BREAKDOWN: Even Barney Frank Thinks Signature Was Shut Down to Send an Anti-Crypto Message
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 13 March 2023
⏱️ 21 minutes
🧾️ Download transcript
Summary
Signature Bank was shut down by the NYDFS citing “systemic risk.”
On Sunday, as government authorities announced that Silicon Valley Bank depositors would be protected, they added that the New York Department of Financial Services would be shuttering Signature Bank. Little explanation was given but some, including Signature board member and bank regulation architect Barney Frank, think it was a calculated move to send an anti-crypto message.
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“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with today's editing by Jonas Huck, research by Scott Hill and additional production assistance by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Paul Marotta / Getty Images, modified by CoinDesk.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.5 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.2 | The breakdown is produced and distributed by CoinDess. |
| 0:20.0 | What's going on, guys? |
| 0:21.0 | It is Monday, March 13th, and today we are talking about the extremely suspect closure of |
| 0:26.3 | signature bank. |
| 0:27.4 | A quick note before we dive in, there are two ways to listen to the breakdown. |
| 0:30.5 | You can hear us on the Coin Desk podcast network, which comes out every afternoon |
| 0:33.6 | alongside other great Coin Desk shows, or you can listen on the breakdown-only feed, which |
| 0:37.2 | comes out a little bit later in the evening. Wherever you listen, if you are enjoying the show, |
| 0:40.9 | please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper |
| 0:44.5 | into the conversation, come join us on the breakers discord. You can find a link in the show notes |
| 0:48.6 | or go to bit.ly slash breakdown pod. All right, guys, happy Monday. We are in the thick of it. The last 48 hours have been |
| 0:56.5 | some of the loudest, most contentious times we've seen since 2008. There have been fierce debates |
| 1:01.9 | about whether or not to protect depositors at Silicon Valley Bank after it was shut down by |
| 1:06.0 | regulators on Friday. Accusations that the venture capital class was fomenting a larger run on small and |
| 1:11.5 | regional banks just to serve its own purposes. Genuine fear of larger contagion and intense |
| 1:16.6 | pressure on the federal government to announce action to give small businesses and other |
| 1:20.2 | depositors confidence that they weren't going to be out of luck based on who they chose to bank |
| 1:24.4 | with. And at the culmination of it last night, there was finally an |
| 1:27.5 | announcement about what was to happen with Silicon Valley Bank. The TLDR was that the bank |
| 1:32.1 | depositors would be made whole. The Fed would use a fund already paid into by banks to pay for it, |
... |
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