Q&A with Signature Bank board member Barney Frank on the bank's downfall, the impact on crypto, weakening Dodd-Frank in 2018, tougher regulation, and more
pushes back at DFS' assertion that Signature wasn't closed due to an anti-crypto animus... whole thing worth reading @jenwieczner 👏👏 https://nymag.com/... Jake Chervinsky / @jchervinsky : 13/ Frank wondered if Signature was the first bank to be closed when nobody, including the regulators, said it was insolvent. “That's why I speculate that using us as a poster child to say ‘stay away from crypto’ was the reason” for the closure, he said. https://nymag.com/... Ben Miller / @benwritesthings : Barney Frank doing a phone interview from a Caribbean island explaining how the insolvency of the bank whose board he sits on is a vindication of the regulation legislation that bears his name and which he lobbied to weaken. https://nymag.com/... Sar Haribhakti / @sarthakgh : This interview is really something Unabashedly blunt and aggressive One of the architects of the most consequential financial regulation in the past two decades: https://www.newyorker.com/... Mike Casca / @cascamike : you hate to see it. https://twitter.com/... Matt Peterson / @mattbpete : Barney Frank: “I think sloppy data is not a reason to close a bank that you have not decided was insolvent, and they've never said we were insolvent.” Also B. Frank: “I think what you may want is the regulators to do more. It's possible that under Trump, they weren't as tough.” @safetyth1rd : why did the US govt shut down Signature bank when it wasnt insolvent? https://twitter.com/... @nic__carter : @jenwieczner - NYDFS never admitted that Signature was insolvent (!!!) - instead, they claimed that Signature didn't give them sufficient data - but that's no reason to nationalize a bank - reiterates that DFS' main intention was to send an anti-crypto message https://twitter.com/... Branko Marcetic / @bmarchetich : Barney Frank explains he didn't support weakening bank regulations after he joined Signature Bank. Rather, his support for weakening regulations was the precursor to him getting plopped on its board. So much better. https://www.newyorker.com/... https://twitter.com/... Tim Murphy / @timothypmurphy : barney frank refusing to end a chotiner interview until he can give a proper kicker quote. what a pro. https://www.newyorker.com/...
Barney Frank doing a phone interview from a Caribbean island explaining how the insolvency of the bank whose board he sits on is a vindication of the regulation legislation that bears his name and which he lobbied to weaken. https://nymag.com/...
Shocking interview with Barney Frank — pushes back at DFS' assertion that Signature wasn't closed due to an anti-crypto animus... whole thing worth reading @jenwieczner 👏👏 https://nymag.com/...
Barney Frank explains he didn't support weakening bank regulations after he joined Signature Bank. Rather, his support for weakening regulations was the precursor to him getting plopped on its board. So much better. https://www.newyorker.com/... https://twitter.com/...
New Interview: I talked to former Congressman Barney Frank about why he went to work for Signature Bank, and whether tougher regulations could have prevented the last week of bank chaos. https://www.newyorker.com/...
Barney Frank: “I think sloppy data is not a reason to close a bank that you have not decided was insolvent, and they've never said we were insolvent.” Also B. Frank: “I think what you may want is the regulators to do more. It's possible that under Trump, they weren't as tough.”
@jenwieczner the whole thing is absolutely bananas. some extracts - if FDIC/Fed had acted on Friday, the run wouldn't have taken place - Signature was ready and able to open on Monday https://twitter.com/...
@jenwieczner - NYDFS never admitted that Signature was insolvent (!!!) - instead, they claimed that Signature didn't give them sufficient data - but that's no reason to nationalize a bank - reiterates that DFS' main intention was to send an anti-crypto message https://twitter.com…
“why did they react so harshly .... I believe it was probably to send the message that even though we were doing crypto stuff responsibly, they don't want banks doing crypto. They denied that in their statement, but I don't fully believe that."https://nymag.com/...
@jenwieczner - confirms that he's not saying this out of a pro-crypto bias (has always been skeptical) - says there should be a way for banks to support crypto, and it can be done responsibly - thinks it's wrong for banks to be deputized as crypto regulators, should be left to SE…
This interview is really something Unabashedly blunt and aggressive One of the architects of the most consequential financial regulation in the past two decades: https://www.newyorker.com/...
“Frank, for his part, was quick to suggest that Signature was the victim of a political attack, telling CNBC on Monday that “regulators wanted to send a very strong anti-crypto message.” https://nymag.com/...
“[W]hy did they react so harshly to what they said was our inability to give them the sufficient data? I believe it was probably to send the message that ... they don't want banks doing crypto.” Told you @jenwieczner has been doing all the fun stories! https://nymag.com/...
I really can't wait to read more on what actually happened to Signature Bank, the claims here from Barney Frank are so wild https://nymag.com/... https://twitter.com/...