| Credit
Suisse USB Merger
amid Bank Meltdown
Preapproved by Fed
as Collins on
Comerica
by
Matthew Russell Lee, Patreon Book
Substack
SDNY COURTHOUSE,
March 19 – Alongside
the larger
flame-out of
Silicon Valley
Bank,
Signature Bank
too failed.
Now on March
19 in Switzerland,
the forced and
subsidized
marriage of
USB and Credit
Suisse. Both
have US
subsidiaries but
from the Fed,
this pre-approval:
"The
following
statement was
released by
Secretary of
the Treasury
Janet L.
Yellen and
Federal
Reserve Board
Chair Jerome
H.
Powell:
'We welcome
the
announcements
by the Swiss
authorities
today to
support
financial
stability. The
capital and
liquidity
positions of
the U.S.
banking system
are strong,
and the U.S.
financial
system is
resilient. We
have been in
close contact
with our
international
counterparts
to support
their
implementation.'"
Preapproval,
like the entry
of Goldman
Sachs and
Morgan Stanley
into the
banking
system, with
no comment
period.
On
Signature
Bank's board
of directors
is not only
Barney Frank
(who after
leaving
Congress
undermine his
own Dodd Frank
Act) but also
former New
York State
Superintendent
of Banks
Derrick D.
Cephas.
Among those
being reviewed
by Moody, as
simply the
first example,
former
Federal
Reserve Bank
of
Philadelphia and
Cleveland bigwig
Michael E.
Collins is on
the board of
Comerica, the
bank that abandoned
Detroit
for Dallas. The
Administration
is saying that
people will be
held
accountable - but
who?
Next
up: PacWest and
Western
Alliance, Intrust, UMB
and Zions.
Watch this
site.
***
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