Barney Frank to Newsmax: Regulators Sound Alarm on Digital Currency (Connecting the Dots: Barney Frank, Signature Bank, FDIC, HBO, Too Big to Fail (2011) & Soros Funding, All Networking)

Barney Frank to Newsmax: Regulators Sound Alarm on Digital Currency (Connecting the Dots: Barney Frank, Signature Bank, FDIC, HBO, Too Big to Fail (2011) & Soros Funding, All Networking)

By Fran Beyer    |   Monday, 13 March 2023 11:33 AM EDT

Newsmax

https://www.newsmax.com/newsmax-tv/crypto-currency-svb-signature-bank/2023/03/13/id/1112035/

Barney Frank, co-sponsor of historic Wall Street reform legislation in 2010, said the collapse of two banks last week happened for different reasons, but that regulators are responding with a "clear signal" about digital currency.

Frank, on the board of New York-based Signature Bank, said on Newsmax's "Wake Up America" that "there was no trouble" until Silicon Valley Bank was shuttered by California regulators after a failed share sale that drained $42 billion in deposits in one day.

"We were in a grab. We got collapsed," Frank said of Signature Bank. "There's a very real difference between SVB and our bank.

"We were the victim, I think … of a contagion," he said. "I think that it would have been saved. We'll get … an answer to that, by the way, because FDIC [Federal Deposit Insurance Corporation] will be selling my bank. I think somebody's going to get a very good deal. They're going to get to buy a bank that is in really pretty good shape."

According to Frank, "part of the problem was from the regulated standpoint, our bank had gotten involved in digital [currency].

"Now, we did it in a very sound way. … We allowed and facilitated our customers, if they wanted, to deal with each other and digital. But I think one of the things that come out of this is the regulators are sending a clear signal: Stay away from digital.

"There was no sign of trouble until SVB failed. That's what triggered it."

Frank also defended the 2010 legislation he co-sponsored, known as Dodd-Frank.

"It worked, clearly, because what we said was, 'We had a problem that we've solved' back then … underfinanced derivatives and bad mortgages," he said.

"We also said, 'But something could happen again. We don't know what it will be.' Well, it turned out digital has been a very destabilizing factor."

Frank said the federal government is stepping in "and "it's preventing the contagion."

"What happened in 2008 was the failure of a couple of institutions generated a domino effect by so many other ones … indebted to each other without the money to pay it off," he added about that bank crisis. "That's not happening now."

Frank said he doesn't believe more banks will follow either SVB or Signature.

"We changed the law so they would not be able anymore to do what they did ... To get them over their liquidity question," he said. "The Fed is doing that, and I think that will prevent the contagion. That's exactly what we said we were trying to do" in 2008.

He also said there's no way now to predict if there will be a big self-off or if the markets will calm.

"There's no point speculating," he said. "I think what the Fed has done, both with regard to the …. backstop, bailout, whatever you want to call it for lending money, giving money to deal with the liquidity crisis and making sure that people meet payback — I don't think there's a practical reason for the sell off."

Connecting the Dots:

Barney Frank on the board of New York-based Signature Bank, Ann Lewis’s brother and Robert Raben was his counsel.

Ann Lewis is Barney Frank’s sister and was a VP for the Planned Parenthood Federation of America.

Open Society Foundations was a funder for the Planned Parenthood Federation of America, the American Constitution Society and the Alliance for Justice.

George Soros is the founder & chairman for the Open Society Foundations.

Robert Raben was Barney Frank’s counsel, a director at the American Constitution Society, is a director at the Alliance for Justice and the president of the Raben Group.

Melody C. Barnes was a principal at the Raben Group, the EVP for the Center for American Progress, the domestic policy council, director for the Barack Obama administration and is Barack Obama’s golf partner.

Center for American Progress calls for heightened “Gun Safety, Gun Control” for guns.

Open Society Foundations was a funder for the Center for American Progress.

George Soros is the founder & chairman for the Open Society Foundations, Jonathan Soros’s father, was a supporter for the Center for American Progress and the chairman for the Foundation to Promote Open Society.

Foundation to Promote Open Society was a funder for the Roosevelt Institute.

Jonathan Soros was the vice chairman for the Foundation to Promote Open Society, is George Soros’s son, and a senior fellow at the Roosevelt Institute.

Cantwell F. Muckenfuss III is a director at the Roosevelt Institute and was a counsel to the chairman for the Federal Deposit Insurance Corporation (FDIC).

William M. Isaac was the chairman for the Federal Deposit Insurance Corporation (FDIC) and is a member of the Bretton Woods Committee.

Robert L. Clarke was a director at the Federal Deposit Insurance Corporation (FDIC) and is a member of the Bretton Woods Committee.

John C. Dugan was a director at the Federal Deposit Insurance Corporation (FDIC), is a member of the Bretton Woods Committee and a partner at Covington & Burling LLP.

George Soros is a member of the Bretton Woods Committee and the founder & chairman for the Open Society Foundations.

Open Society Foundations was a funder for the American Constitution Society, the Alliance for Justice and the Planned Parenthood Federation of America.

Eric H. Holder Jr. was a board member for the American Constitution Society, a partner at Covington & Burling LLP and is the attorney general at the U.S. Department of Justice for the Barack Obama administration.

Robert Raben was a director at the American Constitution Society, Barney Frank’s counsel, is a director at the Alliance for Justice and the president of the Raben Group.

Ann Lewis is Barney Frank’s sister and was a VP for the Planned Parenthood Federation of America.

Barney Frank is Ann Lewis’s brother, on the board of New York-based Signature Bank and Robert Raben was his counsel.

Melody C. Barnes was a principal at the Raben Group, the EVP for the Center for American Progress, the domestic policy council, director for the Barack Obama administration and is Barack Obama’s golf partner.

Center for American Progress calls for heightened “Gun Safety, Gun Control” for guns.

Open Society Foundations was a funder for the Center for American Progress.

George Soros is the founder & chairman for the Open Society Foundations Jonathan Soros’s father and was the chairman for the Foundation to Promote Open Society.

Jonathan Soros was the vice chairman for the Foundation to Promote Open Society, is George Soros’s son, and a senior fellow at the Roosevelt Institute.

Cantwell F. Muckenfuss III is a director at the Roosevelt Institute and was a counsel to the chairman for the Federal Deposit Insurance Corporation (FDIC).

Foundation to Promote Open Society was a funder for the Roosevelt Institute.

Quentin Schaffer is a governor for the Roosevelt Institute and the EVP for HBO.
HBO purchased the movie rights to the Too Big to Fail (2011).

Resources: Past Research

FDIC Chairman in Hot Seat Over Operation Choke Point (Past Research on the FDIC))

WEDNESDAY, MARCH 25, 2015

https://thesteadydrip.blogspot.com/2015/03/fdic-chairman-in-hot-seat-over.html

Barney Frank (Connecting the Dots: Barney Frank, The Planned Parenthood Federation of America, The Center for National Policy, The Truman National Security Project, Gun Control & Soros Funded Think Tanks, All Networking) (Past Research on Barney Frank)

SATURDAY, OCTOBER 29, 2022

https://thesteadydrip.blogspot.com/2022/10/barney-frank-connecting-dots-barney.html

Obama Justice Dept Prosecutors Recommend Felony Charges Against Gen. Petraeus (Past Research on Eric Holder)

SUNDAY, JANUARY 11, 2015

https://thesteadydrip.blogspot.com/2015/01/obama-justice-dept-prosecutors.html

Obama’s Peanut-Brained Attack on MetLife - Why should an insurance company be treated like a bank? (Past Research on Too Big To Fail)

THURSDAY, NOVEMBER 6, 2014

https://thesteadydrip.blogspot.com/2014/11/obamas-peanut-brained-attack-on-metlife.html