Another bank failed today,
Signature Bank out if New York.
About $100 billion in assets.
Barney Frank, of Dodd-Frank fame, was one of its directors.
Another bank failed today,
Signature Bank out if New York.
About $100 billion in assets.
Barney Frank, of Dodd-Frank fame, was one of its directors.
On 3/13/23 10:50 AM, Art Sackman wrote:
Another bank failed today,
Signature Bank out if New York.
About $100 billion in assets.
Barney Frank, of Dodd-Frank fame, was one of its directors.I see he blames crypto. He was long-retired when the Crapo Bill passed.
https://www.cbo.gov/system/files/115th-congress-2017-2018/costestimate/s2155.pdf
"Under the bill, the new leverage ratio would not account for the
riskiness of the assets held by community banks. Thus, institutions
could hold assets with a greater risk profile than they do now without having to hold any additional capital. Assets with a higher risk profile tend to provide higher returns. As a result, community banks that meet
the new leverage ratio could have a somewhat riskier portfolio of assets
and would probably impose higher costs on the DIF when they fail than expected under current regulations. Because a majority of community
banks already exceed a 10 percent leverage ratio and because many of
them offer banking services to specific geographic or industry sectors,
CBO estimates that most of them would not make significant changes to
their management or business practices. However, some banks would
probably change their behavior and thus CBO expects that, taken as a
whole, there would be a small increase in the risk profile of community banks."
On Monday, March 13, 2023 at 1:23:20 PM UTC-4, mINE109 wrote:
On 3/13/23 10:50 AM, Art Sackman wrote:
Another bank failed today, Signature Bank out if New York. AboutI see he blames crypto. He was long-retired when the Crapo Bill
$100 billion in assets.
Barney Frank, of Dodd-Frank fame, was one of its directors.
passed.
https://www.cbo.gov/system/files/115th-congress-2017-2018/costestimate/s2155.pdf
"Under the bill, the new leverage ratio would not account for the
riskiness of the assets held by community banks. Thus,
institutions could hold assets with a greater risk profile than
they do now without having to hold any additional capital. Assets
with a higher risk profile tend to provide higher returns. As a
result, community banks that meet the new leverage ratio could have
a somewhat riskier portfolio of assets and would probably impose
higher costs on the DIF when they fail than expected under current
regulations. Because a majority of community banks already exceed a
10 percent leverage ratio and because many of them offer banking
services to specific geographic or industry sectors, CBO estimates
that most of them would not make significant changes to their
management or business practices. However, some banks would
probably change their behavior and thus CBO expects that, taken as
a whole, there would be a small increase in the risk profile of
community banks."
You ignore that he was a director of the bank,
and as such he had oversight and fiduciary responsibilities. He was
not just an innocent bystander who had retired from Congress.
On 3/13/23 4:21 PM, Art Sackman wrote:
On Monday, March 13, 2023 at 1:23:20 PM UTC-4, mINE109 wrote:
On 3/13/23 10:50 AM, Art Sackman wrote:
Another bank failed today, Signature Bank out if New York. AboutI see he blames crypto. He was long-retired when the Crapo Bill
$100 billion in assets.
Barney Frank, of Dodd-Frank fame, was one of its directors.
passed.
https://www.cbo.gov/system/files/115th-congress-2017-2018/costestimate/s2155.pdf
"Under the bill, the new leverage ratio would not account for the
riskiness of the assets held by community banks. Thus,
institutions could hold assets with a greater risk profile than
they do now without having to hold any additional capital. Assets
with a higher risk profile tend to provide higher returns. As a
result, community banks that meet the new leverage ratio could have
a somewhat riskier portfolio of assets and would probably impose
higher costs on the DIF when they fail than expected under current
regulations. Because a majority of community banks already exceed a
10 percent leverage ratio and because many of them offer banking
services to specific geographic or industry sectors, CBO estimates
that most of them would not make significant changes to their
management or business practices. However, some banks would
probably change their behavior and thus CBO expects that, taken as
a whole, there would be a small increase in the risk profile of
community banks."
You ignore that he was a director of the bank,Why do you make such inane accusations? I responded directly to the statement he was "one of its directors."
and as such he had oversight and fiduciary responsibilities. He wasNo, not "just an innocent bystander who had retired from Congress."
not just an innocent bystander who had retired from Congress.
https://careertrend.com/list-5954250-duties-responsibilities-board-directors-bank.html
"While the board of directors does not manage the bank, one of its
foremost duties is to pick the people who will. The board must select
and appoint the bank's top executive officers...
The board of directors not only helps lay out the bank's goals, but acts
as a watchdog as well. One of its main duties in this capacity is to
limit the bank's exposure to excessive risk of all kinds, including
legal, reputational and financial. By managing risk judiciously, the
board tries to maintain a balance between enterprise and caution."
Hence the criticism Frank is receiving.
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