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by Matthew Russell Lee, Patreon Book Substack

SDNY COURTHOUSE, March 15 – 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.

  Among those being reviewed by Moody, as simply the first example, former Federal Reserve Bank of Philadelphia and Cleveland bigwig Michael E. Collins is on the board of Comerica, the bank that abandoned Detroit for Dallas. The Administration is saying that people will be held accountable - but who?

  Meanwhile Credit Suisse - somehow reported as working with Apollo on a SVB bid - is in free fall, with supportive quotes from unnamed former Fed officials - Collins? "Credit Suisse shares plunged as low as $1.88 per share on Wednesday afternoon – a 25% drop from the previous day's close — after Credit Suisse's top shareholder, Saudi National Bank, ruled out increasing its stake in the bank due to limitations imposed by regulators from the various jurisdictions overseeing its investment... A former senior official at the Federal Reserve expressed confidence in Switzerland's ability to handle the fallout.  "The Swiss have enough firepower and resources to arrange something so that this wouldn't be a systemic event," the official said." Yeah.

On the board of First Republic is Tom Barrack, recently acquitted in EDNY of being an agent of the United Arab Emirates..

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?"

Next up: PacWest and Western Alliance, Intrust, UMB and Zions. Watch this site.

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