Biden Just Nationalised the Banks

Yesterday, Signature Bank became the 3rd-largest bank failure in US history Signature had $88 billion in deposits and $110 billion in assets at the end of 2022. 89.7% of deposits were not FDIC insured.

Failed Signature Bank Also Obnoxiously Woke

Unsurprisingly, other banks run by moonbats are following Silicon Valley Bank down the crapper. Next to discover the truth of the maxim “Get woke, go broke” was Signature Bank:

Signature board member Barney Frank, the former congressman who formed one half of the landmark Dodd-Frank financial law after the 2008 financial crisis, said Signature suffered a bank run of billions of dollars on Friday.

Taxpayers are on the hook:

Signature customers will get all of their deposits back, including money above the $250,000 limit for federal deposit insurance, banking regulators said.

Signature Bank was closed by regulators on Sunday, the second massive bank failure in three days.

The New York-based bank faced a crisis of confidence after midsize lender SVB Financial Corp. was seized by regulators on Friday. … The failure is the third-largest in U.S. history.

Second largest is Silicon Valley Bank.

Because not even Democrats can confiscate other people’s money as fast as they fling it to the four winds, they will bail out the customers at least in part with money that does not exist. Like the Inflation Reduction Act, this will drive inflation even higher, resulting in more economic havoc, resulting in more bank failures.

A joint move by the Federal Reserve and Treasury Department took the extraordinary step of designating SVB and Signature Bank as a systemic riskto the financial system, giving regulators flexibility to backstop uninsured deposits.

The end goal of encouraging banks to invest irresponsibly in sophomoric moonbattery, then swooping in to seize control and bail out investors with taxpayer money, is to incrementally nationalize the banking system.

Here’s what Signature Bank focused on rather than sound investments:

A seminar on gender-neutral pronouns hosted by Signature Bank just months before its collapse … featured its chairman Scott Shay along with corporate consultant on gender issues Finn Brigham.

Video of the seminar, which goes for more than an hour, shows Brigham and Shay delivering a lecture about ‘pronouns’ with the ultra-woke company seizing the opportunity to laud their title as the ‘first bank in the United States to have an openly gay man on the board.’

That would be the conspicuously homosexual Democrat Barney Frank. Yet other Democrats tell us that these banks are failing not because of their reckless monetary policy, but because part of Dodd-Frank was repealed.

Brigham, who works as director of project management for the Manhattan-based nonprofit Callen-Lorde Community Health Center – an LGBTQ health clinic – identifies as a ‘genderqueer trans masculine person.’

Too bad they didn’t bring on someone who identifies as a competent banker. But they were too busy wallowing in gag-inducing crap like this:

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