- Executives from Signature Bank were left baffled when they were suddenly shut down.
- They maintain the bank could have survived the $16 billion bank run.
- Regulators are being questioned on their snap decision to shutter banks.
In March, the sudden collapse of three banks in the U.S. led many to fear a banking crisis was looming, with crypto inadvertently being made the primary scapegoat.
Following these collapses, a Senate Banking Committee heard from the former banking executives on Tuesday, May 17, including two from Signature who maintain that the bank did not need to be shut down.
“Withstand the Economic Earthquake”
Signature co-founder and former chairman Scott Shay said Signature was ready to stay in business despite $16 billion in customer withdrawals that followed Silicon Valley Bank’s failure. The collapse of other banks around Signature led to the bank run, which executives felt…
