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:
BREAKING: Signature Bank of New York has just collapsed.https://t.co/WbqTs6b1DA
Press Release
March 12, 2023
Superintendent Adrienne A. Harris Announces New York Department of Financial Services Takes Possession of Signature Bank
Superintendent https://t.co/uWMcCrSXAe…— DailyNoah.com (@DailyNoahNews) March 12, 2023
More here:
NEW:
*Signature Bank has been closed
*All depositors of Silicon Valley Bank and Signature Bank will be fully protected
*Shareholders and certain unsecured debtholders will not be protected
*New Fed 13(3) facility announced with $25 billion from ESF to backstop bank deposits pic.twitter.com/LKipIRMg1T
— Nick Timiraos (@NickTimiraos) March 12, 2023
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”:
🚨BREAKING: Crypto-friendly Signature Bank has been shut down. https://t.co/vAfTNIs53n
— Eleanor Terrett (@EleanorTerrett) March 12, 2023
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.
@federalreserve @USTreasury @FDICgov issue statement on actions to protect the U.S. economy by strengthening public confidence in our banking system, ensuring depositors' savings remain safe: https://t.co/YISeTdFPrO
— Federal Reserve (@federalreserve) March 12, 2023
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?
How about a reminder 📢 pic.twitter.com/EC4aX8Ym5T
— XRP Slippin Jimmy ICE 9 🏴☠️ (@GenslerResign) March 12, 2023
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”:
— Darth Powell 🦈🇺🇲🇺🇦🇵🇱🇫🇮 (@GRomePow) March 12, 2023
Meanwhile, Bitcoin and all of crypto are PUMPING:
The Bank of #Bitcoin remains open.
— Michael Saylor⚡️ (@saylor) March 12, 2023
But longtime readers of WeLoveTrump know we are big XRP fans.
Perhaps it was never Bitcoin.
Perhaps XRP has been “the one” all along?
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?
Did #Ripple just pay their court fees meaning the case could be over tomorrow?👀 #XRP pic.twitter.com/EJBOhIBN0g
— XRP QUEEN🤍 (@crypto_queen_x) March 12, 2023
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.
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