The Blubber

Per Bloomberg

Signature Bank recently collapsed, but just ten days before that, it reportedly held a fundraiser for the House Republican, which was now overseeing its probe. During the event, the mood was reportedly calm, and there were no discussions of the debt ceiling or tensions of any kind.

An attendant that asked to remain private said that the fundraiser, which was held on March 2 at the Signature boardroom on New York's Fifth Avenue, was calm and without tension. Congressman Patrick McHenry was in attendance, wanting to raise tens of thousands from the bank executives.

Per a spokesperson, the campaign has decided that the contributions coming from the event won't be processed. Scott Shay, the Signature co-founder and chairman, invited donors to the fundraiser for the North Carolina Republican.

Here were the prices for the event:

• $1,000 - attendance costs
• $2,900 - becoming a sponsor
• $5,800 - to buy hosting duties

The sponsorship would reportedly support Team McHenry and the following.

• A joint fundraising committee backing McHenry's congressional campaign
• McHenry's Innovation PAC
• The National Republican Congressional Committee

So far, Signature Bank employees have given over $188,000 since 2017. The bank also gave Charles Schumer, the Senate Majority Leader, $45,000.

In total, Signature employees reportedly gave $284,000 to Democrats and $53,000 to Republicans.

Recently the Federal Home Laon Bank System reportedly issued $304 billion in debt, almost double the $165 billion the Fed allotted to lenders. In the report, it was noted that midsize banks were asking the FDIC to insure all deposits for two years.

Bernie Sanders has recently spoken up, saying the most absurd thing about the SVB situation was that the Silicon Valley Bank Greg Becker was also a director of the San Francisco Fed. The Senator proposes a bill to counter the conflict of interest by banning bank CEOs from becoming Fed boards

See flow at unusualwhales.com/flow.

Other News:

• The Federal Home Loan Bank System issued $304 billion in debt last week, double the $165 billion that lenders tapped from the Fed
• Bernie Sanders comments on SVB collapse, shedding light on the CEO being the director of the San Francisco Fed

Resources:

Bloomberg