Salem Radio Network News Saturday, March 25, 2023


Signature Bank seized to send banks a message, director says


( ) -q-20- UNDATED (Correspondent Jeremy House) “the federal government.”

A regulatory takeover of a New York-based bank was intended to send a message to banks to stay away from the cryptocurrency business.

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Out-cue: the federal government]

TAG: Correspondent Jeremy House reporting. Signature Bank was taken over just two days after California-based Silicon Valley Bank met the same fate. Both Frank and New York officials said that “contagion” from the Silicon Valley Bank was a factor.

VERBATIM: That’s according to a former member of Congress who was on the bank’s board. Former U.S. Representative Barney Frank says Signature Bank had a high volume of withdrawals, but had the situation stabilized by the time New York regulators stepped in on Sunday. They shut down the bank and give temporary control to an arm of the federal government.

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