Following the collapse of two banks, Donald Trump said Biden would be the „Herbert Hoover of the modern age“ and predicted a depression worse than that of 1929.
Signature Bank was a „go-to“ lender for Donald Trump, financing his Florida golf course and providing Trump and his business with checking accounts.
Regulators announced the bank was being seized on Sunday, following the collapse of California-based Silicon Valley Bank.
President Joe Biden has directed officials to work with banking regulators to address the problems at SVB and Signature Bank.
The U.S. Treasury Department announced that all SVB and Signature Bank clients would be able to access their money.
The Biden administration has come to the rescue of former president Donald Trump’s „go-to“ lender amid the turmoil following the failure of the California-based Silicon Valley Bank (SVB).
Regulators rushed to close SVB on Friday when it experienced a traditional bank run, as depositors rushed to withdraw their funds all at once.
Regulators then announced that New York-based Signature Bank had also failed and was being seized on Sunday.
Trump’s daughter, Ivanka Trump, was appointed to the bank’s board of directors in 2011, a role she carried out despite the bank lending her family money.
