![]() at here to sign up for my free monthly Survive & Thrive letter. He enjoys spending time in Key West ( RIP JB) and Paris. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He spends time in Newport, RI and Bartlett, NH-both as far away from Wall Street as one could mentally get. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer-the name of his family’s boat, a Grady-White Canyon 306. His first drum set was a 5-piece Slingerland with Zildjians. has trained at Sig Sauer Academy in Epping, NH. began his investment career at Fidelity Investments in Boston before joining Richard C. graduated from Babson College in Wellesley, Massachusetts, with a B.S. His focus at all times is on preparing clients and readers for “ Times Like These.” E.J. Young & Co., Ltd., a Managing Editor of, and Editor-in-Chief of. Smith is Founder of, Managing Director at Richard C. 1) Barney hates Newt (mid-’90s edition) There are plenty of politicians who have heated ideological disagreements but can still smile and play golf together. Until then, click here to subscribe to my free monthly Survive & Thrive letter.Į.J. When you want to discuss risk in your investments, let’s talk. It’s a story we’ve all heard before and rich in irony. It wouldn’t be the first time regulators saw an opening in a crisis to achieve a political goal by other means.Īction Line: Why is it that risk is always recognized after the fact? This is a perfect example of banking royalty acting like the smartest guys in the room and then….boom. It may be that the regulators decided to roll up Signature Bank because of its crypto association. banking system of any dealings with crypto companies. Frank because the Biden Administration really does want to purge the U.S. “We have a solid loan book, we’re the biggest lender in New York City under the low-income housing tax credit.” “I think that if we’d been allowed to open tomorrow, that we could’ve continued,” Mr. Frank seems to blame regulators for taking a needlessly hard line against Signature because of crypto. He told Politico that Signature was in good shape as recently as Friday, but was then hit by “the nervousness and beyond nervousness from SVB and crypto.” He said the bank is the “unfortunate victim of the panic that really goes back to FTX,” the failed crypto exchange. Frank is blaming crypto for the bank’s demise in the wake of the Silicon Valley Bank (SVB) closure on Friday. Signature seems to have done the same as it dove into crypto during the Federal Reserve-fueled financial mania. Frank once famously said he wanted to “roll the dice” to ramp up lending on Fannie Mae and Freddie Mac before they failed. ![]() Frank developed a strange new respect for capitalism. Perhaps out of office and late in life, Mr. Frank’s case it has been a nice one, with cash compensation of $121,750 and stock awards of $180,182 in 2022 alone. Frank cashing a check as a bank director, but then even left-wing former Congressmen have to make a living. The former Congressman who was the scourge of Wall Street, the co-author of the Dodd-Frank Act that was supposed to keep the banking system safe, wasn’t able to prevent his bank from becoming one of the first casualties of the latest bank panic. Life is full of irony, but it’s hard to think of a richer one than Barney Frank sitting on the board of the failed Signature Bank. “I think people feel he’s an excellent congressman who’s done his job, even though he may have used poor judgment in this instance,” Reichard said.Life Comes at You Fast. His Cape Cod constituents also have continued to elect him overwhelmingly.ĭorothy Reichard, an aide to Frank in Boston, said the several dozen calls to his office have been overwhelmingly supportive. Studds, admitted having sex with a male page employed by the House. In 1983, another Massachusetts Democratic congressman, Gerry E. Since 1980, he has represented a Massachusetts district that extends west from Boston’s Back Bay through the generally liberal, affluent suburbs of Brookline and Newton and then veers south to the blue collar, old textile towns such as Fall River. “I believe it shows me as gullible.”įrank, who publicly acknowledged his homosexuality in 1987, has faced only token opposition in recent elections. “I don’t believe it shows me as unethical,” he said. A Peace Corps worker has accused Savage of making sexual advances during an official trip to Zaire.įrank said he intends to run for reelection next year and does not believe the Gobie incident would undermine his campaign. Just last month, Frank was one of three House members to ask the Ethics Committee to investigate sexual misconduct allegations against Rep.
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