| As
Signature Bank Like SVB Fails
Frank and Cephas on its Board now
Class Action in EDNY
by
Matthew Russell Lee, Patreon Book
Substack
EDNY COURTHOUSE,
March 14 – Alongside
the larger
flame-out of
Silicon Valley
Bank, over the
weekend
Signature Bank
too failed. 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. The
Administration
is saying that
people will be
held
accountable. But
who?
On March
14, a class
action against
Signature Bank
and its
leadership was
filed in the
US District
Court for the
Eastern
District of
New York,
arguing that
"The March 9
Update
overstated the
Company’s
market
position,
given that
just a few
days later, it
was shut down
by the New
York
Department of
Financial
Services
(“DFS”). In
pertinent
part, the
March 9 Update
stated that
Signature Bank
had the
following
attributes: •
“A proven,
stable
commercial
banking
business model
with in excess
of $100
billion in
well-diversified
assets across
nine national
business lines
and nearly 130
commercial
banking teams
spanning its
metropolitan
New York area
and West Coast
footprint.'"
Yeah.
Amid the
prosecution of Samuel
Bankman-Fried on wire fraud,
money laundering and campaign
finance violation charges, the
role of the Federal Reserve
has been coming to the
fore.
Inner City
Press was unsurprised to learn
of Fed laxity as Alameda
invested in Farmington State
Bank, renamed Moonstone Bank.
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. Watch this site."
***
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