Thursday, June 18, 2015

Super Cronyism: Barney Frank Joins a Bank

The former chairman of the very powerful House Financial Services Committee has become a director at New York-based Signature Bank.

For those who  may have forgotten, Frank's name is on the Dodd-Frank Act, which resulted in super-regulation of banks.

Signature is a super-aggressive bank. It is understandable why they would want a crony like Frank on the board. Indeed. in the bank press release announcing Frank joining the bank, the hyper-enthusiasim for his crony DC connections is barely concealed.

Scott A. Shay, the Chairman of the Board of the bank, is quoted in the release a saying:.

We are gratified to welcome Barney to the board, which is particularly engaged and energetic. We specifically seek members whose deep and broad experience will prove impactful to the Bank; those who share diverse perspectives and possess strong decision-making capabilities. These characteristics are what help foster the continued success and growth of Signature Bank amid the complicated economic environment in which we compete and truly define the personality of our current board. With a 32-year career devoted to government and his distinguished expertise in financial services, we believe Barney will be an asset to the board, bringing keen insights, far-reaching industry knowledge and vast intellect to his role as well as to our institution and the Bank's shareholders,