AND AGAIN: Signature Bank shut down in connection with Silicon Valley Bank collapse. Founded in 2001, the New York-based Signature Bank was popular among crypto companies.
Signature was notable for having former Democratic Congressman Barney Frank on its Board. Frank’s signature Dodd-Frank Act, crafted in the wake of the 2008 financial crash, sought to improve accountability and transparency in the financial system.
Under that law, banks with assets in excess of $50 billion were deemed as being potentially “too big to fail,” and were therefore subject to a host of rigorous testing and regulation.
Also notable:
2022: Jim Cramer recommends Signature Bank.
2023: Signature Bank shuts down.
How does he do it? pic.twitter.com/2QskFTUPe6
— KanekoaTheGreat (@KanekoaTheGreat) March 12, 2023