Days after the January 6 protests in Washington D.C., which Democrats falsely claimed was an “insurrection,” Signature Bank and Deutsche Bank decided to cut ties with Donald Trump. They informed the President that they would no longer be continuing their business relationship.
According to the New York Post, Signature Bank affirmed its position, saying it had taken action and “begun the process of closing Trump’s two personal accounts.” What was the reason behind their decision? They said they would “not do business in the future with any members of Congress who voted to disregard the Electoral College.” The bank claimed that Trump’s call for fair and honest elections following the 2020 election was actually Trump “disregarding the electoral college.” It seems Signature Bank opted to follow in the wake of other corporate entities that have placed partisan politics and leftist agendas, including attempting to censor a sitting President, ahead of business.
On Sunday, Signature Bank was shut down by federal regulators and represented the third largest bank failure.
The Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corp. made the announcement in a joint press release. At the end of last year, the bank boasted 40 branches, $110.4 billion in assets, and $88.6 billion in deposits.
Signature bank was reportedly unstable after Silicon Valley Bank (SVB) was seized by regulators on Friday, having investments with SVB left Signature at risk, along with its heavy investment in cryptocurrencies. Over one-fourth of Signature’s deposits came from Crypto investors, as the bank opted to gather one of the largest crypto portfolios in banking and tried to specialize in cryptocurrencies.
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Signature’s downhill path also had a political component. The bank had invested heavily in Democratic mega-donor Sam Bankman-Fried’s crypto exchange, FTX, which cost the bank billions in deposits and set the bank up for failure, according to the Western Journal. The bank was unable to recover from the loss in 2022. Its stock dropped 75%, leaving Signature unable to stop the bleeding and federal regulators stepping in.
Signature bank spent time educating their employees on how to use pronouns at a “Pride Council” that the Chairman of Signature Bank led.
Here is Signature Bank president leading a Pride Council meeting on pronouns pic.twitter.com/UHMXIrrvvd
— No Bailouts Poso 🚫💰 (@JackPosobiec) March 14, 2023
Perhaps the bank should have focused on making smart investments and caring for its customers instead of incorporating woke policies. “Go Woke, Go Broke” continues to be an accurate sentiment.
So as many Twitter users have pointed out, is it surprising that Signature Bank, with its cringe-worthy music videos, failed?
Is it surprising that Signature Bank failed?
Their executive team spent millions of dollars to produce music videos & TV shows about themselves
Try not to cringe as you watch this: pic.twitter.com/16K70FQq5o
— Genevieve Roch-Decter, CFA (@GRDecter) March 13, 2023