![]() Frank’s extensive experience as a Congressman, and particularly as Chair of the House Financial Services Committee, led the Board to conclude that he should be a member of the Board,” a statement about Frank’s appointment to the board reads. Kevin O’Leary grilled on why he kept money at SVB if management were ‘idiots’.Goldman Sachs lost $200M in recent US banking chaos: report.Ex-Silicon Valley Bank CEO Greg Becker jets to Hawaii after collapse.“I think the bank could’ve been a going concern.”įrank, a staunch Democrat and chair of the House Financial Services Committee during the 2008 crisis, was brought into Signature because of his deep understanding of the importance of financial regulation, according to the company’s website.įollow The Post’s coverage of Silicon Valley Bank’s collapse “I think that if we’d been allowed to open tomorrow, that we could’ve continued - we have a solid loan book, we’re the biggest lender in New York City under the low-income housing tax credit,” Frank said. Meanwhile, Frank also insisted that regulators’ move to shut down Signature was overly aggressive - claiming that the bank could have survived. Barney Frank is on the board of Signature Bank, which collapsed over the weekend. What we get are three failures.”įrank didn’t address the fact that crypto had become a key growth vehicle for Signature Bank under the direction of himself and others - despite widespread concerns about the risks of the notoriously volatile sector. “A new and destabilizing - potentially destabilizing - element is introduced into the financial system. “Digital currency was the new element entered into our system,” Frank told Bloomberg. In an interview with Bloomberg late Sunday, Frank partly blamed cryptocurrencies, which hadn’t existed when he and fellow lawmakers in Washington were grappling with the collapse of Lehman Brothers in 2008. The 82-year-old Democrat is on the board of directors at Signature Bank - a New York lender that was shut down by state regulators over the weekend, becoming the industry’s third major casualty since Silicon Valley Bank was abruptly shuttered on Friday and the crypto-focused Silvergate Capital shut down a week earlier. ![]() ![]() Goldman Sachs probed by Fed, SEC over Silicon Valley Bank collapse: reportĬity pension funds lose $2M in failed First Republic, Signature banksīarney Frank - the retired congressman who co-authored the Dodd-Frank Act to tighten bank regulations after the 2008 financial crisis - is under fire over his role in the latest US banking disaster. SVB Financial sues US FDIC to recover $1.93B Moody’s cuts credit ratings for banks following commercial real estate pressures ![]()
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