Daily Archives: March 20, 2023, 8:29 am

There is ethical porn under capitalism – Bloomberg

Ethical Capital Partners! Yes look if you are setting up a brand-new private equity firm with five of your lawyer/cannabis-investor buddies for the sole purpose of buying a porn company, you will be tempted to name it, like, Porn Capital Partners, or We Bought a Pornhub LP, or 69/420 Capital Partners, or, I mean, I’m sure you have worse ideas. But “Ethical Capital…

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Why Was KPMG Still Auditing Silicon Valley Bank? – Bloomberg

The main lessons from SVB’s collapse surround the board’s poor risk management and banking supervisors’ failures. But there may well be lessons on audit quality too. The US Securities Exchange Commission and the Public Company Accounting Oversight Board should be asking if auditors have sufficient understanding of banking business models to provide a useful supporting narrative to the numbers. They…

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Missteps by Ericsson and Its Lawyers Led to New Sanctions Against Company – WSJ

A court filing by federal prosecutors earlier this month lays out details about a series of alleged missteps that led Ericsson SA to agree to pay $207 million in fines. Prosecutors highlighted in particular how failures by the Swedish telecommunication company’s outside lawyers contributed to their decision to seek the new penalties. The Justice Department in early March said it…

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Elizabeth Warren Calls for Investigation of SVB and Signature Bank Collapses – WSJ

Sen. Elizabeth Warren (D., Mass.) called for an independent investigation into the recent failures of two U.S. regional banks, Silicon Valley Bank and Signature Bank. In a letter Sunday to the inspectors general of the Treasury Department, the Federal Deposit Insurance Corp. and the Federal Reserve, Ms. Warren called for the probe to examine the management and oversight of the…

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