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I wish author would have also included Signature Bank on his charts, so we'd have another example of a failed regional bank rather than just comparing against f

I wish author would have also included Signature Bank on his charts, so we'd have another example of a failed regional bank rather than just comparing against functional regional banks.

nostrademons 4y ago
Signature Bank wasn't insolvent, it was seized by the FDIC to send a message to crypto. https://apnews.com/article/signature-bank-fdic-barney-frank-silicon-valley-6ad86262d9945675a42d735b66ace4f2 https://apnews.com/article/signature-bank-fdic-barney-frank-...
- lima 4y ago
  I think it's fair to call that a conspiracy theory.
  - nostrademons 4y ago
    An AP News article citing a congressman who authored the Dodd-Frank bill is a conspiracy theory? Exactly what is credible these days?
  - deleted 4y ago
    [deleted]
  - vitehozonage 4y ago
    The reforms after the previous financial crisis are literally named after the person making this "conspiracy theory", right?
    - lima 4y ago
      Michael Yeadon - former chief scientist at Pfizer - is now an anti-vaccine activist[1]. Similar story with Robert W. Malone[2]. Former accomplishments or positions are not a good appeal to authority. [1]: https://en.wikipedia.org/wiki/Michael_Yeadon https://en.wikipedia.org/wiki/Michael_Yeadon [2]: https://en.wikipedia.org/wiki/Robert_W._Malone https://en.wikipedia.org/wiki/Robert_W._Malone
      - vitehozonage 4y ago
        I am meant to assume they are wrong because they are anti-vaccine? I am not comfortable doing that and instead it rationally increases my scepticism of the vaccine industry
        lima 4y ago
        Should've said "is spreading vaccine misinformation".
    - JumpCrisscross 4y ago
      > reforms after the previous financial crisis are literally named after the person making this "conspiracy theory" Reforms he helped roll back for Signature. A bank whose board he was on when it went under. Why are you surprised he’s making excuses? Where do you think he’s sending his resume?
      - vitehozonage 4y ago
        He has certain incentives but he's still one of the most qualified people in the world to be making claims like these. So I cannot see how it can be considered a conspiracy theory. You can also observe that regulators are now making it a requirement that "Any buyer of Signature must agree to give up all the crypto business at the bank" https://www.reuters.com/business/finance/us-regulator-taps-piper-sandler-new-bid-sell-silicon-valley-bank-sources-2023-03-15/ https://www.reuters.com/business/finance/us-regulator-taps-p...
        JumpCrisscross 4y ago
        > he's still one of the most qualified people in the world to be making claims like these He’s been out of lawmaking for a decade and never worked for the New York DFS, the regulator that actually shut down Signature. When asked why he was on Signature’s board, he said it’s because he needs “to make money” [1]. His comments are well placed to receive sympathy from banking-naive crypto enthusiasts (I presume this describes most of them). Because, again, he needs to make money. > regulators are now making it a requirement that "Any buyer of Signature must agree to give up all the crypto business at the bank" The proximate reason Signature went down was because it was affiliated with crypto. Silvergate got tanked by crypto. Signature’s stock started falling simultaneously despite their crypto exposure being much smaller. Crypto is a threat to banks that bank it. Our banking system should slough off that business, or at least charge a rate aligned with its risk. (For example, negative interest and no loans.) That doesn’t mean that’s why Signature was shut down. [1] https://www.ft.com/content/090e081f-35b3-484b-8095-c42a3c5e4259 https://www.ft.com/content/090e081f-35b3-484b-8095-c42a3c5e4...
- quickthrowman 4y ago
  Please note that the person making this claim lost all of their equity in Signature Bank. Do you believe Sam Bankman Fraud’s claims about FTX? If not, then you shouldn’t believe Barney Frank about SBNY either.
  - ummonk 4y ago
    Not that I believe his claims about SBNY, but Barney Frank, of Dodd-Frank fame, shouldn't be treated as just some random grifter who lost equity.
    - jldugger 4y ago
      > shouldn't be treated as just some random grifter who lost equity. Indeed, he should be treated as a very influential grifter, with _even more_ incentive to make shit up when it benefits him.
- throwawayapples 4y ago
  "The FDIC said the [bailout] agreement does not include about $4 billion linked to Signature's crypto business, which the FDIC said it will deal with directly." https://www.wsj.com/livecoverage/stock-market-news-today-03-20-2023/card/fdic-says-new-york-community-bancorp-subsidiary-to-assume-signature-bridge-bank-deposits-TH55IjXbE3F9J6DqBxoO https://www.wsj.com/livecoverage/stock-market-news-today-03-...

I wish author would have also included Signature Bank on his charts, so we'd have another example of a failed regional bank rather than just comparing against functional regional banks.

nostrademons 4y ago

Signature Bank wasn't insolvent, it was seized by the FDIC to send a message to crypto. https://apnews.com/article/signature-bank-fdic-barney-frank-silicon-valley-6ad86262d9945675a42d735b66ace4f2 https://apnews.com/article/signature-bank-fdic-barney-frank-...

lima 4y ago
I think it's fair to call that a conspiracy theory.
- nostrademons 4y ago
  An AP News article citing a congressman who authored the Dodd-Frank bill is a conspiracy theory? Exactly what is credible these days?
- deleted 4y ago
  [deleted]
- vitehozonage 4y ago
  The reforms after the previous financial crisis are literally named after the person making this "conspiracy theory", right?
  - lima 4y ago
    Michael Yeadon - former chief scientist at Pfizer - is now an anti-vaccine activist[1]. Similar story with Robert W. Malone[2]. Former accomplishments or positions are not a good appeal to authority. [1]: https://en.wikipedia.org/wiki/Michael_Yeadon https://en.wikipedia.org/wiki/Michael_Yeadon [2]: https://en.wikipedia.org/wiki/Robert_W._Malone https://en.wikipedia.org/wiki/Robert_W._Malone
    - vitehozonage 4y ago
      I am meant to assume they are wrong because they are anti-vaccine? I am not comfortable doing that and instead it rationally increases my scepticism of the vaccine industry
      - lima 4y ago
        Should've said "is spreading vaccine misinformation".
  - JumpCrisscross 4y ago
    > reforms after the previous financial crisis are literally named after the person making this "conspiracy theory" Reforms he helped roll back for Signature. A bank whose board he was on when it went under. Why are you surprised he’s making excuses? Where do you think he’s sending his resume?
    - vitehozonage 4y ago
      He has certain incentives but he's still one of the most qualified people in the world to be making claims like these. So I cannot see how it can be considered a conspiracy theory. You can also observe that regulators are now making it a requirement that "Any buyer of Signature must agree to give up all the crypto business at the bank" https://www.reuters.com/business/finance/us-regulator-taps-piper-sandler-new-bid-sell-silicon-valley-bank-sources-2023-03-15/ https://www.reuters.com/business/finance/us-regulator-taps-p...
      - JumpCrisscross 4y ago
        > he's still one of the most qualified people in the world to be making claims like these He’s been out of lawmaking for a decade and never worked for the New York DFS, the regulator that actually shut down Signature. When asked why he was on Signature’s board, he said it’s because he needs “to make money” [1]. His comments are well placed to receive sympathy from banking-naive crypto enthusiasts (I presume this describes most of them). Because, again, he needs to make money. > regulators are now making it a requirement that "Any buyer of Signature must agree to give up all the crypto business at the bank" The proximate reason Signature went down was because it was affiliated with crypto. Silvergate got tanked by crypto. Signature’s stock started falling simultaneously despite their crypto exposure being much smaller. Crypto is a threat to banks that bank it. Our banking system should slough off that business, or at least charge a rate aligned with its risk. (For example, negative interest and no loans.) That doesn’t mean that’s why Signature was shut down. [1] https://www.ft.com/content/090e081f-35b3-484b-8095-c42a3c5e4259 https://www.ft.com/content/090e081f-35b3-484b-8095-c42a3c5e4...
quickthrowman 4y ago
Please note that the person making this claim lost all of their equity in Signature Bank. Do you believe Sam Bankman Fraud’s claims about FTX? If not, then you shouldn’t believe Barney Frank about SBNY either.
- ummonk 4y ago
  Not that I believe his claims about SBNY, but Barney Frank, of Dodd-Frank fame, shouldn't be treated as just some random grifter who lost equity.
  - jldugger 4y ago
    > shouldn't be treated as just some random grifter who lost equity. Indeed, he should be treated as a very influential grifter, with _even more_ incentive to make shit up when it benefits him.
throwawayapples 4y ago
"The FDIC said the [bailout] agreement does not include about $4 billion linked to Signature's crypto business, which the FDIC said it will deal with directly." https://www.wsj.com/livecoverage/stock-market-news-today-03-20-2023/card/fdic-says-new-york-community-bancorp-subsidiary-to-assume-signature-bridge-bank-deposits-TH55IjXbE3F9J6DqBxoO https://www.wsj.com/livecoverage/stock-market-news-today-03-...