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      banking system

      JPMorgan Chase CEO Jamie Dimon attends an event at the White House on February 3, 2017 in Washington, D.C.

      Jamie Dimon Is Poised to Benefit Most From This Banking Crisis

      Depositors in small and medium-sized banks are now fleeing to the safety of JPMorgan and other giant banks that have been deemed "too big to fail" because the government bailed them out in 2008.

      Robert Reich
      Mar 18, 2023

      Former Silicon Valley Bank CEO Greg Becker sold $3.6 million worth of shares on February 27, just days before the bank disclosed a large loss that triggered its stock slide and collapse. Over the previous two years, Becker sold nearly $30 million of stock.

      But Becker won't rake in the most from this mess. Jamie Dimon, chair and CEO of JPMorgan Chase, the biggest Wall Street bank, will likely make much more.

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      Opinion
      silicon valley bank
      Former Rep. Barney Frank (D-Mass.) speaks at the U.S. Capitol on December 8, 2022.

      Barney Frank Under Fire for Downplaying Deregulation While Being Paid by Signature Bank

      After he had received more than $1 million as a Signature board member, the architect of the Dodd-Frank banking regulations minimized the risks of weakening rules he helped enact post-2008 financial crisis.

      Kenny Stancil
      Mar 13, 2023

      Barney Frank, a former House Democrat from Massachusetts, has been the subject of criticism since federal regulators took over Signature Bank on Sunday.

      That's because Frank, architect of the Dodd-Frank banking regulations implemented in the aftermath of the 2008 financial crisis, played a key role in whitewashing the bipartisan effort to weaken those rules in 2018—after he had received more than $1 million while serving on Signature's board following his departure from Congress.

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      signature bank
      A customer stands outside of a shuttered Silicon Valley Bank

      Sanders Calls for Repeal of Trump-Era Deregulation Blamed for Bank Collapses

      "We cannot continue down the road of more socialism for the rich and rugged individualism for everyone else," said the U.S. Senator from Vermont.

      Jon Queally
      Mar 13, 2023

      Sen. Bernie Sanders on Sunday night called for a full repeal of the 2018 banking deregulations signed into law by former President Donald Trump and declared that "now is not the time for taxpayers bail out Silicon Valley Bank"—the California bank that collapsed Friday.

      On Sunday evening, the U.S. Treasury Department, Federal Reserve, and Federal Deposit Insurance Corporation (FDIC) issued a joint statement outlining a plan to make all deposits for Silicon Valley Bank as well as Signature Bank, which was shuttered by New York regulators earlier in the day, available to costumers Monday morning.

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      silicon valley bank
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