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close video Dan Niles saw the SVB collpase coming, now he’s shorting some regional banks

The Satori Fund founder Dan Niles analyzes the banking sector after recent turmoil, telling ‘The Claman Countdown’ he was shocked to see banks go under as soon as they did.

An auditor and underwriters have reportedly been named for the first time in a lawsuit concerning the collapse of Silicon Valley Bank.

SVB's auditor KMPG along with underwriters including Goldman Sachs, Bank of America and Morgan Stanley, in an investor lawsuit based on alleged misstatements leading to the bank’s collapse, according to Bloomberg.

The complaint was filed Friday in the federal court in San Francisco.

The suit names Silicon Valley Bank Chief Executive Officer Greg Becker and other bank directors and officers as defendants. 

FDIC SAYS FIRST CITIZENS BANK HAS REACHED DEAL TO PURCHASE SILICON VALLEY BANK

SVB (Silicon Valley Bank) logo is seen in this illustration taken March 19, 2023. (REUTERS/Dado Ruvic / Fox News)

.Collectively, the defendants "misrepresented the strength of the company’s balance sheet, liquidity, and position in the market," according to the lawsuit. 

The executives, auditor and underwriters "understated and concealed the magnitude of the risks" facing the bank, which undermined the value of its own securities portfolio, it said.

FOX Business has reached out to KPMG, Goldman Sachs, Bank of America, Morgan Stanley and Keefe, Bruyette & Woods, Inc., which is named as an underwriter defendant, for comment.

AMERICANS' FAITH IN BANKS DROPS AFTER FAILURES: POLL

Customers wait in line outside of a Silicon Valley Bank branch in Wellesley, Massachusetts. (Sophie Park/Bloomberg via Getty Images / Getty Images)

After 40 years, Silicon Valley Bank, the nation’s 17th largest, was shut down last month by the FDIC as regulators moved to protect customers as it faced a liquidity crunch after losing $2 billion. 

It became the largest bank failure since the financial crisis. 

SVB’s parent company filed for Chapter 11 bankruptcy.

KPMG’s alleged liability, explained in greater detail, is based in part on the fact that it signed off on SVB’s 2022 annual report two weeks before the March 8 market close, according to the suit.

COMPANY VETERAN PRESIDED OVER COLLAPSE OF SILICON VALLEY BANK

A customer stands outside a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023, in Santa Clara, California. (Justin Sullivan/Getty Images / Getty Images)

 That was when the bank said it was seeking to raise $2.25 billion to address its liquidity problems and announced an approximately $1.8 billion loss on the sale of its securities.

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The Justice Department, Securities and Exchange Commission and Federal Reserve are examining issues around SVB’s collapse.

No one at the bank has been accused of wrongdoing, and the investigations could end without bringing charges or lawsuits.

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Former Bank of England governor Mark Carney named prime minister of Canada – succeeding Justin Trudeau

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Former Bank of England governor Mark Carney named prime minister of Canada - succeeding Justin Trudeau

Former Bank of England governor Mark Carney has been named Canadian prime minister after winning the Liberal Party leadership race in a landslide victory.

Mr Carney, who also used to be the head of Canada’s central bank, emerged as the frontrunner in the contest as the country deals with the impact of tariffs imposed by US President Donald Trump.

He ended up winning 85.9% of the vote.

During his victory speech, he told the crowd: “Donald Trump, as we know, has put unjustified tariffs on what we build, on what we sell and how we make a living.

“He’s attacking Canadian families, workers and businesses and we cannot let him succeed and we won’t.”

Mr Carney said Canada would keep retaliatory tariffs in place until “the Americans show us respect”.

Mr Trump’s tariffs against Canada and his talk of making the country America’s 51st state have infuriated Canadians.

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The American national anthem has been repeatedly booed at NHL and NBA games.

“Think about it. If they succeeded, they would destroy our way of life… America is a melting pot. Canada is a mosaic,” Mr Carney added.

“America is not Canada. Canada will never ever be part of America in any way, shape or form.”

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‘You can’t take our country or our game’

The 59-year-old will replace Justin Trudeau, who has served as prime minister since 2015.

Mr Trudeau announced he was stepping down in January after facing calls to quit from a chorus of his own MPs.

The 53-year-old’s popularity had declined as food and house prices rose.

Mr Carney will now have to decide when to call a general election in Canada – which must take place on or before 20 October.

In 2013, he became the first non-UK citizen to run the Bank of England since it was founded in 1694.

His appointment was popular in Britain after Canada recovered from the 2008 financial crisis faster than many other countries.

Read more:
Trudeau steps down with his popularity in shreds
Canadian PM criticises Trump over tariffs

During leadership debates, Mr Carney argued he was the only person prepared to handle Trump.

“I know how to manage crises,” he said.

“In a situation like this, you need experience in terms of crisis management, you need negotiating skills.”

The surge in Canadian nationalism has bolstered the Liberal Party’s chances in a parliamentary election.

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Donald Trump says Ukraine ‘may not survive’ war against Russia even if US support continues

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Donald Trump says Ukraine 'may not survive' war against Russia even if US support continues

US President Donald Trump has suggested Ukraine “may not survive” the war against Russia even if American support continued.

In an interview with Fox News channel’s ‘Sunday Morning Futures’, Mr Trump was asked about his controversial decision to pause support for Kyiv as it fends off Russia’s full-scale invasion.

Mr Trump, who had a disastrous meeting with Mr Zelenskyy at the White House last week, was asked about a warning from Polish President Andrzej Duda “that without American support, Ukraine will not survive”.

Asked if he was “comfortable” with that outcome, the US president said: “Well, it may not survive anyway.

“But we have some weaknesses with Russia. You know, it takes two,” Mr Trump added.

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Donald Trump. File Pic: Reuters

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It comes as Mr Zelenskyy will visit Saudi Arabia for a Monday meeting with Crown Prince Mohammed bin Salman, while Ukrainian diplomatic and military representatives will meet with a US delegation on Tuesday.

More on Donald Trump

Mr Trump’s latest remarks come amid global concern over the souring relationship between Ukraine and the US, which alongside the EU has been Kyiv’s main backer in its defence against Russia’s three-year land, air and sea invasion.

The US paused military aid and the sharing of intelligence with Ukraine this month after a meeting between Mr Trump and Mr Zelenskyy on 28 February descended into acrimony in front of the world’s media.

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Mr Trump ordered the pause as he attempts to put pressure on Mr Zelenskyy to negotiate a ceasefire deal with Russia.

Mr Trump has privately made it clear to aides that a signed minerals deal between Washington and Kyiv will not be enough to restart aid and intelligence sharing with Ukraine, Sky News’ US partner network NBC reported earlier on Sunday.

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How are Americans feeling after nearly 50 days of Trump?

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Rating Donald Trump’s second term so far

‘Trump bump’ turns to a Trump slump

The 78-year-old president is said to want the deal signed, but also wants to see a change in Mr Zelenskyy’s attitude towards peace talks.

Officials have told NBC News that Mr Trump also wants Mr Zelenskyy to make some movement towards holding elections in Ukraine and possibly stepping down as his country’s leader.

Mr Zelenskyy said in a recent interview he would be ready to step down as Ukraine’s president if it meant his country would become a NATO member and find peace.

That came after he was branded a “dictator” by Mr Trump as Ukraine had not held fresh elections – despite laws prohibiting it during wartime.

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Donald Trump says Ukraine ‘may not survive’ war against Russia even if US support continues

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Donald Trump says Ukraine 'may not survive' war against Russia even if US support continues

US President Donald Trump has suggested Ukraine “may not survive” the war against Russia even if American support continued.

In an interview with Fox News channel’s ‘Sunday Morning Futures’, Mr Trump was asked about his controversial decision to pause support for Kyiv as it fends off Russia’s full-scale invasion.

Mr Trump, who had a disastrous meeting with Mr Zelenskyy at the White House last week, was asked about a warning from Polish President Andrzej Duda “that without American support, Ukraine will not survive”.

Asked if he was “comfortable” with that outcome, the US president said: “Well, it may not survive anyway.

“But we have some weaknesses with Russia. You know, it takes two,” Mr Trump added.

Pic: Reuters
Image:
Donald Trump. File Pic: Reuters

Follow the latest updates on Donald Trump

It comes as Mr Zelenskyy will visit Saudi Arabia for a Monday meeting with Crown Prince Mohammed bin Salman, while Ukrainian diplomatic and military representatives will meet with a US delegation on Tuesday.

More on Donald Trump

Mr Trump’s latest remarks come amid global concern over the souring relationship between Ukraine and the US, which alongside the EU has been Kyiv’s main backer in its defence against Russia’s three-year land, air and sea invasion.

The US paused military aid and the sharing of intelligence with Ukraine this month after a meeting between Mr Trump and Mr Zelenskyy on 28 February descended into acrimony in front of the world’s media.

👉 Follow Trump 100 on your podcast app 👈

Mr Trump ordered the pause as he attempts to put pressure on Mr Zelenskyy to negotiate a ceasefire deal with Russia.

Mr Trump has privately made it clear to aides that a signed minerals deal between Washington and Kyiv will not be enough to restart aid and intelligence sharing with Ukraine, Sky News’ US partner network NBC reported earlier on Sunday.

Please use Chrome browser for a more accessible video player

How are Americans feeling after nearly 50 days of Trump?

Read more:
Rating Donald Trump’s second term so far

‘Trump bump’ turns to a Trump slump

The 78-year-old president is said to want the deal signed, but also wants to see a change in Mr Zelenskyy’s attitude towards peace talks.

Officials have told NBC News that Mr Trump also wants Mr Zelenskyy to make some movement towards holding elections in Ukraine and possibly stepping down as his country’s leader.

Mr Zelenskyy said in a recent interview he would be ready to step down as Ukraine’s president if it meant his country would become a NATO member and find peace.

That came after he was branded a “dictator” by Mr Trump as Ukraine had not held fresh elections – despite laws prohibiting it during wartime.

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