| As
Signature Bank Like SVB Fails
Frank and Cephas on its Board
While Fed Dodges FOIA
by
Matthew Russell Lee, Patreon Book
Substack
SDNY COURTHOUSE,
March 12 – 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.
We'll see.
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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