The fallout of the Silicon Valley Bank (SVB) collapse is still being assessed and after New York-based Signature Bank followed suit Sunday, former President Donald Trump can consider himself the long-term victor of some karmic justice.
Last week, a run on SVB led the bank to default and the Federal Deposit Insurance Corporation (FDIC) stepped in and shuttered the business all within a 24-hour span. With more than 90 percent of the accounts at the venture capitalist-favored bank holding exceeding the FDIC coverage, it was believed the woke focuses of the bank had taken them away from considering the best interest of shareholders to result in considerable losses.
As claims were made that all deposits would be protected and President Joe Biden talked tough on “holding those responsible for this mess fully accountable,” Signature Bank had also been forced to close, two years removed from the de-banking of a sitting president.
In the days after the breach of the Capitol on Jan. 6, the current thing shifted from masking and jabs to who best can virtue signal and genuflect over the “threat to democracy.” To do their part, Signature had confirmed to The New York Post at the time that they were closing two accounts of then-President Trump.
As the Post reported on Jan. 12, 2021, “Signature also posted a scathing statement to its homepage excoriating Trump for his role in the mob attack on Congress that left five people including a police officer dead.”
“We have never before commented on any political matter and hope to never do so again,” their site read. “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.”
Hindsight being 20/20, it’s still unlikely that the ESG (environmental, social, governance) score favoring institution holds any regrets over their stance on Trump, especially as they took the posturing to the next level and said, “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 president wasn’t the only victim of the de-banking as Signature also insisted they would “not do business in the future with any members of Congress who voted to disregard the Electoral College.”
Nor was Signature, a bank that once included Trump’s eldest daughter, Ivanka Trump, as a board member, alone in distancing itself from the businessman as Deutsche Bank did likewise.
As Home Depot co-founder Bernie Marcus said Saturday to Fox News host Neil Cavuto, “I think that the [Biden] administration has pushed many of these banks into more concern about global warming than they do about shareholder return. And these banks are badly run because everybody is focused on diversity and all of the woke issues and not concentrating on the one thing they should, which is shareholder returns.”
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