Frank argues that his bank wasn’t even insolvent when it was shut down. Based on its exposure to the servicing of the crypto industry, there was a run, and the collapse of crypto-focused Silvergate bank in San Diego, and Sam Bankman-Fried’s FTX crypto exchange had more to do with why the run happened, than the lifting the onerous regulations, he argued, and he may be correct. Whether Signature Bank hedged for those market conditions as of now is unknown, we know that Silicon Valley Bank didn’t manage its risk — they went months without a risk manager. But that’s not a Trump issue at all.Frank’s argument stands in stark contrast to the Warren argument calling for bigger and heavier regulation. Nobody brings up Bidenflation or SVB’s bad management, which seem likelier suspects for the problem than Trump.Both NBC and Vox have since cleaned up those headlines on their landing pages, changing the word “Trump” to ‘bipartisan,’ or ‘2018 banking law’ or similar, removing the word “Trump” but the incendiary headlines remain up on the searches, such as this one: We know what they were after, and Barney Frank just blew that knee-jerk “Trump did it” narrative out of the water.
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