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.
The Israeli military has said that a ceasefire in Gaza would hold after the truce was seriously tested by an attack that killed two Israeli soldiers and a wave of airstrikes that killed 36 Palestinians.
Aid supplies into the enclave are due to resume on Monday following US pressure, an Israeli security source said, shortly after Israel announced a halt in supplies in response to what it called a “blatant” violation by Hamas of the truce.
A little over a week has passed since the start of the US-proposed ceasefire aimed at ending two years of war.
Israel‘s military said militants fired at troops in areas of Rafah city that are Israeli-controlled, according to agreed-upon ceasefire lines.
The military said Israel responded with airstrikes and artillery, hitting dozens of Hamas targets. It also said its forces struck “terrorists” approaching troops in Beit Lahiya in the north.
Health officials said at least 36 Palestinians were killed across Gaza, including children.
Image: An injured child is carried to Nasser Hospital after an airstrike in Khan Younis, Gaza. Pic: AP
One airstrike hit a former school sheltering displaced families in the area of Nuseirat, killing four people, according to Al Awda Hospital, which received the casualties.
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Another hit a tent in the Muwasi area of Khan Younis in the south, killing at least four people, including a woman and two children, according to Nasser Hospital.
Israeli Prime Minister Benjamin Netanyahu directed the military to take “strong action” against any ceasefire violations but did not threaten to return to war.
The armed wing of Hamas continued to accuse Israel of multiple ceasefire violations, but said it remained committed to the ceasefire agreement.
It said communication with its remaining units in Rafah had been cut off for months, adding “we are not responsible for any incidents occurring in those areas”.
Image: Children were injured and some were killed in Sunday’s strikes, local health officials say. Pic: AP
In a statement on social media on Sunday evening, the IDF said it had “begun the renewed enforcement of the ceasefire, in line with the terms of the agreement”.
“The IDF will continue to uphold the ceasefire agreement and will respond firmly to any violation of it,” it added.
An Israeli source told Sky News: “The bottom line is that we’re done responding. We are now back to where we were this morning before their attack.”
Fearing the truce may collapse, some Palestinians, many of whom have lacked sufficient food for months, rushed to buy goods from the main market in Nuseirat.
Further south in Khan Younis, other families fled their homes and shelters after airstrikes hit nearby.
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Ceasefire faces toughest test
The new ceasefire began on 10 October, but for days the Israeli government and Hamas have been trading accusations of ceasefire violations.
A senior Egyptian official involved in the ceasefire negotiations said “round-the-clock” contacts were under way to de-escalate the situation.
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Israel on Saturday pressed Hamas to returning the remains of all 28 dead hostages as promised under the ceasefire, saying the Rafah border crossing between Gaza and Egypt would stay closed “until further notice”.
Hamas says it has no reason to keep the bodies of the remaining hostages, but that it needs special equipment recover corpses buried under rubble.
A Hamas delegation led by chief negotiator Khalil al Hayya has arrived in Cairo to follow up the implementation of the ceasefire deal with mediators and other Palestinian groups.
The next stages are expected to focus on disarming Hamas, Israeli withdrawal from additional areas it controls in Gaza, and future governance of the devastated territory.
The US plan proposes the establishment of an internationally-backed authority.
GAINESVILLE, Fla. — Florida fired coach Billy Napier on Sunday, a day after an error-filled win against Mississippi State that included more head-scratching calls and offensive lulls like those that marked much of his four-year run with the Gators.
Athletic director Scott Stricklin made the move following a 23-21 victory that improved the Gators’ record to 3-4 but looked as if it was going to be a gut-wrenching loss until defensive tackle Michai Boireau picked off a pass with 21 seconds left and the Bulldogs near field goal range.
The game-sealing takeaway energized The Swamp, but the home crowd quickly turned on Napier and booed him as he sprinted off the field. Stricklin had seen enough and pulled the plug on a run that most of the Florida faithful thought lasted longer than it should have.
Florida owes Napier roughly $21 million, with half of that buyout due within 30 days. The rest will be spread over three annual installments beginning next summer, meaning that, since the Gators are still paying former coach Dan Mullen, they will be paying three head coaches for the second time in seven years once they hire Napier’s replacement; they did the same with Will Muschamp, Jim McElwain and Mullen in 2018.
Napier went 22-23 in four seasons at Florida, including 12-16 in SEC play. He was 5-17 against ranked opponents, including 0-14 away from home, and declined to give up his playcalling role despite calls to do so.
Equally damning: His 3-12 mark against rivals Florida State, Georgia, LSU, Miami and Tennessee includes the fewest wins by a Florida coach in such games since the late 1930s.
Napier is the first full-time coach at Florida to finish his tenure with a losing record since Raymond Wolf (1946 to ’49).
“Making this decision during the open date provides our team valuable time to regroup, refocus, and prepare for the challenges ahead. The timing also allows us to conduct a thoughtful, thorough, and well-informed search for our next head coach. We remain fully committed to utilizing every resource available to identify the right leader to guide Gators Football into the future,” Stricklin said in a statement.
“I will conduct the search with a high degree of confidentiality to protect the privacy of those involved. The search will focus on the hiring of an elite football coach who will embody the standard we have at the University of Florida, and we will continue to provide all of the necessary resources for that coach, his staff and the players to be successful.”
Receivers coach Billy Gonzales was named interim for Florida’s remaining five games, beginning against rival Georgia (6-1, 4-1 Southeastern Conference) on Nov. 1 in Jacksonville. The Gators (3-4, 2-2) have an off week to regroup from the chaos that often comes with a coaching change.
Jettisoning Napier will temporarily quell a frustrated fanbase, but the group won’t truly be satisfied until the Gators hire someone with a proven track record at college football’s highest level.
Napier sealed his fate against the Bulldogs. He dialed up a QB rollout on a third-and-1 play in the waning minutes that led to a punt and gave Mississippi State a chance down the stretch. He also called a QB keeper on a third-and-7 play earlier in the game, botched the final possession before halftime and was flagged for having 12 men on the field during a 2-point try.
It was a fitting end for a coach who often looked in over his head in the powerhouse SEC. Between repeated penalties, game organization issues, clock management miscues and running an offensive scheme that was as predictable as it was pedestrian, Napier stuck around longer than many thought he deserved.
Stricklin gave the coach a public vote of confidence shortly before the Gators won their final four games of 2024. They hoped to carry that momentum into Napier’s fourth season, but quarterback DJ Lagway was out close to eight months recovering from injuries — and it showed.
Lagway looked mostly lost in the pocket as Florida struggled to move the ball. Suddenly, the two-time Sun Belt Conference coach of the year, who gained fame at his previous stop by saying “scared money don’t make money,” seemed afraid to get the ball down the field the way Lagway did with such ease as a freshman.
Most outsiders saw this ending coming. Although Napier accomplished plenty while helping the program navigate name, image and likeness compensation and revenue sharing, he churned through assistants while failing to find much consistency on either side of the ball.
“The standards and expectations for Gators football are to win championships — not simply to compete. We exist to win, and will not settle for less. UF has never been more invested in the success of this football program — elite facilities, robust NIL opportunities and comprehensive support for our student athletes and staff — than we are today,” Strickland said.
“The University of Florida is a destination — a place where people come to achieve excellence. With our resources, passionate fan base, and unwavering commitment, we are determined to return Gators football to championship form. I understand and accept the responsibility to deliver a football program that reflects the greatness of this university and I thank Gator Nation for their continued support as we begin this next chapter together.”
Florida hired Napier in 2021 after he went 40-12 in four seasons as Louisiana’s coach.
The Associated Press and ESPN Research contributed to this report.
Vanderbilt is a top-10 team in college football for the first time since 1947 in an Associated Press Top 25 poll that got a nearly complete makeover Sunday after a weekend during which nine ranked teams lost.
Ohio State was the only team to hold its spot, remaining No. 1 for an eighth straight week after shutting outWisconsin 34-0 on the road.
Beyond the Buckeyes, significant revision was required with four top-10 teams losing in the same week for a third time this season. Nine Top 25 losing teams were the most since Week 5 in 2022, when 10 went down, according to Sportradar. Four of the losses this week were to unranked opponents.
The Buckeyes received 60 first-place votes, 10 more than a week ago. No. 2 Indianapulled away from Michigan State, improved its program-record ranking by one spot and received the other six first-place votes.
Ohio State’s 10 straight appearances in the top five is the longest active streak.
Texas A&M‘s one-rung promotion to No. 3 gives the Aggies their highest ranking since 1995. No. 4 Alabama has its highest ranking of the season and No. 5 Georgia returned to the top five after a three-week absence.
Georgia’s 140th consecutive week in the poll is the second-longest active streak to Alabama’s 287.
Louisville makes its season debut in the Top 25. The No. 19 Cardinals, whose only loss was by three points to Virginia on Oct. 4, were 0-18 all time against top-10 teams in true road games before knocking off the Hurricanes.
At No. 16, Virginia’s ranking is its highest since 2007.
Vanderbilt rallied from its loss at Alabama two weeks ago with a 31-24 win over then-No. 10 LSU. The Commodores earned a seven-spot promotion for their first win over the Tigers since 1990. At 6-1, Vandy is off to its best start since 1950, with two wins over ranked opponents.
Vanderbilt’s top-10 ranking is its fifth in program history. The others were in 1937 (once), 1941 (once) and 1947 (twice).
No. 3 Texas A&M (7-0) at No. 20 LSU (5-2): The home team has won the past eight meetings. LSU’s Garrett Nussmeier threw three second-half interceptions and Marcel Reed came off the bench to run for three TDs in the Aggies’ 38-23 win last season.
No. 8 Mississippi (6-1) at No. 13 Oklahoma (6-1): This will be only their third all-time meeting. The Rebels recorded nine sacks in a 26-14 win last season.
No. 15 Missouri (6-1) at No. 10 Vanderbilt (6-1): Vandy kicker Brock Taylor has made 17 consecutive field goal attempts since missing a 31-yarder that gave the Tigers a 30-27 double-overtime win last season.