Inside The Government Seizure Of Signature Bank
Episode publishedPodcast: 1000X1000X
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We were we had 34,000,000,000 in cash and liquidity. And on Friday, had an $18,000,000,000 run, but you can do arithmetic. Even cavemen could probably do 30 four minus 18 equals 16. And then over the weekend, again, it's public. We raised $20,000,000,000. Right. And astonishingly, the bank was taken. So, you tell me what it was about.
We've got a fun one. This is a little bit different than the markets talk, but it's gonna be interesting. We've got Scott Shea here, who's the founder of NeXT, a new age bank who's been in this sector for a long time and kinda can tell us whatever we need to know about it. Thank you, Scott, for coming on the show. This is fun.
Yes. It's nice to be the 2,000 year old man.
So, I mean, tell us tell us a little bit about your career. You are a lifelong I don't know if you consider yourself a lifelong banker, but maybe tell us a little bit about where you started and where where you are now.
Yeah. I guess I became a bank nerd. Yeah. I started I I've I've founded the first bank that I founded with with Lou Ranieri, who some of your listeners may know. Is it wait.
He's a guy from the book.
Is the speaker. He is one of my closest friends. Really? And was the only person portrayed in liars poker favorably.
Yeah. No. That's like, how'd you meet you how'd you meet him?
So I started my career at Wall Street Okay. In the days when at Solomon Brothers. If anybody remembers, Solomon Brothers from those days, which was a legendary firm. And I actually met Lou for the first time because I was working in bank m and a. I was the bank deal guy. And, he was on the desk, and famously, Louie was, promoted from the mail route. So he truly came from the bottom, and he asked me to help out a deal. One of his clients was doing M and A's. Right? Went to help him. And from then on, we became lifelong friends.
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