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Sept 24, 2013

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Google, Asked at UN About Censorship, Moved to Censor the Questioner, Sources Say, Blaming UN - Update - Editorial

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Bank Beat

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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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