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Bad China accounting?
KPMG Gave SVB, Signature Bank Clean Bill of Health Weeks Before Collapse
Accounting firm faces scrutiny for audits of failed banks
On the right side of the trade ...... most of the time
Warren Buffett calls critics of stock buybacks 'economic illiterates'
Berkshire Hathaway's cash hoard grows to $128.6 billion
The Associated Press
Josh Funk
Published Feb 25, 2023 • Last updated Feb 27, 2023 • 4 minute read
Warren Buffett used part of his annual letter to Berkshire Hathaway shareholders Saturday to tout the benefits of repurchases that fiery Wall Street critics like Sens. Elizabeth Warren and Bernie Sanders and many other Democrats love to criticize.
OMAHA, Neb. — Billionaire Warren Buffett said critics of stock buybacks are “either an economic illiterate or a silver-tongued demagogue” or both, and all investors benefit from them as long as they are made at the right prices.
Can't make this stuff up
With Signature Bank’s Collapse, US Reformer Barney Frank Watches His Own Lender Fail
Max Reyes
Mon, March 13, 2023 at 6:32 AM PDT·2 min read
(Bloomberg) -- It was a seemingly unthinkable scene: Barney Frank, co-author of the Dodd-Frank Act, the radical overhaul of the banking system after the 2008 global financial crisis, was having his very own Dick Fuld moment.
There was none of the Fuld-style shouting and ranting, but Frank, just like the former Lehman Brothers top executive had famously done, was taking to the phones to lament how authorities had unnecessarily shuttered the bank he helped oversee. Frank, to the surprise of some, landed on the board of Signature Bank, a New York-based lender that boomed during the pandemic. It was seized by regulators Sunday, making it the third US bank to collapse in just five days.
“I think that if we’d been allowed to open tomorrow, that we could’ve continued — we have a solid loan book, we’re the biggest lender in New York City under the low-income housing tax credit,” Frank said in an interview late Sunday night. “I think the bank could’ve been a going concern.”
The fact that an institution Frank himself oversaw blew up may trigger schadenfreude among his enemies on Wall Street and in Republican Party circles. More importantly, it underscores how the crisis spreading rapidly through the country’s regional banking sector sneaked up on even the most seasoned financial experts.
Though Signature Bank was put into receivership Sunday by regulators straining to contain the fallout from the collapse of SVB Financial Group’s Silicon Valley Bank, Frank stood by the reforms he shepherded through Congress.
“The vindication of the bill is that nobody is talking about anything like 2008,” Frank said. “If the bill hadn’t been passed, we’d be seeing a lot more damage these days. We got a lot of the vulnerability out of the system.”
Another potential surprise for anyone not paying close attention to Frank’s career since leaving politics: He’s not blaming changes to banking rules signed into law by President Donald Trump. Those new laws rolled back some of the strictest post-crisis regulations for midsize banks, including Signature, while cutting their compliance costs.
“I don’t think that had any effect,” Frank said. “I don’t think there was any laxity on the part of regulators in regulating the banks in that category, from $50 billion to $250 billion.”
Hilarious
Silicon Valley Bank had more red flags than a CCP meeting but regulators cared about climate not bank risks
Liz Peek
Mon, March 13, 2023 at 1:00 AM PDT
Despite skeins of bank regulations supposed to prevent another financial meltdown, Silicon Valley Bank, the country’s 17th-biggest bank, went down in flames last week. It was the second-biggest bank failure in U.S. history and has prompted a lot of finger-pointing.
Management messed up by not addressing a serious cash shortage until it was too late. Some blame Peter Thiel, saying the venture capital investor’s call for small tech firms to withdraw deposits from SVB accelerated its demise. Others are critical of Goldman Sachs, SVB’s adviser who signed off on their ill-advised decision to try to sell equity, thus alerting investors to their capital shortfall.
There’s plenty of blame to go around, but when a financial institution goes under, you have to wonder: where were the regulators? After all, there were more red flags than you see at a CCP convention.
A big 5% drop at this stage would be nice.
Must be getting tiresome
Another day, another dividend from AAPL. Coming up
It seems to be working......
Come on, Apple. Give us that profit warning today. You know it makes sense
Need something soothing? How about a trip to San Jose? (heart of silicon valley)
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Walk it down. The results should be interesting
The Adani Group Scandal: What You Need to Know!
Overall, the gain on GOOG puts was close to €1,500.
Like I said, it's not a core position.
I sold my GOOG puts. That is the last update I guess.
Still have HERB. Probably not enough. Another problem I have is that my brokerage accounts have clamped down on OTC stocks with stiff requirements. And OTC stocks now have different tiers like caveat emptor, expert market, pink current, etc. So OTC stocks are becoming more and more difficult. I might even have to phone in a sell
Might look at different brokerages in the future....
But you own HERB at least? Enough? Still a 50% chance of hitting the jackpot. You don't get those odds in the lottery
I'll pass on this one. Thanks. I have enough stocks that I'm juggling.
Time to buy BDCO. Seriously, like tomorrow morning.
AAPL has a mountain of debt. They have been buying back stock instead of paying back loans.
AAPL mktcap $2.4 Trillion. C'mon guys.
APPL puts is my core position. I may take GOOG off the table soon.
Yes. Easy to misplay. Get what the market gives you. I speak from experience. Highly volatile markets and individual stocks rule the day.
I got lucky with GOOG today. That is all. I was afraid the market would rally another day after yesterday. You never know with this crazy market.
Good to have many options to choose from. Easier to control the situation.
Maybe when it bottoms then. QQQ's I think are going to get hit harder than the rest (I call them ATM machines) lol
No, I'm playing the market crash
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