Toxic Train Wrecks. Failed Banks. Pandemics. Thanks Republicans!

[Gimmesometruth]

You referred to it as "their publication." It's not a publication; it's a federal document.

It is a report written by SVB as required by the SEC.

You can't really hope to grasp the issue if you don't understand what it is you're looking at.

Irony...

 

[Socraticaｼ]

It is a report written by SVB as required by the SEC.

Well, if every sentence gets you closer to understanding your errors, that's a win.

Irony...

It's not irony. You just almost plagiarized a blog from a think tank.

 

[Gimmesometruth]

Well, if every sentence gets you closer to understanding your errors, that's a win.

It is a difference without distinction, SVB produced it. You were trying to diminish who created the document. It isn't a point you won.

It's not irony. You just almost plagiarized a blog from a think tank.

"Just almost" is absolutely meaningless. Further, the irony is that I know who produced the LINKED article AND I know WHO produced the report for the SEC. The irony is you didn't understand who you were arguing with (Todd) and you tried to pass off the SVB report as something created by the SEC......while claiming I didn't know what I was reading.

You create a lot of slippery unsupported argument, and you are running cover for SVB here, Putin in Ukraine threads and DeSantis in threads about his admin. I see through your lies and obfuscations, yer not a "moderate". You are a pro-Putin rightwinger.

 

[Socraticaｼ]

It is a difference without distinction, SVB produced it. You were trying to diminish who created the document. It isn't a point you won.

Who created the document is irrelevant. You've gone from "it's SVB propaganda" to "it's their publication" to "it's a report written by SVB," while still missing the point: "IT'S AN FEDERAL DOCUMENT."

10-K's are Federal Documents, submitted to the SEC; you're not supposed to be lying when you submit them. So, it is a bit ignorant to refer to them as "propaganda."

"Just almost" is absolutely meaningless.

No, almost plagiarizing is also a pretty big deal.

Further, the irony is that I know who produced the LINKED article AND I know WHO produced the report for the SEC. The irony is you didn't understand who you were arguing with (Todd) and you tried to pass off the SVB report as something created by the SEC......while claiming I didn't know what I was reading.

You're confused. The distinction was not to show that the document was "something created by the SEC," but to point out that it is not a "publication." It's a federal document.

You create a lot of slippery unsupported argument, and you are running cover for SVB here, Putin in Ukraine threads and DeSantis in threads about his admin. I see through your lies and obfuscations, yer not a "moderate". You are a pro-Putin rightwinger.

Believe it or not, I actually like the fact that you're spouting delusional theories about me, instead of discussing issues clearly beyond your level of understanding.

 

[Gimmesometruth]

Who created the document is irrelevant

LOL....sure it is, after all, SVB would NEVER lie....LOL!

You've gone from "it's SVB propaganda" to "it's their publication" to "it's a report written by SVB," while still missing the point: "IT'S AN FEDERAL DOCUMENT."

As if a "FEDERAL DOCUMENT"....produced by SVB, the failed institution, creates MORE legitimacy for the report.

10-K's are Federal Documents, submitted to the SEC; you're not supposed to be lying when you submit them. So, it is a bit ignorant to refer to them as "propaganda."

Oh well, yer not supposed to lie.....well then, that settles it! Good grief.

No, almost plagiarizing is also a pretty big deal.

ok....whatever YOU say.

You're confused. The distinction was not to show that the document was "something created by the SEC," but to point out that it is not a "publication." It's a federal document.

Again....so what. It is a document, a report, created by SVB, an institution that just failed.

Well, far be it from me to keep you from your delusions.

Says the poster that keeps emphasizing a report from the failed bank is special because it was filed with the SEC. What do you want to bet that it contains falsehoods when it is examined in court hearings?

 

[Socraticaｼ]

LOL....sure it is, after all, SVB would NEVER lie....LOL!

As if a "FEDERAL DOCUMENT"....produced by SVB, the failed institution, creates MORE legitimacy for the report.


Oh well, yer not supposed to lie.....well then, that settles it! Good grief.

ok....whatever YOU say.

Again....so what. It is a document, a report, created by SVB, an institution that just failed.

The details of the report shows that it was SVB met regulatory requirements.

Says the poster that keeps emphasizing a report from the failed bank is special because it was filed with the SEC. What do you want to bet that it contains falsehoods when it is examined in court hearings?

Financial statements submitted to the SEC are audited, so this isn't a very safe bet.

 

[Gimmesometruth]

The details of the report shows that it was SVB met regulatory requirements.

Yeah....according to....wait for it.....SVB.

Financial statements submitted to the SEC are audited, so this isn't a very safe bet.

Yeah....its all good....oh...wait....

Silicon Valley Bank and Signature Bank collapsed days apart within two weeks of their auditor KPMG LLP signing off on their books.

The Big Four audit firm’s responsibility included assessing the odds of whether the banks could survive the next 12 months. Regulators shuttered Silicon Valley and placed it into Federal Deposit Insurance Co. receivership two weeks after KPMG signed off on the bank’s financials. Signature Bank made it 11 days.

Auditors aren’t fortune tellers, but they are responsible for making sure corporate financials give a fair and up-to-date portrayal of the company’s financial health. With two clients collapsing within days of each other—Silicon Valley fell Friday, and regulators raced to shut down Signature Bank on Sunday night—KPMG’s work will come under scrutiny.

“It’s not a good look,” said Harold Schroeder, a former Financial Accounting Standards Board member and bank analyst who teaches accounting at Rutgers University.

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.

news.bloombergtax.com

 

[Socraticaｼ]

Yeah....according to....wait for it.....SVB.

You're not saying anything meaningful here. SVB releases their financial data and third-parties audit it.

Unless you're prepared to demonstrate how this financial data is false, you have no point.

Yeah....its all good....oh...wait....

Silicon Valley Bank and Signature Bank collapsed days apart within two weeks of their auditor KPMG LLP signing off on their books.

Yeah, I feel like you could have just stopped at this:

Auditors aren’t fortune tellers,

Imagine getting into a discussion about financial testing, and not understanding this. Moody's also rated SVB Aa3. I'm not sure what your point is, other than: you don't seem to understand how this process works.

The auditing/stress testing process does not suggest that banks can never fail. It suggest the likelihood of, given certain conditions, that the bank will fail.

 

[Gimmesometruth]

, other than: you don't seem to understand how this process works.

LOL...I think we are looking at processes......that don't "work".

Next up, semantic arguments concerning the definition of "work".

 

[Socraticaｼ]

LOL...I think we are looking at processes......that don't "work".

Next up, semantic arguments concerning the definition of "work".

I don't know what you're talking about. The process assesses the likelihood of failure. It does not eliminate failure.

 

[Gimmesometruth]

The process assesses the likelihood of failure.

oh....wait...lol

 

[Gimmesometruth]

Moody's also rated SVB Aa3.

01/14/2017January 14, 2017
Ratings agency Moody's has agreed to a settlement payout with US authorities over mortgage securities fraud that contributed to the 2008 financial crisis. The agreement follows an investigation lasting several years.

Moody's agrees to pay $864 mln for ratings deception – DW – 01/14/2017

Ratings agency Moody's has agreed to a settlement payout with US authorities over mortgage securities fraud that contributed to the 2008 financial crisis. The agreement follows an investigation lasting several years.

www.dw.com

 

[Socraticaｼ]

01/14/2017January 14, 2017
Ratings agency Moody's has agreed to a settlement payout with US authorities over mortgage securities fraud that contributed to the 2008 financial crisis. The agreement follows an investigation lasting several years.

Moody's agrees to pay $864 mln for ratings deception – DW – 01/14/2017

Ratings agency Moody's has agreed to a settlement payout with US authorities over mortgage securities fraud that contributed to the 2008 financial crisis. The agreement follows an investigation lasting several years.

www.dw.com

Again, you're not saying much meaningful. Moody's is the largest nationally recognized statistical rating organization. Any firm, publicly traded company, government agency, non-profit organization that issues debt/equity in capital markets has to be rated by them.

 

[Gimmesometruth]

Again, you're not saying much meaningful. Moody's is the largest nationally recognized statistical rating organization. Any firm, publicly traded company, government agency, non-profit organization that issues debt/equity in capital markets has to be rated by them.

Again, their "process", like KPMG's, is not to be relied upon when it comes to SVB.

 

[Socraticaｼ]

Again, their "process", like KPMG's, is not to be relied upon when it comes to SVB.

Welp, until you've provided a coherent reason why they should not be relied upon, I have no choice but to dismiss your unreasonable objections.

SVB submits federal documents to the SEC, by law. By law, KPMG audits these documents for accuracy.

You have yet to establish that these documents are inaccurate in any way, shape, or form.

 

[Gimmesometruth]

Welp, until you've provided a coherent reason why they should not be relied upon,

When it comes to SVB? Are you frigging kidding me?

SVB submits federal documents to the SEC, by law. By law, KPMG audits these documents for accuracy.

Yeah, and hows that going?

You have yet to establish that these documents are inaccurate in any way, shape, or form.

Um, by the fact that THEY FAILED....yer HONOR!

good grief.

 

[Socraticaｼ]

When it comes to SVB? Are you frigging kidding me?

Yeah, and hows that going?

Um, by the fact that THEY FAILED....yer HONOR!

good grief.

Again, nothing you've said is meaningful. If you don't think the SEC submitted document were accurate, point out the inaccuracies.

 

[Gimmesometruth]

Again, nothing you've said is meaningful. If you don't think the SEC submitted document were accurate, point out the inaccuracies.

I already have. Further, they failed.....after getting "Aa3"....after KPMG apparently failed.

This is your dog to defend, but it is a dead dog. Poor you, poor dog.

 

[Socraticaｼ]

I already have.

No, you haven't. Specifically, where are the inaccuracies in the SEC documents?

Further, they failed.....after getting "Aa3"....after KPMG apparently failed.

This is your dog to defend, but it is a dead dog. Poor you, poor dog.

None of this bears any relevance to SVB failure, as you cannot point out where KPMG's auditing was inaccurate.

 

[MrsFauch]

Ask any Republican why Silicon Valley Bank (SVB) failed and they will spit out “woke,” along with some acronyms that are meaningless to probably 99% of the American public: DEI and ESG. That would be “diversity, equity, and inclusion” and “environmental, social, and governance” guidelines, the things they’re trying to replace “CRT” with as made-up acronymic scary things.

That’s a lot easier than dealing with reality. Trump and the GOP deregulated rails, and we got East Palestine. Trump and Republicans, primarily, rolled back some Dodd-Frank banking rules, and we got SVB.

Remember this from early March 2020?

“Trump disbanded NSC pandemic unit that experts had praised.” When Trump was declaring that COVID-19 “came out of nowhere” and “blindsided the world,” after he had disbanded the National Security Council directorate “charged with preparing for when, not if, another pandemic would hit the nation.”

Yeah, that.

It all comes down to a “small-government” GOP that’s become so obsessed with the “small” that they’ve abandoned the “government” part.

https://www.dailykos.com/stories/2023/3/13/2157874/-Toxic-train-wrecks-Bank-failures-Pandemics-Thanks-GOP

Nothing Trump changed would have made a difference in the East Palestine derailment. It’s a fact. Also take a look at these banks they were irresponsible. The statements you stated are 100% false.

 

[Cynical]

Personally I don't blame either party for the poor choices made by the bankers. They screwed the pooch and lost peoples money.

Looks like poor decision making on the part of those at SVB:

Why Silicon Valley Bank failed

Wondering what happened at Silicon Valley Bank? SVB's recent actions are partly to blame, but the seeds of its demise were planted months ago.

www.businessinsider.com

 

[Cynical]

According to their 2023 financials, SVB was stress tested.

Here's a middle of the road view on whether the SVB collapse would have been prevented:

https://www.cnn.com/2023/03/14/politics/facts-on-trump-2018-banking-deregulation/index.html

 

[Cynical]

No, you haven't. Specifically, where are the inaccuracies in the SEC documents?

None of this bears any relevance to SVB failure, as you cannot point out where KPMG's auditing was inaccurate.

Nothing Trump changed would have made a difference in the East Palestine derailment. It’s a fact. Also take a look at these banks they were irresponsible. The statements you stated are 100% false.

There's the following perspective on the SVB collapse:

Nobel Laureate Douglas Diamond on How the Fed Could Have Prevented SVB’s Collapse - ProMarket

Nobel Laureate and bank run expert Douglas Diamond argues that the Fed’s choice to signal long-term low interest rates, and then suddenly reverse course by raising interest rates in response to inflation, is a major reason for the collapse at Silicon Valley Bank. Last week, Silicon Valley Bank...

www.promarket.org

 

[trouble13]

Looks like poor decision making on the part of those at SVB:

Why Silicon Valley Bank failed

Wondering what happened at Silicon Valley Bank? SVB's recent actions are partly to blame, but the seeds of its demise were planted months ago.

www.businessinsider.com

They gambled and lost. There is no reason they should be bailed out by anyone.

 

[Cordelier]

As far as I'm concerned, the banking sector has been messed up since Glass-Steagall was repealed during the Clinton Administration. That was a bipartisan vote, so both parties are to blame for that one.

But what's going on today with SVB and all of the rest is because the financial markets are too frothy. There's too much capital in too few hands and not enough solid investment opportunities. That leads to economic bubbles. What we need to do is replace Reagan's 1987 supply-side tax code and go back to one more in line with Eisenhower's 1954 demand-side tax code.