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Subject: More on the closure of NYs Signature Bank

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Ed Gooding (VA)    Posted 03-13-2023 at 04:51:50 [URL] [DELETE]        [Reply] [Email]  
  • More on the closure of NYs Signature Bank
  • Another example of bankers making risky investments with depositor funds:

    U.S. regulators on Sunday announced they were intervening to close Signature Bank, marking the second U.S. bank to fail days apart and the third-largest bank failure in U.S. history.

    The bank has been placed into receivership under the Feds emergency lending authority, the Federal Deposit Insurance Corporation (FDIC).

    According to a December 2022 securities filing, N.Y.-based Signature Bank held more than $110 billion in assets and some of the biggest stakes among banks in the nation in the cryptocurrency industry.

    The bank said at the time that it would be shrinking its $17.79 billion in crypto-related deposits by $8 billion to reduce risk in a challenging cryptocurrency environment.

    The bank had client offices in New York, Connecticut, California, Nevada, and North Carolina, and had eight business lines beyond digital asset banking, including commercial real estate. Its clients among crypto companies included USDC stablecoin issuer Circle, the crypto exchange Coinbase, and the funds transfer network for cryptocurrency settlements and payments Fireblocks.

    Dean    Posted 03-13-2023 at 11:56:07 [URL] [DELETE]        [Reply] [No Email]  
  • Re: More on the closure of NYs Signature Bank
  • Happening at a bad time when the FED was finally attempting to do what is necessarily inevitable.

    Expect the FED to capitulate now due to enormous political pressure, restoring the non sustainable era of free money, kicking the piper paying inevitability further down the road, and further increasing the magnitude of the chicken roosting catastrophy when they inevitably come home.

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