Part 1: Where was KPMG while Silicon Valley Bank, and the rest, were teetering?

KPMG was the long time auditor of three banks that failed in rapid succession. The firm had an inside, full access view of regulatory issues, management and financials. Why didn't KPMG warn investors?

When Silicon Valley Bank was teetering — in March 2023 the very large "regional" bank was obliterated after a massive deposit run in the space of a week — I thought about writing about how its external auditor, KPMG, is the #1 auditor to banks. I waited instead and was rewarded with not one, not two, but three banks audited by KPMG that went under in s…