Bank slide deepens as SVB contagion fear rattles markets
The Collapse of Silicon Valley Bank
Sen. Chris Murphy: Republicans “don’t give a crap” about kids and gun violence
Washington's bank rescue fails to erase doubts...
MOODY'S Puts Lenders on Downgrade Watch...
Barney Frank at Center of Collapse...
CREDIT SUISSE next to fold?
Stress indicators flash...
TICKING TIMEBOMB...
Nazi salutes, pepper spray, pistols: Drag event devolves into extremist melee...
Republican leader 'pausing' social media after liking LGBTQ posts...
Silicon Valley Bank CEO And CFO Sued By Shareholders For Fraud
Influencer Who Took Daily Dose of Ivermectin Dies of Side Effect from Medication
Washington's bank rescue fails to erase doubts...
Rating Agency Puts Lenders on Downgrade Watch...
CREDIT SUISSE next to fold?
DOJ, SEC Investigating SVB Collapse... WHO DID IT?
Class action suit filed...
WHAT NOW?
MOODY'S WARNING
'RAPIDLY DETERIORATING'
Regional banks seeing run on deposits; Megabanks too-big-to-fail?
SILICON VALLEY survived dot-com crash, Great Recession but met match in hawkish Fed...
Russia says it does not recognise Hague court amid reports of arrest warrants
GRIFFIN: Capitalism 'breaking down'...
Silicon Valley, once the underdog, is now too big to fail...
'First TWITTER fueled bank run'...
NEWSOM CHEERS BAILOUT. DOESN'T MENTION HE'S A CLIENT...
Washington's rescue doesn't erase doubts...
Rating Agency Puts Lenders on Downgrade Watch...
CREDIT SUISSE next to fold?
DOJ, SEC Investigating SVB Collapse... WHO DID IT?
Class action suit filed...
INFLATION 6%...
Russian fighter jet downs US surveillance drone...
State Dept SUMMONS ambassador...
Kremlin sends women prisoners to war zone for first time...
Silicon Valley Bank failed just 14 days after KPMG gave the lender a clean bill of health. Signature Bank went down 11 days after the accounting firm signed off on its audit. From a report:What KPMG knew about the two banks' financial situation and what it missed will likely be the subject of regulatory scrutiny and lawsuits. KPMG signed the audit report for Silicon Valley Bank's parent, SVB Financial Group on Feb. 24. Regulators seized the bank on March 10 after a surge of withdrawals threatened to leave it short of cash. "Common sense tells you that an auditor issuing a clean report, a clean bill of health, on the 16th-largest bank in the United States that within two weeks fails without any warning, is trouble for the auditor," said Lynn Turner, who was chief accountant of the Securities and Exchange Commission from 1998 to 2001. Two crucial facts for determining whether KPMG missed the banks' problems are when the bank runs began in earnest and when the bank's management and KPMG's auditors became aware of the crisis.
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