by Matthew Russell Lee, Patreon Book Substack
SDNY COURTHOUSE, Aug 14 – Alongside the larger flame-out of Silicon Valley Bank, Signature Bank too failed. On March 19 in Switzerland, the forced and subsidized marriage of USB and Credit Suisse. Both had 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.
And now on August 14, 2023, "UBS AG and several of its U.S.-based affiliates (together, “UBS”) have agreed to pay $1.435 billion in penalties to settle a civil action filed in November 2018 alleging misconduct related to UBS’ underwriting and issuance of residential mortgage-backed securities (RMBS) issued in 2006 and 2007. UBS will pay the United States $1,435,000,000 in civil penalties in exchange for dismissal of the complaint filed in the action. This settlement resolves the last case brought by a Department of Justice Working Group dedicated to investigating conduct of banks and other entities for their roles in creating and issuing RMBS leading up to the 2008 financial crisis." One crisis covered up, another begun. The USB settlement is on Inner City Press' Patreon here.
SBF book here
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