#SiliconValleyBank just can't seem to put down the crypto crack pipe.

Expect another taxpayer bailout like the one the #broligarch customers of #SVB got when the bank collapsed the first time back in 2023.

https://fintechbusinessweekly.substack.com/p/yes-svb-is-processing-ach-for-binanceus

DEUTSCHER MEISTER!!!
#bayer04 #bayerleverkusen #svb
#b04svw

Here's our collection of the biggest tech stories from 2023, from the recent OpenAI drama to the crushing collapse of Silicon Valley Bank earlier this year. Of course, plenty more could have been added. Feel free to pop them in the replies for others to peruse.

https://flip.it/9SVOUV

VC Michael Rothenberg’s extravagant parties had served as inspiration for HBO’s “Silicon Valley"—but the way he spent money led to questions about if anything was amiss.
https://www.vice.com/en/article/z3m8m8/an-infamous-silicon-valley-vc-party-animal-was-just-convicted-of-fraud?at_medium=Social%20media&at_campaign=Mastodon
#VC #SiliconValley #MichaelRothenberg #venturecapitalism #SVB

This is what I call a super honest #LinkedIn profile

Also, you did not improve things by joining #FTX or #SVB

This one must evaluate dia punya feng shui

Scientific American on how #SocialMedia has led to a #BankingCrisis by allowing flash mob bank runs like hit #SVB

"We have entered a new, dangerous era for finance where the centuries-old banking practice of investing in long-term assets backed by short-term deposits is failing. Our money is becoming more liquid, & our banking systems in the U.S. are unprepared for how online information—and misinformation—influences human behavior.

https://www.scientificamerican.com/article/social-media-is-rewriting-the-banking-playbook/

Mon 7/10 - No MAGA Hats for Mail Carriers, Greenberg Traurig Moves Towards Private Credit, IRS Changes to Dirty Dozen, SVB Sues FDIC and Van Houten Release

We have no MAGA hats for mail carriers, Greenberg Traurig eyes private credit market, #IRS changing process for Dirty Dozen tax schemes, #SVB sues the #FDIC and Manson follower parole likely.

#lawfedi @law

https://www.minimumcomp.com/p/mon-710-no-maga-hats-for-mail-carriers

It takes 6 Qs before #tighter #credit conditions have a max neg impact on GDP, i.e. the neg impact of #SVB collapse on tighter lending standards will continue to accumulate until 2H2024 b/c it takes time for #banks to repair their balance sheets, chart Torsten Sløk @apolloglobal

In his first public appearance since #SVB’s collapse, former CEO Greg Becker is asked to defend trip to Hawaii and whether he’ll forfeit $1.5 million bonus https://www.msn.com/en-us/money/markets/in-his-first-public-appearance-since-svb-s-collapse-former-ceo-greg-becker-is-asked-to-defend-trip-to-hawaii-and-whether-he-ll-forfeit-1-5-million-bonus/ar-AA1bhg33

The question being "how disreputable is this arrangement?” The answer being "very.”

"#SVB removed a disclosure metric called economic value of equity (EVE) from its year-end 2022 financial statement, just two weeks before the bank's collapse. For the past decade, SVB had provided this metric to demonstrate how interest rate fluctuations would impact its financial health. The removal of EVE … raises questions about the role of the bank's auditor, KPMG LLP. “

#lawfedi

https://www.minimumcomp.com/p/516-svb-omitted-eve-ftc-blocking

“There are more historical touchstones connecting tax evasion to future collapse, such as Lehman Brothers. Prior to Lehman’s implosion, one of its more noteworthy scandals involved using and promoting derivatives as dividend-tax dodges. By the time the wheels were off the wagon—or rather, immediately prior—Lehman had $600 billion in total assets, significantly less than UBS has today.”

#lawfedi @law #svb

Catering to Tax Evaders Is a Poor Prescription for Bank Health | https://news.bloomberglaw.com/securities-law/catering-to-tax-evaders-is-a-poor-prescription-for-bank-health

Cool, but the regulators need more funding.

“The SEC has approved a new rule that requires hedge funds to share significant investment losses with regulators in near real-time. ... Previously, funds have had to report positions in quarterly public filings. [Announced] amendment require large hedge fund advisers and private equity fund advisers to file current reports in the event of certain reporting events that could indicate ... investor harm."

#lawfedi @law #svb

https://www.minimumcomp.com/p/thurs-54-sec-real-time-hedge-fund

Thurs 5/4 - SEC Real Time Hedge Fund Reporting, Indictment for Wire Fraud Ring, Starbucks Union Problems, Goldman Sued Relating to SVB, and more

We have the #SEC approving a new near real-time hedge fund reporting rule, a grand jury indictment for a huge wire fraud ring, #Starbucks #union problems, #Goldman caught up in Silicon Valley Bank-related suit and more #SVB stuff.

@law #lawfedi

https://www.minimumcomp.com/p/thurs-54-sec-real-time-hedge-fund

Goldman Sachs Group Inc.’s role in Silicon Valley Bank’s attempt to raise funds in March is under review by US governmental agencies, which are looking into the failed transaction that helped push the US regional-banking system into turmoil.

#svb https://www.bloomberg.com/news/articles/2023-05-04/us-reviews-goldman-role-with-silicon-valley-bank-before-collapse

3 failed US #banks had one thing in common: #KPMG - Big Four auditor’s work for #SVB - #Signature and #FirstRepublic comes under scrutiny in aftermath of their collapses, chart @FT https://cutt.ly/I5BxmzK

Fate of #FirstRepublicBank hangs in the balance as report on #SVB collapse exposes “regulatory” framework https://www.wsws.org/en/articles/2023/05/01/lcrn-m01.html

#GAO Report, BANK REGULATION #PreliminaryReview of #AgencyActions Related to March 2023 #BankFailures https://www.gao.gov/assets/gao-23-106736.pdf #SVB #FinancialStability #FinancialSystem #RegulatoryStandards #regulatoryfailures #banking #FederalReserve

SVB Review Supervisory Materials Federal Reserve has released documents in connection w review of supervision, regulation of Silicon Valley Bank (#SVB) & #SiliconValle BankFinancialGroup #SVBFG. These doc include supervisory material that is confidential under Board's regs Due to exceptional nature of these events including failure of SVB and extraordinary response required by the Federal Reserve, the Board has determined release of this info information is appropriate https://www.federalreserve.gov/supervisionreg/silicon-valley-bank-review-supervisory-materials.htm

#RegulatoryStandards for #SVB were too low, the #supervision of S.V.B. did not work with sufficient force and urgency, and #contagion from the firm’s failure posed #systemic consequences not contemplated by the Federal Reserve’s tailoring framework,” Mr. #Barr wrote in a letter accompanying the report."