by Matthew Russell Lee, Patreon Book Substack
SDNY COURTHOUSE, March 19 – Alongside the larger flame-out of Silicon Valley Bank, Signature Bank too failed. Now on March 19 in Switzerland, the forced and subsidized marriage of USB and Credit Suisse. Both have US subsidiaries but from the Fed, this pre-approval:
"The following statement was released by Secretary of the Treasury Janet L. Yellen and Federal Reserve Board Chair Jerome H. Powell: 'We welcome the announcements by the Swiss authorities today to support financial stability. The capital and liquidity positions of the U.S. banking system are strong, and the U.S. financial system is resilient. We have been in close contact with our international counterparts to support their implementation.'"
Preapproval, like the entry of Goldman Sachs and Morgan Stanley into the banking system, with no comment period.
On Signature Bank's board of directors is not only Barney Frank (who after leaving Congress undermine his own Dodd Frank Act) but also former New York State Superintendent of Banks Derrick D. Cephas.
Among those being reviewed by Moody, as simply the first example, former Federal Reserve Bank of Philadelphia and Cleveland bigwig Michael E. Collins is on the board of Comerica, the bank that abandoned Detroit for Dallas. The Administration is saying that people will be held accountable - but who?
Next up: PacWest and Western Alliance, Intrust, UMB and Zions. Watch this site.
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