Ripped From The Headlines, April 10, 2023
#KPMG Missed #SVB Red Flags, #FAA Tech Failures, Dalai Lama Assaults Child - Read, Share, & Subscribe - SherlocExposes.com
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“When KPMG LLP gave Silicon Valley Bank a clean bill of health just 14 days before the lender collapsed, the Big Four audit firm flagged potential losses on loans as a so-called critical audit matter. But the audit opinion was silent on what actually brought down the bank—its unrealized bond losses and ability to hold them given a reliance on potentially flighty deposits.
‘The auditors failed to mention the fire in the basement or the box of dynamite on the first floor, but they did point out the peeling paint on the flower box,’ said Erik Gordon, a University of Michigan business professor. ‘How could they miss the interest-rate risk?’
The current banking crisis is the first big test of critical audit matters, a measure designed to help investors decode risks and uncertainties buried in financial statements.
Audit regulator Public Company Accounting Oversight Board introduced critical audit matters in 2017 to 'breathe life into the audit report.’ Described as the biggest shake-up in audits in 70 years, the new standard was meant to make audit opinions more useful to investors.
So far, though, critical audit matters have failed to shed light on issues that have caused a collapse of confidence among depositors and investors in many small and midsize banks.
Auditors are required to record any critical audit matters when they sign off on a public company’s books. Regulators define these as matters that have a significant impact on the financial statements and involve ‘especially challenging, subjective or complex’ judgments by the auditors.
Silicon Valley Bank’s unrealized losses in its bond portfolio appear to ‘meet every definition of a possible critical audit matter,’ said Martin Baumann, a former chief auditor at the PCAOB who had a leading role in designing the new measure.”
A crucial safety system that’s relied on to avoid potentially fatal collisions at major US airports is aging and plagued by outages that have left travelers unprotected for months at a time. At some airports, it hasn’t ever been installed.
The technology — which tracks vehicles on or near runways to alert controllers before impending crashes — often uses decades-old radar equipment for which spare parts are difficult to find, according to government data and the president of the union representing air-traffic controllers.
Keeping track of ground traffic at airports is particularly important at a time when runway-safety incidents appear to be surging. This year, there have been at least eight incidents involving airliners that aviation regulators ranked as severe, or that prompted probes by US accident investigators. That’s almost double the average for each full year since 2018.
While none of those near collisions have been directly linked to an outage of Airport Surface Detection Equipment-Model X, or ASDE-X, gaps in service can leave the aviation system vulnerable. With no clear alternative available, advocates are pushing to add the system — which is highly effective when it’s functioning well — to more landing strips after some of the most serious incidents happened at airports without the technology.
‘They are the last line of defense in preventing a massive collision between two airliners,’ said Jeff Guzzetti, former head of accident investigations at the Federal Aviation Administration. ‘I’m shocked that it hasn’t been put in more airports.’”
“The Dalai Lama has apologised after he faced allegations of inappropriate behaviour after kissing a young boy on the lips and asking him to ‘suck his tongue’ at a public event in India.
The interaction, which took place in late February at the Dalai Lama’s temple in Dharamshala, was attended by about 100 young students who had just graduated from the Indian M3M Foundation.
The Dalai Lama, Tenzin Gyatso, is the holiest figure in Tibetan Buddhism and has lived in exile in India since 1959, when Tibet was annexed by China.
In a video that has gone viral, one of the young male students approached a microphone at the event and asked the Dalai Lama: ‘Can I hug you?’
The Dalai Lama, 87, told the boy to come up to the platform where he was seated. Motioning to his cheek, he is heard saying ‘first here,’ after which the child kissed him and gave him a hug.
The Dalai Lama kept hold of the boy, saying ‘I think here also’ and then planted a kiss on his lips. ‘And suck my tongue,’ the Dalai Lama then said, sticking out his tongue, forehead to forehead with the student. The boy quickly stuck out his own tongue and went to move away while the Dalai Lama laughed and pulled the boy in for another hug, as the audience laughed.”
“The Monday Mess” Ripped From The Headlines. Things To Ponder:
“We’ll Keep You Safe With Our Audits… Except When We Don’t…”
Isn’t it something when overpaid hacks with all the credentials in the world can’t break a wet paper bag open with a sledgehammer?
If that sounds harsh, it’s meant to be…
KPMG is a pretty big firm:
If you generate $34 BILLION DOLLARS A YEAR IN REVENUE, the expectation is that you’d catch something that would collapse banks right?
Well, in the case of #KPMG… not so much…
This brings us to a question we posed about US Government agencies a while back when handling rogue shooter events:
There’s no way that this type of thing can happen, unless:
People are incompetent;
People are complicit.
For KMPG, which one is it?
If it’s the first one, they should be giving billions in refunds back to clients for mistakes they have likely made, but haven’t been uncovered yet.
If it’s the second one, there should be a whole lot of prison time happening.
This quote really sums it up:
“The auditors failed to mention the fire in the basement or the box of dynamite on the first floor, but they did point out the peeling paint on the flower box,” said Erik Gordon, a University of Michigan business professor. “How could they miss the interest-rate risk?”
Those are the right questions.
The next time you’re inclined to think “bigger is better,” it’s best to double-check.
By the way… you can Click Here to see the last 20 years’ worth of their screwups.
Know. Your. Foe.
“Hey, This Stuff Doesn’t Really Work, But We’ll Get You There Safe!”
Yes, we’re talking about the FAA here… those are the folks in charge of air safety, amongst other things that the government doesn’t do particularly well…
Here’s a quick recap of what the FAA has been up to recently:
In Austin where two planes were within feet of colliding with each other… (Click Here to read.)
In New York, where we almost had another collision… (Click Here to read.)
And, the Transportation Secretary of the UNITED STATES told us that the ENTIRE FAA TRACKING SYSTEM WENT DOWN due to a “corrupted file” and “procedure errors.”
Are we living in the movie Idiocracy right now?
It sure seems like it.
“Don’t Leave Your Kids With The Dalai Lama…”
Kind of sounds like the title of a weird rock song…
Sadly, it’s not… it’s a statement of truth…
In case you missed it, a MAN, who many around the world look at as a RELIGIOUS DEITY, KISSED A CHILD ON THE LIPS AND THEN TRIED TO GET THAT CHILD TO SUCK HIS TONGUE…
Let that sink in for a second. Then, take a look at this scripture from the Bible:
15. Beware of false prophets, which come to you in sheep’s clothing, but inwardly they are ravening wolves.
16. Ye shall know them by their fruits. Do men gather grapes of thorns? or figs of thistles?
And in 2 Peter 2:1-3:
1. But there were false prophets also among the people, even as there shall be false teachers among you: which privily shall bring in damnable heresies, even denying the Lord that hath bought them, and bring upon themselves swift damnation.
2. And many shall follow their destructions, by whom the way of truth shall be evil spoken of.
3. And through covetousness shall they with feigned words make merchandise of you, whose condemnation long since resteth not, and their destruction slumbereth not.
This is EXACTLY WHY we are warned against false idols and false profits… the Dalai Lama is what you end up with.
People are actually defending him at this point, if you can believe that.
But, it gets worse. Here’s the response he came up with:
His holiness wishes to apologise to the boy and his family as well as his many friends across the world, for the hurt his words may have caused.
“His holiness often teases people he meets in an innocent and playful way, even in public and before cameras. He regrets the incident.”
The Dalai Lama has faced previous controversies. In 2019 he caused an outcry after suggesting that if the Dalai Lama returned as a woman “she should be more attractive”, for which his office apologised.
Notice he “apologized” for his words, not his actions.
Know. Your. Foe. The enemy prowls like a lion.
What Does This Mean?
The world seems to get crazier each and every day. Institutions, mechanisms of government, and religious leaders are failing miserably, and the leadership of multiple nations seems to be edging toward war.
This means you should be paying attention and demanding resolution from those that represent you, now.
Why Should I Care?
Well, first… there’s this:
Then, there’s this:
Sorry, we couldn’t help it…
It’s that kind of day.
While the Bulletin of Atomic Scientists organization is a bit…um… kooky(?), we have to give them credit…
The ability to sum up the vapid, corrupt, soulless leadership around the world that gets us to the point of armageddon, and show it through a clock’s vicinity to midnight is pretty genius…
A picture is worth a thousand words.
You Should Care.
What Should I Do?
You need to get yourself ready for life in the Parallel Economy. Things are going to get worse before they have any chance to get better:
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