A third U.S. bank has failed within a week. This time it is the same institution that terminated President Donald Trump’s accounts two years ago, stating that it would no longer do business with him after January 6.
On Sunday, U.S. regulators shut down New York’s Signature bank, according to a joint statement from the Federal Reserve, U.S. Treasury, and the Federal Deposit Insurance Corporation (FDIC), adding that the institution was liquidated by its state chartering authority.
That follows the failure of the SVB bank and the California-based crypto-focused Silvergate. The statement continues SVB depositors will have full access to their funds beginning Monday, March 13. We are announcing a similar exemption for systemic risk for Signature Bank, and the institution will reimburse all deposits in full. Likewise, with the resolution of Silicon Valley Bank, no taxpayer damages will be incurred.
Experts quickly pointed out that Signature cut out funding to Trump and demanded his resignation in January 2021. At the time, Signature issued a statement stating that they had never before spoken on any political topic and had no plans to do so in the future. Nonetheless, as Americans, they were profoundly horrified by the rioting and rebellion that occurred in the nation’s most hallowed institution, the United States Capitol.”
The statement continued that the President supported the rioters and refused to deploy the National Guard to defend Congress while it was performing its duties. At the time of the statement, the bank felt that the President of the United States should resign in order to facilitate a peaceful transfer of power, which was in the best interest of the American people.
According to sources, Trump had two bank accounts with almost $5 million invested at Signature. The most recent collapse follows reports that SVB was likewise largely focused on woke policies. Trump has previously warned about putting the wrong person in office and that there would be a 1929-style economic collapse, which appears that his prophecy may be coming true. Guess the Twitter saying “Go Woke, Go Broke” is true.
On Sunday, Treasury Secretary Janet Yellen stated that there would be no government bailouts and that the economy is in “excellent health.” Denial, of course, is the Democrat’s best move; next up, more censorship?