US Senator Elizabeth Warren, who is pushing tighter banking regulation, has called for an investigation into the failures of Silicon Valley Bank and Signature Bank, the Wall Street Journal reported on Sunday.

Warren sent a letter to the inspectors general of the Treasury Department, the Federal Deposit Insurance Corp and the Federal Reserve on Sunday, urging regulators to examine the management and oversight of the banks ahead of their collapses this month.

She said preliminary results from the investigation should be provided within 30 days, the newspaper reported.

US regulator eyes Friday bids for SVB, Signature Bank

“The bank’s executives, who took unnecessary risks or failed to hedge against entirely foreseeable threats, must be held accountable for these failures.

But this mismanagement was allowed to occur because of a series of failures by lawmakers and regulators,“ the report quoted Warren as writing.

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SAMIR SARDANA Mar 19, 2023 06:57pm
& SHE IS RIGHT THE BANKS ARE UTTERLY INEPT & SO ARE THE AUDITORS.US BANKS FOLLOW US GAAP & THERE IS WAY OUT FOR THE AUDITORS & BOARD OF DIRECTORS OF BANKS & THE FUNDS WHICH INVESTED IN THE BANKS EQUITY. THESE BANKS ARE LISTED ON NYSE & NASDAQ,& HAVE TO COMPLY WITH SEC & LISTING REGULATIONS. UNHEDGED INTEREST RATE RISK,IS AN EVENT RISK,WHICH HAS TO BE REPORTED TO THE EXCHANGES,, ON A PRE-EMPTIVE BASIS, BY THESE BANKS.SEC SHOULD HAVE PLACED THESE STOCKS ON THE WATCH LIST,& STOPPED ALL NON-CASH SETTLED TRADES ,IN THE STOCKS - TO SAVE THE INVESTORS - BUT IT DID NOT ! AUDITORS & BANK BOARD,ARE CRIMINALLY LIABLE.THE FACT OF UNHEDGED POSITIONS,IS A MATTER OF AUDIT DISCLOSURE & AUDIT QUALIFICATION,& A DETAILED MANAGEMENT EXPLANATION (WHICH SHOULD BE IN THE ANNUAL REPORT & SEC FILINGS). EVEN THE COMPANIES WHICH INVESTED IN THE DEPOSITS OF THESE BANKS ARE CRIMINALLY LIABLE - & SO ARE THEIR AUDITORS,AS THEY HAVE IMPERILED THEIR INVESTORS,W/O PROPER DISCLOSURE & TRANSPARENCY.SAMIR SARDANA
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