Well-known member
Settle down Elizabeth. You're getting over your skis here.
