Signature Bank, the same financial institution that closed former President Donald Trump’s accounts in 2019, has become the third U.S. bank to fail in a week. On Sunday, the bank was shut down by U.S. regulators, including the Federal Reserve, U.S. Treasury, and the Federal Deposit Insurance Corporation (FDIC), after being closed by its state chartering authority.
Signature Bank famously closed President Trump's bank accounts to signal its virtue. Go woke, go broke.https://t.co/PzGfq2J2sg
— David Shafer (@DavidShafer) March 13, 2023
This follows the failures of SVB bank and Silvergate, a California-based crypto-focused bank.
Signature Bank did Trump a hyge favor.
2021 Vs 2023 pic.twitter.com/x3RfMG6aNY
— I Meme Therefore I Am 🇺🇸 (@ImMeme0) March 13, 2023
However, the regulators have assured depositors that they’ll get access to all of their money starting on Monday, March 13th and that taxpayers will bear no losses.
Signature Bank just collapsed. Yes, the same bank that closed President Trump’s personal bank accounts after J6. pic.twitter.com/3WGHfRbIqo
— G.Strand (@GStrand45) March 13, 2023
Signature Bank had previously announced that it would not do business with Donald Trump after January 6th, 2021, when the former President’s followers attacked the Capitol building to overthrow the 2020 U.S. presidential election.
Remember that time Signature Bank cut ties with President Trump and called for his resignation? Or that time SVB and Signature started going woke?
Well now the sayings are true…
Go Woke Go Broke…
Everything Woke Turns to Shit… pic.twitter.com/z3WcJ1lYLb
— Bryan McNally (@BryanDMcNally) March 13, 2023
Signature Bank stated in a released statement that they observed the President of the United States encouraging the rioters and not taking action to protect Congress during its duty, leading them to believe that, to ensure a peaceful transition of power, it would be best for the President of the United States to resign, as it is in the best goals of the nation and its people.
Asked whether the government might bail out banks as it did during the 2008 crisis, @SecYellen says, “We’re not going to do that again.” But she adds, “We are concerned about depositors and are focused on trying to meet their needs.” pic.twitter.com/sg5WBFWfPj
— Face The Nation (@FaceTheNation) March 12, 2023
The bank held two accounts belonging to Donald Trump, reportedly containing over 5 million dollars.
“Would you be open to a foreign bank coming in…to help stabilize the situation with [SVB]?” asks @margbrennan.@SecYellen says this “really is a decision for the FDIC,” adding, “I'm sure they're considering a wide range of available options that would include acquisitions.” pic.twitter.com/wurN4USZ5H
— Face The Nation (@FaceTheNation) March 12, 2023
Financial analysts have pointed out that Signature Bank’s decision to sever lending to the former President and call for his resignation may have contributed to its collapse. However, it is also worth noting that SVB bank, which failed last week, was concentrating heavily on woke policies, according to reports.
.@SecYellen on whether the SVB collapse could lead to other bank failures and spillover into the economy: “We want to make sure that the troubles that exist at one bank don't create contagion to others that are sound.” pic.twitter.com/FApuXm5j9a
— Face The Nation (@FaceTheNation) March 12, 2023
Despite the recent spate of bank failures, Treasury Secretary Janet Yellen has stated that there will be no federal government bailouts and that the economy is in good shape. Last week, Yellen focused on Ukraine.
“America’s economy relies on a safe and sound banking system,” Treasury @SecYellen tells @margbrennan when asked about the collapse of Silicon Valley Bank, adding that she has been working with "banking regulators to design appropriate policies to address this situation." pic.twitter.com/tMdn8bJcLB
— Face The Nation (@FaceTheNation) March 12, 2023
8 hours apart pic.twitter.com/5mM6c7vxoT
— Tom Elliott (@tomselliott) March 13, 2023
This is a regulatory failure of historic proportions by both the Fed and Treasury.
Instead of preventing billions in losses, the Fed was worrying about board diversity and Yellen was flying to Ukraine.
Everyone should be sacked immediately. https://t.co/XDd5LTI6hF
— zerohedge (@zerohedge) March 12, 2023
Bank Panic! Is this Donald Trump prediction about to come true?
SVB, First Republic Bank, Signature Bank, JPMorgan, Wells Fargo, Bank of America & Citigroup all losing HUGE. It was the worst day for bank stocks since 2020 which fell over 4% Per FBN. pic.twitter.com/CogDtMf9GP
— SweetPeaBelle (@SweetPeaBell326) March 10, 2023
Former President Donald Trump had cautioned that a “wrong person in office” could lead to an economic crash similar to that of 1929.
