With three banks failing in a matter of days, Wall Street and Silicon Valley are panicking.
But while the market is melting down, the left is cheering.
And it’s all because this top Democrat is begging to get a bank bailout.
Democrats in Washington D.C. have gone out of their way to fork over billions of dollars to Silicon Valley in what’s rapidly becoming one of the largest government bailouts in American history.
After Silicon Valley Bank collapsed in early March, the left called for government intervention in bailing out hundreds of millions of dollars in deposits from woke tech corporations operating in California.
But it wasn’t just Silicon Valley leftists begging for a taxpayer-funded bailout.
One of the architects responsible for the financial disaster currently unfolding sits on the board of one of these failing banks.
Politico reports, “Barney Frank, who chaired the House Financial Services Committee in the wake of the global financial crisis and wrote sweeping new rules enacted in 2010, most recently served on the board of New York’s Signature Bank, which regulators shut down Sunday.”
Frank was a former Democrat member of Congress from Massachusetts who helped write the infamous Dodd-Frank bill in 2010.
That law ended up destroying small and medium-sized banks across America, leading to the consolidation of the banking sector into the hands of an increasingly diminishing number of large and powerful banks.
Ironically, Frank is a board member of Signature Bank, which collapsed on March 12.
It was under his watch the seeds for this crisis were sown.
And now he and his business partners are begging for the federal government to “allow the bank to continue.”
The New York Post reports, “In 2022, Frank received $121,750 in cash compensation for his work on Signature’s board, as well as $180,182 in stock awards, according to a company filing.
As of February, Frank owned 5,542 shares of Signature Bank worth $825,000; the shares are likely now worthless after the government took the bank into receivership. Frank has been part of the board since 2015 and is expected to depart later this year, the filing adds.”
If Frank gets his way, he’ll end up saving almost a million dollars in shares.
But the problem Barney Frank faces is any sort of bailout would be extremely unpopular with the American people, especially since many of these banks cater almost exclusively to the “woke” and elite companies in Silicon Valley or New York City. That’s why Democrats like Joe Biden and Janet Yellen are trying to orchestrate a backdoor bailout through the Federal Reserve and the FDIC.
