![]() ![]() ![]() The editorial board affirmed my belief that federal. I am assured Signature Bank will continue to thrive, both by Joe's welcome agreement to maintain a significant role in the Board's work, and also based on my high regard for his designated successor, Eric Howell."īy Editor | at 8:31 pm Related Topics: Banking, Revolving Door receive the latest by email: subscribe to the free futureofcapitalism. The Wall Street Journal doubtless surprised its readers with a March editorial headlined Barney Frank Was Right About Signature Bank. Having myself decided years ago to reduce my level of professional activity after decades of all-consuming work, I fully understand Joe's decision to take on a less intense role in the Bank's affairs. Joe combined financial expertise with excellent management skills and an unshakable commitment to fairness in the Bank's dealings with its clients, colleagues and the broader community with whom I directly and regularly engage to advance my work in Congress. Congressman Barney Frank, a Signature Bank board member since 2015, added: "Serving on the Board of Signature Bank during Joe DePaolo's tenure as CEO has been a very positive experience. In a February 2023 press release from Signature Bank, Frank was quoted as saying this:įormer U.S. BARNEY FRANK (D-Mass.), of Dodd-Frank fame, sat on its board, and according to the Times, Signature lent money to JARED KUSHNER and helped finance Mr. It will be interesting to see what Barney Frank has to say for himself about this. Either way, it is something for the former chairman of the House Financial Services Committee and the sponsor of the Dodd-Frank Act to have been paid nearly two and a half million dollars to serve as an "independent" director of a bank that has now been closed by the government. Perhaps he had some of it in Signature Bank stock that is now worth much less than it was before. For some of the time, he was on the risk committee. Perhaps the most shocking symbol of the systemic corruption in Washington is the namesake of the Dodd-Frank law himself: former Democratic House Representative Barney Frank. Frank, who is 82 years old, earned $303,267 in compensation in 2022 from the bank for his work as a director, according to the 2023 proxy statement. Until very recently, a director of Signature Bank, which the New York State Department of Financial Services closed today, was Barney Frank, the former congressman from Massachusetts who is the "Frank" of the Dodd-Frank banking reform law. ![]()
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