Report faults Fed staff for epic failure of Silicon Valley Bank

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The family shelter desired by the president of the Federal Reserve (Fed), Kevin Warsh, won a new chapter this week, in another episode that exposes the internal frictions of the American central bank. In a speech made in London, the vice-president of supervision of the Fed, Michelle Bowman, disclosed the preliminary conclusions of an independent audit contracted to investigate the breakdown of the Silicon Valley Bank (SVB), in 2023. The findings…