The New York State Department of Financial Services has shut down Signature Bank, citing the potential for systemic risk. The closure is part of a larger effort to protect the financial system from instability. Signature Bank had been under investigation for several months, and the regulators determined that its operations posed a threat to the stability of the financial system. The bank will now be subject to a period of restructuring and oversight.
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In the case of SVB their liquidity problem was due to having funds (unwisely) tied up in 10-year Treasury bills — does anyone happen to know what the cause of Signature’s liquidity problem was?
Only hurts if the feds can’t sell SVB ?
Signature was another Silvergate-esque Crypto Bank. Coinbase does (or did) business with them. They have over $240 Million with Signature. Peer to peer payment service Circle is also affected. They are all looking for other banks.
Funny how the regulators don’t regulate shit until it’s already too late
The markets tomorrow are going to be a bloodbath, aren’t they?
Gonna frame my Signature Bank checks now…
Crazy what’s going on
They signed off on it.
Once again socialism is being used to save affluent people from the risks of capitalism.
Good riddance to all things crypto.
Reinstate Glass Steagall
They’re also saying that this is not going to cost the public anything and that’s a lie. They’re funded this by the treasury and we fund the treasury so we’re paying for it. This was not a systematic risk, this was a medium sized bank that was badly managed, and we bailed them out because they’re rich. Everything else is bs to cover up that one more time we are bailing out the rich. Every single one of these companies that is crying right now had the option of ensuring their deposits above 250k. To save a couple bucks, didn’t do it, they did not buy the insurance. That was a choice but we’re bailing them out. I never had the choice to ensure the losses of my 401k. When are you guys going to make me whole? Can I get a time frame?
Can’t wait to see how many other regional banks who were caught with their pants down on high risk trades are going to write their golden parachutes and then fold and let the government handle paying everyone back “without using tax dollars”
I WANT CHAOS
Things always happen in threes. Which one is next?
This is not a technology story.
Ladies, Gents and Enbys, welcome to a recession.
Ni bailouts! Financial reform laws first. Pay for anything with 40% capital gains and cut tax loopholes First!