Signature Bank was arbitrarily shuttered despite no insolvency
Dear God. Barney Frank openly admits that Signature was arbitrarily shuttered despite no insolvency because regulators wanted to kill off the last major pro-crypto bank. Colossal scandalhttps://t.co/Sa25w6Au7b pic.twitter.com/gLuiybHepS
— nic carter 🌠(@nic__carter) March 13, 2023
Heard this independently from other sources as well. I suspected as much last night but confirmed today. Signature was executed last night not due to any runs but as a political scalp, intended to be veiled by the fog of war.
— nic carter 🌠(@nic__carter) March 13, 2023
Apparently even FDIC was surprised when it was dropped into their hands. The claimed justification was Signatures Signet product, which was perceived to be "systemic"
— nic carter 🌠(@nic__carter) March 13, 2023
My conclusion is that politicians like Liz Warren together with regulatory bodies fragilized crypto banks and encouraged runs against them, then used withdrawals as a pretext to close them down
— nic carter 🌠(@nic__carter) March 13, 2023
What was meant to be a surgical operation became a massive banking crisis.
Bc many are saying Frank isn't impartial, some more evidence
— nic carter 🌠(@nic__carter) March 13, 2023
– Signature asset portfolio was nowhere near as troubled as SVB (see attached)
– Sellside felt Signature was sound yesterday
– FDIC was reportedly surprised by the decision Sunday nighthttps://t.co/juFZdLZYrN
Lastly, if you don't think Barney Frank has a reliable read of the situation – the 'Frank' in Dodd Frank, former chair of the House Financial Services Committee, I can't help you
— nic carter 🌠(@nic__carter) March 13, 2023
What led to the US banking crisis?
make no mistake. this is the cause of the crisis. not silicon valley startups, not VCs, and sure as hell not crypto coins or any other distractions. pic.twitter.com/a67o19BAVe
— ⚡🌙 (@dystopiabreaker) March 13, 2023
the regulators have been too busy tilting at crypto windmills to notice that the 5% hikes put every regional bank in the US on the precipice, because the banks believed the USG in 2021 that inflation was a conspiracy theory and they aped into long duration bonds.
— ⚡🌙 (@dystopiabreaker) March 13, 2023
the size of the unrealized loss in bonds and securities across the banking sector is almost the entire size of the crypto market cap. anyone claiming that crypto has anything to do with this crisis has no credibility whatsoever. it is tiny and largely choked off.
— ⚡🌙 (@dystopiabreaker) March 13, 2023
SVB lacked a chief risk officer for a year, under the regulators noses
— ⚡🌙 (@dystopiabreaker) March 13, 2023
— ⚡🌙 (@dystopiabreaker) March 13, 2023
okay, here’s the same tweet but from Secretary Yellen. hopefully that makes more sense to you as a New York Times subscriber pic.twitter.com/qytQToYNoV
— ⚡🌙 (@dystopiabreaker) March 13, 2023
