Old Video Shows Signature Bank Executives Boasting It Would Never Fail
NDTV
Signature Bank is the second bank to collapse in the US after Silicon Valley Bank.
Days after Signature Bank was shut down by New York-based lender regulators, old videos from the time its executive promoted their new financial institution has resurfaced online. One of the clips shows the bank's co-founder Scott Shay, CEO Joseph DePaolo and others talking about starting a new bank, according to New York Post. Some executives tell Mr Shay that it is "the stupidest idea" and even quip that it could "diminish and fail". After 22 years in business, Signature Bank collapsed on Sunday and was taken over by the FDIC, the federal agency in the US that insures bank deposits. The execs also tried their hands at a comedy sketch/musical combo.I'm speechless. pic.twitter.com/y3lWDCcSlp Is it surprising that Signature Bank failed?Their executive team spent millions of dollars to produce music videos & TV shows about themselvesTry not to cringe as you watch this: pic.twitter.com/16K70FQq5o
The video has been posted on Twitter by Genevieve Roch-Decter, a money manager and Substack blogger.
