| As
Signature Bank Like SVB Fails
Frank and Cephas on its Board As
Schwab Trading Halted
by
Matthew Russell Lee, Patreon Book
Substack
SDNY COURTHOUSE,
March 13 – 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.
Meanwhile,
the NYSE
stopped trading in
Charles
Schwab, of
which Inner
City Press
previously
wrote that
"Fair Finance
Watch filed
with the
Federal
Reserve for
evidentiary
hearings on
the
application by
Charles Schwab
Corporation to
set up Charles
Schwab Trust
Bank in
Henderson,
Nevada. It has
been reported
that this bank
would “focus
on Schwab’s
workplace
benefit plan
clients, such
as employers
who offer 401k
plans, and the
intermediaries
who serve
them.”
But
Schwab has
been sued by
its own
employees,
about 401k
plans. See,
e.g., Severson
v. Charles
Schwab Corp. ,
N.D. Cal., No.
3:17-cv-00285-JCS).
Schwab
“larded” its
own 401(k)
plan with
expensive and
poorly
performing
investment
funds and
services that
earned fees
for the
company at the
expense of
workers’
retirement
savings,
according to
the new
lawsuit, filed
Jan. 19. The
lawsuit also
targets the
performance of
Schwab’s
stable value
fund and
claims that
Schwab
executives
allowed the
plan’s trustee
to profit from
the
unallocated
plan assets it
held.
Fair
Finance Watch
has also
reviewed, in
Nevada,
Charles Schwab
Bank's lending
in the Reno
MSA. For home
purchase
loans, all of
the loans were
to whites
(none to
Latinos or
African
Americans),
all to
applicants
over 120% of
MSA median
income. The
same is true
of refinance
lending."
Now
this. And PacWest and
First Republic,
Western
Alliance and
Zions. Watch
this site.
***
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