Bad news! And again one of the three big accounting firms was involved!
Looks like Elon Musk was perhaps not so eager to acquire SVB if this was not misinformation to begin with. Or was he prevented?
"Regulators are planning to take another crack at auctioning failed Silicon Valley Bank, according to people familiar with the matter, after they were unable to find a buyer for the firm over the weekend.
Officials from the Federal Deposit Insurance Corp. told Senate Republicans on Monday that they had additional flexibility to sell the firm now that regulators had declared its failure a threat to the financial system ..."
"... The fallout could prompt a change in startups’ and venture investors’ financial practices and scrutiny of auditor KPMG, which gave both SVB and Signature clean bills of health weeks before they collapsed. ..."
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