A third U.S. bank has failed in the space of a week, and this time its the same one that closed President Trump’s accounts two years ago, reasoning that it would not do business with Trump after January 6th.
Signature bank in New York was shut down by US regulators on Sunday, according to a joint statement from the Federal Reserve, US Treasury and the Federal Deposit Insurance Corporation (FDIC), noting that the lender “was closed by its state chartering authority.”
It comes after SVB bank and California-based crypto-focused Silvergate also failed.
The statement further notes that “[SVB] depositors will have access to all of their money starting Monday, March 13… We are announcing a similar systemic risk exception for Signature Bank… 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.”
Analysts were quick to point out that Signature severed lending to Trump and called for the then President to resign in January 2021.
At the time a statement from Signature read “We have never before commented on any political matter and hope to never do so again. However, as Americans we are deeply, deeply saddened by the rioting and insurrection which took place in the most sacred of American institutions, our United States Capitol.”
It continued, “We witnessed the President of the United States encouraging the rioters and refraining from calling in the National Guard to protect the Congress in its performance of duty.”
“At this point in time, to ensure the peaceful transition of power, we believe the appropriate action would be the resignation of the President of the United States, which is in the best interests of our nation and the American people,” the bank added.
Trump held two accounts with the bank, according to reports, with over 5 million dollars invested in them.
The latest collapse comes after revelations of how SVB was also heavily concentrating on woke policies.
Trump previously warned that “if you put the wrong person in office,” there would be a huge economic crash on the scale of 1929:
Meanwhile, Treasury Secretary Janet Yellen said Sunday there would be no federal government bailouts and claimed that the economy is in “good shape”:
Last week Yellen was concentrating on Ukraine: