Posted on 06/25/2015 6:29:55 AM PDT by fredericbastiat1
Recently, the financial services company Signature Bank announced the appointment of a prominent new board member.
Perhaps to the surprise of some, the individual receiving the board seat was none other than the co-author and namesake of one of the nation’s largest and arguably most significant pieces of banking regulation since the Great Depression, former Massachusetts Democratic Rep. Barney Frank.
How much can Frank expect to earn for his services?
Fortune writes that Signature’s non-employee board members earned approximately $375,000 in cash and stock for their services last year. Rep. Frank was reportedly also granted restricted shares vesting in March 2016 with a current market value of approximately $280,000.
In a statement from the Chairman of Signature Bank Scott Shay included in the press release concerning the Frank appointment, Shay said:
We are gratified to welcome Barney to the board, which is particularly engaged and energetic. We specifically seek members whose deep and broad experience will prove impactful to the Bank; those who share diverse perspectives and possess strong decision-making capabilities. These characteristics are what help foster the continued success and growth of Signature Bank amid the complicated economic environment in which we compete and truly define the personality of our current board. With a 32-year career devoted to government and his distinguished expertise in financial services, we believe Barney will be an asset to the board, bringing keen insights, far-reaching industry knowledge and vast intellect to his role as well as to our institution and the Bank’s shareholders.
Frank is just the latest in a series of government officials to have worked on the Dodd-Frank bill only to then leave government for the private sector and work in the financial services industry or tangentially related areas.
As Peter Schewizer...
(Excerpt) Read more at theblaze.com ...
Bowney the zecutive.
Great posts. Socialism Is Legal Plunder - Bastiat
Yep
ObamaCare’s architects reap windfall as Washington lobbyists
http://thehill.com/business-a-lobbying/318577-architects-of-obamacare-reap-windfall-as-washington-lobbyists
“we believe Barney will be an ass....”
My edit of the appointment PR which makes the most sense. That along with his being “diverse”.
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