Skip to main content
BoomMag: Readers and Fans

We Love Trump

We may receive compensation from affiliate partners for some links on this site. Read our full Disclosure here.

Second Failure: Signature Bank Has Collapsed!

10.1k views
10,051 views

The news is flying faster than I can keep up with it today.

On the heels of the Silicon Valley Bank failure, we just got a second one…

Signature Bank out of New York has just collapsed.

Details:

Trending: Did Ted Cruz’s Daughter Attempt To Commit Suicide?

More here:

Here is the full Press Release:

Press Release

March 12, 2023

Superintendent Adrienne A. Harris Announces New York Department of Financial Services Takes Possession of Signature Bank
Superintendent Adrienne A. Harris announced today that the New York Department of Financial Services (DFS) has taken possession of Signature Bank, pursuant to Section 606 of New York Banking Law, in order to protect depositors. DFS appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of the bank.

Signature Bank is a New York state-chartered commercial bank and is FDIC-insured, with total assets of approximately $110.36 billion and total deposits of approximately $88.59 billion as of December 31, 2022.

DFS is in close contact with all regulated entities in light of market events, monitoring market trends, and collaborating closely with other state and federal regulators to protect consumers, ensure the health of the entities we regulate, and preserve the stability of the global financial system.

For information about FDIC coverage limits and requirements, visit www.fdic.gov or call toll-free 1-877-ASK-FDIC.

Ellie Terrett from Fox News reports the bank was known for being “crypto-friendly”:

Meanwhile, we have the Fed and the Treasury Department taking unprecedented action on a Sunday night releasing a joint statement.

Details below:

BREAKING: The Fed and Treasury Just Caved!

We’ve been on this story all day long and it is far from over…

A few hours ago, I reported that we will likely see major Bank Runs tomorrow morning when the Banks open up.

IF they open up…

I told you the report was real and not just “hype”.

We were right on the money again and it’s why almost 6 million people each month trust our reporting: because we’re accurate.

It told you the risk was real, and now I have a major update.

J-Powell and J-Yellen just flipped.

Caved.

Blinked.

Retreated.

The Fed AND the Treasury!

In an unprecedented Sunday night decision, they’ve just released a joint statement saying they will make all depositors whole — regardless of the $250,000 normal FDIC limit.

Here is the full press release, from the Federal Reserve:

Washington, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:

Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.

After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.

We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.

Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.

The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe.

Maybe we should just go back to this instead?

After saying earlier in the day that Bailouts were off the table, we’re suddenly right back to 2008 again and protecting the rich and the “too big to fail”:

Meanwhile, Bitcoin and all of crypto are PUMPING:

But longtime readers of WeLoveTrump know we are big XRP fans.

Perhaps it was never Bitcoin.

Perhaps XRP has been “the one” all along?

Do You Want A Free 1oz 99.9% Pure Silver Trump Coin?

I’ve been saying it’s going to be a wild week, what if we get a Ripple/SEC settlement this week on top of everything else?

Buckle up friends, it’s gonna be a wild ride the next 7 days.

And don’t forget, I talk with Bo Polny on Tuesday when he returns to my show.

The timing could not be more perfect!

That will most definitely be one you do not want to miss.


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

log in

Forgot password?

reset password

Back to
log in

Hey, Noah here!

Wondering where we went?

Read this and bookmark our new site!

See you over there!

Read Here
Thanks for sharing!
Thanks for sharing!
We invite you to become a WeLoveTrump insider. Sign up for our free email newsletter, and we'll make sure to keep you in the loop.