by Matthew Russell Lee, Patreon Book Substack
SDNY COURTHOUSE, April 28 – Alongside the larger flame-out of Silicon Valley Bank, Signature Bank too failed, FOIA story below.
Now the slumlord buildings that Signature Bank lent against in NYC and beyond are up for sale through Newmark. Some who also whitewash Barney Frank out of this predatory story also claim New York Community Bank, which bought most of the rest of Signature, did not buy the real estate out of some concern for tenants. Given NYCB's history, that is doubtful.
But who are those bidding on the Signature slumlord portfolio? They should be named - and shamed. Watch this site.
On SVB, the Federal Reserve on April 28 issues a report downplaying it failure(s) and notably not mentioning the lack of any public comment or Community Reinvestment Act / CBA review as SVB was handed over to First Citizens, and Signature to NYCB.
The Federal Reserve in belated response to Inner City Press' FOIA request says it has no record of reviewing Signature and crypto, nor any "record reflecting any review by the FRS of Silvergate’s (and Provident Bancorp Inc., Metropolitan Commercial Bank, Signature Bank, Customers Bancorp Inc.) of the banks’ connections with crypto-currency firms."
Federal Reserve letter to Inner City Press here
The Fed did, however, belatedly give Inner City Press the Farmington State Bank application it approved, with 100% ownership by Bahamas based Jean Chalopin. It's now on Inner City Press' DocumentCloud here. We'll have more on this.
Inner City Press submitted to the Federal Reserve a Freedom of Information Act request including about Signature Bank: "This is a FOIA request for all record regarding FTX... Also, for Silvergate with its FTX connections, record reflecting any review by the FRS of Silvergate's (and Provident Bancorp Inc., Metropolitan Commercial Bank, Signature Bank, Customers Bancorp Inc.) of the banks' connections with crypto-currency firms... This is a request for expedited treatment."
The Federal Reserve acknowledged receipt and said it was granting expedited process. Then -- nothing.
Now, as the Fed belatedly backs up Signature Bank after Silicon Valley Bank, the Fed tries to paper its delay: "Months after the Federal Reserve said it granted Inner City Press expedited processing of its FOIA request on the Fed's work / errors on crypto, and two months after Inner City Press answered a request for clarification, past 4 pm on Friday March 10, 2023, this: "Good afternoon Mr. Lee The second part of your request seems to concern other entities (Silvergate, Provident Bancorp Inc., Metropolitan Commercial Bank, Signature Bank, Customers Bancorp Inc.). Please confirm the scope of this part of your request, did you intend to seek applications related information for these entities?"
Inner City Press again immediately responded and clarified, about FTX. Now the response above. Watch this site."
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