I have provided below a link to the Federal Reserve Report re SVB. The Report is 118 pages. I have briefly reviewed the report, but have not studied it. Suffice it to say that the Report is very critical. The following is the first paragraph from the initial Report summary:
You can read the entire report yourself (see below). The Report discusses several failures. Globally these are issues of risk management, governance, diligence, legal compliance, investigation, audit, and business judgment – my reference to “audit” in this sentence is as a process or activity that people of all positions do generally (and not to the specific external or internal audit functions).
When reading the report, you should also keep in mind that from a legal perspective, a failure or a negative event does not by itself necessarily result in entity liability or individual liability for the event or for the damages that resulted if proven. Authority, duty, rights, breach of duty, causation, and damages are complicated issues of law, fact and (admissible) evidence that need to be investigated, discovered, evaluated, and adjudicated (or mediated or otherwise settled) on a case-by-case basis.
At least for now I have decided to not get into the weeds and to not discuss the Report in detail item-by-item. However, for your reading below I have provided the full Federal Reserve Report:
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Regards, and best to you,
David Tate, Esq.
Thank you for reading. Please do pass this blog and blog post and information to other people who would be interested as it is only through collaboration and sharing that great things and success are more quickly achieved.
David Tate, Esq. (and inactive CPA)
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- Governance, boards, audit and governance committees, investigations, auditing, ESG, etc.
- Mediator and facilitating dispute resolution:
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- Business, breach of contract/commercial, owner, shareholder, investor, etc.
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- Other: workplace and employment, environmental, trade secret.
Remember, every case and situation is different. It is important to obtain and evaluate all of the evidence that is available, and to apply that evidence to the applicable standards and laws. You do need to consult with an attorney and other professionals about your particular situation. This post is not a solicitation for legal or other services inside of or outside of California, and, of course, this post only is a summary of information that changes from time to time, and does not apply to any particular situation or to your specific situation. So . . . you cannot rely on this post for your situation or as legal or other professional advice or representation, or as or for my opinions and views on the subject matter.
Also note – sometimes I include links to or comments about materials from other organizations or people – if I do so, it is because I believe that the materials are worthwhile reading or viewing; however, that doesn’t mean that I don’t or might not have a different view about some or even all of the subject matter or materials, or that I necessarily agree with, or agree with everything about or relating to, that organization or person, or those materials or the subject matter.
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http://tateattorney.com – business, D&O, audit committee, governance, compliance, etc. – previously at http://auditcommitteeupdate.com
Trust, estate, conservatorship, elder and elder abuse, etc. litigation and contentious administrations http://californiaestatetrust.com
David Tate, Esq. (and inactive California CPA) – practicing only as an attorney in California.