CDUB98 said:

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Dude, it was a joke.

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Opps, I apologize and will correct the post above.

Let me help you with the KPMG investigation. They MISSED NOTHING.

They knew all about the risks and gave a fabricated opinion. In my opinion, they should be Andersen-ed out of existence. But they won't because I am sure China is a golden teat for them and they will not ruffle the ChiComms with making the Shangai Valley Bank look bad.

Yellen testified in a clip posted here that she would not bail out Oklahomans. But she would bail out foreign owned bank accounts at SVB. Just let that sink in. Money for China which we now know gets funneled back to the Biden Crime Family and nothing for Oklahomans.

fka ftc said:

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Tex117 said:

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Bunk Moreland said:

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[url=https://twitter.com/SeidlerCorp/status/1636518949872451584][/url]

Here is the snippet: pic.twitter.com/85iBeXC0Wn

— Seidler (@SeidlerCorp) March 17, 2023

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Should we just tell him that his community banks in rural Oklahoma that are lending to their communities (and can't get a loan from the big banks because its too small...etc) will be whiped out because they are inconsequential to the system?

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So basically if you do not vote strongly for team Biden then no bailout for you. Doubly so if your holdings and customers are heavily correlated to O&G.

Libs are fine with this. Democratic voters, CMs and RINOs worship at the altar of preferential treatment, elitism, discrimination and racism.

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Nah...they don't know who voted for what.

This is simply a consolidation of power by big banks and financial players.

Iraq2xVeteran said:

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Silicon Valley Bank failed just 14 days after KPMG LLP gave the lender a clean bill of health. Signature Bank went down 11 days after the accounting firm signed off on its audit. 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 SIVB 0.00%increase; green up pointing triangle, 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.

KPMG Gave SVB, Signature Bank Clean Bill of Health Weeks Before Collapse - WSJ

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It's a serious question that for sure needs answering.

But, what was KPMG's instruction? Was KPMG expected to test a specific number of scenarios? If not, did they actually do anything wrong. If KPMG was charged with auditing a snapshot in time without scenario calculation, then they may be technically okay, but there's not doubt there will still be lawsuits and heads rolling.

What-if scenarios could drag into eternity.

Even in my world during a HAZOP, we are not allowed to do "double jeopardy" because the likelihood and number of scenarios are in the thousands. Oddly, enough, all the industrial disasters lately typically involve multiple things going wrong at the same time.

Tex117 said:

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fka ftc said:

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Tex117 said:

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Bunk Moreland said:

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[url=https://twitter.com/SeidlerCorp/status/1636518949872451584][/url]

Here is the snippet: pic.twitter.com/85iBeXC0Wn

— Seidler (@SeidlerCorp) March 17, 2023

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Should we just tell him that his community banks in rural Oklahoma that are lending to their communities (and can't get a loan from the big banks because its too small...etc) will be whiped out because they are inconsequential to the system?

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So basically if you do not vote strongly for team Biden then no bailout for you. Doubly so if your holdings and customers are heavily correlated to O&G.

Libs are fine with this. Democratic voters, CMs and RINOs worship at the altar of preferential treatment, elitism, discrimination and racism.

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Nah...they don't know who voted for what.

This is simply a consolidation of power by big banks and financial players.

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That consolidation happened years ago.

This is about bailing out wealthy folks allegiant to the Biden admin.

Iraq2xVeteran said:

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Silicon Valley Bank failed just 14 days after KPMG LLP gave the lender a clean bill of health. Signature Bank went down 11 days after the accounting firm signed off on its audit. 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 SIVB 0.00%increase; green up pointing triangle, 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.

KPMG Gave SVB, Signature Bank Clean Bill of Health Weeks Before Collapse - WSJ

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Reminds me of Moody's and the other debt rating companies in 2008. Get cozy with administration in long standing relationship, go through the motions every year, and collect a check. They likely got lazy and comfortable and failed to do their job with the rigor and analysis that was called for to see the problem.

Why did the startup self engine, have to be saved....40 million.

Does roku deserved to be saved 487 million

They have 487 million in a banking institute. It's not their fault and it's their money?

Farmboxrx....1 million plus. Seems like a company taxpayers should h a ve to save.

BREAKING: Wall Street Journal reports economists found 186 banks that could be prone to similar risks as Silicon Valley Bank

— The Spectator Index (@spectatorindex) March 17, 2023

ac04 said:

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BREAKING: Wall Street Journal reports economists found 186 banks that could be prone to similar risks as Silicon Valley Bank

— The Spectator Index (@spectatorindex) March 17, 2023

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Could be? Way to go out on a journalistic limb there!!

the people who used "could be" are the economists, not the journalists, and what could be means here is they are. almost all banks hold lots of medium- to long-term bonds and mortgage backed securities which are basically all underwater right now.

ac04 said:

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BREAKING: Wall Street Journal reports economists found 186 banks that could be prone to similar risks as Silicon Valley Bank

— The Spectator Index (@spectatorindex) March 17, 2023

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think of the bright side of things..

could have been 187 banks!

I would love to be able to pull all the pravda mainstream media news reports the last year proclaiming:

"there is no SYSTEMIC WEAKNESS IN THE BANKING SYSTEM like there was in 2008 during the MBS crisis!"

ac04 said:

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BREAKING: Wall Street Journal reports economists found 186 banks that could be prone to similar risks as Silicon Valley Bank

— The Spectator Index (@spectatorindex) March 17, 2023

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Only 186?

BREAKING: UBS in talks to buy Credit Suisse. This would be Europe’s most historic banking merger since the 2008 financial crisis.

— Genevieve Roch-Decter, CFA (@GRDecter) March 17, 2023

US FEDERAL RESERVE: THE FED AND THE CENTRAL BANKS OF THE UNITED KINGDOM, CANADA, JAPAN, THE EUROPEAN CENTRAL BANK, AND SWITZERLAND ANNOUNCE A COORDINATED ACTION TO IMPROVE LIQUIDITY PROVISION THROUGH THE STANDING US DOLLAR LIQUIDITY SWAP LINES.

— Breaking Market News (@financialjuice) March 19, 2023

Gotta hand it to them, they're trying to head things off at the pass. I think SVB really surprised the Fed.

ac04 said:

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US FEDERAL RESERVE: THE FED AND THE CENTRAL BANKS OF THE UNITED KINGDOM, CANADA, JAPAN, THE EUROPEAN CENTRAL BANK, AND SWITZERLAND ANNOUNCE A COORDINATED ACTION TO IMPROVE LIQUIDITY PROVISION THROUGH THE STANDING US DOLLAR LIQUIDITY SWAP LINES.

— Breaking Market News (@financialjuice) March 19, 2023

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**** me sideways.

CDUB98 said:

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ac04 said:

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US FEDERAL RESERVE: THE FED AND THE CENTRAL BANKS OF THE UNITED KINGDOM, CANADA, JAPAN, THE EUROPEAN CENTRAL BANK, AND SWITZERLAND ANNOUNCE A COORDINATED ACTION TO IMPROVE LIQUIDITY PROVISION THROUGH THE STANDING US DOLLAR LIQUIDITY SWAP LINES.

— Breaking Market News (@financialjuice) March 19, 2023

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**** me sideways.

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I am confused. Can someone give me a translation as to what that means?

techno-ag said:

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Gotta hand it to them, they're trying to head things off at the pass. I think SVB really surprised the Fed.

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they're going to head things off at the pass by printing at a rate we've never seen. printing into inflation because they have no choice. we are accelerating into a debt spiral.

it means the fed is capitulating and we're going to have to print the whole world out of this instead of just the US.

ac04 said:

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it means the fed is capitulating and we're going to have to print the whole world out of this instead of just the US.

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Oh, ugh but thanks for the response.

aggiehawg said:

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ac04 said:

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it means the fed is capitulating and we're going to have to print the whole world out of this instead of just the US.

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Oh, ugh but thanks for the response.

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Except this will have a side effect of bringing rates down. Foreign banks don't need USD, so they'll use the swap line and then turn around and use the funds to be US govt debt.

ac04 said:

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it means the fed is capitulating and we're going to have to print the whole world out of this instead of just the US.

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10% for the Big Guy

I just confirmed Jim Cramer is like the terrible gambling personality that's there to make you feel smarter. If you watch his show, you'll throw more in the markets just to fade him.

Foreign banks always need more dollars. When currencies start getting **** canned as the DXY explodes no one is going to want to be laid in Turkish Lira or Yuan, etc.

The next 24 hours are going to be incredibly busy.

Markets will soon react to what seems to be a shareholder’s worst nightmare.

UBS has struck a deal for pennies on the Dollar.

This will be interesting.

Follow us @KobeissiLetter for our real time analysis as this develops.

— The Kobeissi Letter (@KobeissiLetter) March 19, 2023

This week, the long anticipated March Fed interest rate decision comes out.

Currently, markets are pricing in a 62% chance of a 25 bps rate hike.

However, markets also see 100 bps of rate cuts by December.

Follow us @KobeissiLetter for real-time analysis as this develops.

— The Kobeissi Letter (@KobeissiLetter) March 19, 2023

The Swiss Government also said it is impossible to regain confidence in Credit Suisse, $CS.

They said that there was a serious risk of Credit Suisse going bankrupt.

The urgency of this transaction shows that $CS was in a very bad situation.

Follow us @KobeissiLetter for more.

— The Kobeissi Letter (@KobeissiLetter) March 19, 2023

So glad I didn't invest in CS when it hit $5. I thought wow that's a bargain they should get back on their feet eventually.

techno-ag said:

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So glad I didn't invest in CS when it hit $5. I thought wow that's a bargain they should get back on their feet eventually.

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55 cents a share?!! Cannot wait to see what kind of warrants Buffett received from the regional banks he met with this weekend.