Tag: SVB Financial Group

Blame Game! KPMG Gave Collapsed U.S. Banks Clean Bill Of Health Weeks Before Their Sudden Death!

Auditors Ben - March 14, 2023

Last Friday, Silicon Valley Bank (SVB) was closed by California regulator DFPI due to a bank run and placed under FDIC control. The DFPI stated that SVB had been financially sound until a few days before. The WJS reports that KPMG issued a clean bill of health to SVB just 14 days before. The New York-based Signature Bank went down 11 days after KPMG signed off on its audit. This raises the question of whether KPMG has overlooked something.

Crashed! After Bankrun, U.S. Regulator Shut Down Control Of Silicon Valley Bank!

Bankruptcies Ben - March 11, 2023

Yesterday, FinTelegram reported on the problems of SVB Financial Group, the owners of Silicon Valley Bank, a key player in the tech and venture capital community. SVB shares had collapsed against the backdrop of losses and acute capital needs at its bank. SVB faced a bankrun and ran out of liquidity. On Friday, The U.S. FDIC took control of the company. Many startups will probably lose their funds.

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