Tag Archives: Signature Bank

Janet Yellen says there’s no plan to insure every bank deposit

Janet Yellen

Revelations 18:9-11 “The kings of the earth who committed fornication and lived luxuriously with her will weep and lament for her, when they see the smoke of her burning, 10 standing at a distance for fear of her torment, saying, ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’ 11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore

Important Takeaways:

  • ‘Blanket insurance’ of bank deposits is not being discussed, Yellen tells senators
  • Federal bank regulators are not considering any plans to insure all U.S. bank deposits without congressional approval, Treasury Secretary Janet Yellen told members of a Senate Appropriations subcommittee on Wednesday.
  • Several banking groups and consumer advocates have called for some kind of a universal deposit guarantee after the government refunded most of the uninsured deposits at two banks that collapsed earlier this month, California-based Silicon Valley Bank and New York-based Signature Bank
  • “I have not considered or discussed anything having to do with blanket insurance or guarantees of all deposits.”
  • In Washington, the emergency deposit guarantees made for SVB and Signature have set off a fierce debate over whether big banks that took excessive risks got a special bailout, while smaller institutions are being forced to confront a rush of withdrawals… without any special help.

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Second Bank Collapses in wake of Silicon Valley Bank

Revelations 18:9-11 “The kings of the earth who committed fornication and lived luxuriously with her will weep and lament for her, when they see the smoke of her burning, 10 standing at a distance for fear of her torment, saying, ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’ 11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore:

Important Takeaways:

  • Barney Frank Sat on Board for Collapsed Signature Bank
  • Former Rep. Barney Frank (D-MA), author of the 2010 Dodd-Frank bill, sat on the board for Signature Bank which collapsed in the wake of the Silicon Valley Bank (SVB) implosion.
  • Silicon Valley Bank collapsed last Friday after depositors rushed to withdraw money in fear of its impending fall. It was the 16th largest bank in the country.
  • Signature Bank became “popular among crypto companies” and provided “deposit services for its clients’ digital assets but did not make loans collateralized by them” according to Fox Business.
  • In 2009, Breitbart News editor-at-large Joel Pollak confronted Frank, who was then the chairman of the House Financial Services Committee, asking if he shared any responsibility for the global financial meltdown of 2008.
  • Speaking with Greta Van Susteren of Fox News after the exchange, Pollak said Frank had been putting too much blame on Republicans.
  • “This guy is someone in a position of responsibility and authority. This guy is the one who’s making the regulations. He’s responsible, essentially, for recreating and redesigning our financial system, and he’s not taking any responsibility for what happened at all,” he added.

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