Posted on 03/13/2023 6:24:10 AM PDT by Red Badger
On January 12, 2021, the bank told The New York Post that it had begun the process of closing Trump’s two personal accounts and “will not do business in the future with any members of Congress who voted to disregard the Electoral College.”
Regulators shut down New York City based Signature Bank on Sunday, a financial institution which had previously cut ties with President Donald Trump following the riot at the US Capitol on January 6, 2021.
Signature Bank is the second financial institution shuttered by the Federal Deposit Insurance Corporation (FDIC) this week after Friday's collapse of Silicon Valley Bank. According to CNBC, "Signature is one of the main banks to the cryptocurrency industry. As of Dec. 31, Signature had $110.4 billion in total assets and $88.6 billion in total deposits, according to a securities filing."
On January 12, 2021, the bank told The New York Post that it had begun the process of closing Trump’s two personal accounts and “will not do business in the future with any members of Congress who voted to disregard the Electoral College.”
According to the outlet, Signature also posted a “scathing statement” on its website slamming Trump stating, “We have never before commented on any political matter and hope to never do so again.”
The statement continued, “We witnessed the President of the United States encouraging the rioters and refraining from calling in the National Guard to protect the Congress in its performance of duty. At this point in time, to ensure the peaceful transition of power, we believe the appropriate action would be the resignation of the President of the United States, which is in the best interests of our nation and the American people.”
Other financial institutions including Deutsche Bank followed suit in cutting ties with Trump.
After federal regulators shut down Signature bank on Sunday, the FDIC, Treasury Department, and Federal Reserve jointly released a statement that said, "We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole," noting "as with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.”
The statement also referenced Silicon Valley Bank’s collapse and said they had "approved actions enabling the FDIC to complete resolution of Silicon Valley Bank… in a manner that fully protects all depositors."
"The Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors."
Go Woke. Go Broke.
They saved Trump lots of money!
I wish we could laugh this one off, but it’s just the beginning.
"According to CNBC, "Signature is one of the main banks to the cryptocurrency industry."
Just speculating, but are some of these banks the stateside portion of a DC laundromat? (I'll hold off on jokes about a "Chinese Laundry").
The Trump Curse, strikes again!
ignore it at your peril
I do not understand why requirements regarding fiduciary responsibility are so casually ignored. The “get woke go broke” slogan isn’t just words. There is a real track record here. Businesses that emphasize trendy social justice concepts over sound business practices have a tendency to go broke. The people running these banks and businesses are supposed to be responsible people. This is not a small matter.
They have MBA's from woke universities, Harvard, Yale, Princeton, Etc.
They have been taught well......................
“will not do business in the future with any members of Congress who voted to disregard the Electoral College.”
...that’s interesting, considering the fact that every dem in Congress would love nothing more.
“..are some of these banks the stateside portion of a DC laundromat?...”
More than likely. The taxpayer funds that went to the Ukraine were laundered, then turned into crypto, transferred back via FTX to be distributed to various crypto banks funding the DNC and the very RATs that sent the taxpayer dollars over there in the first place.
Anyone of any authority is scared spitless to even think about it, let alone investigate it....arkancide is a terrible disease these days, ya know. /s
Biden is ruining our once great country, but those tweets are gone.
Also, Schadenfreude.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.