After Signature Bank was shut down by US regulators, old videos of the embattled bank’s executives promoting the bank have gone viral. One of the many clips that have gone viral feature Signature Bank’s co-founder Scott Shay, CEO Joseph DePaolo, and other executives talking about starting a new bank. The time when these videos were made is, however, unknown, according to a New York Post report.
In this campaign, some executives tell Signature Bank co-founder Scott Shay that the bank is “the stupidest idea” while adding it could “diminish and fail.” The bank’s co-founder and chairman Shay can be seen saying in the video, “Look, the only way we are going to do this thing is if we start a bank from scratch.” Upon hearing this, the bank’s vice chairman John Tamberlane ridicules Shay’s idea whereas Signature Bank CEO Joseph DePaolo wonders how can this giant target be accomplished.
The executives then go on to talk about how they would have to make their own mistakes and they will not be able to blame anyone but themselves before they start singing a song saying the idea is the stupidest one they’ve ever heard. The bankers sing, “We’re sick of the stank of the major bank so we start one? It’s absurd.” They add along with a chorus, “What a terrible proposition- like convincing the world to eat kale.”
These campaigns were shared by a Substack blogger and analyst Genevieve Roch-Deter on Twitter. While sharing these videos, she wrote, “Is it surprising that Signature Bank failed? Their executive team spent millions of dollars to produce music videos and TV shows about themselves. Try not to cringe as you watch this.”
Other actors ask in an almost prophetic tone that the bank could go bust. They are seen saying, “What possible fate will become of our bank other than to diminish and fail?” The video concludes with the actors saying the bank is “built to last and enthrall”.
The blogger further stated one of her acquaintances who worked at Signature Bank told her that the management was basically like that shown in the popular sitcom The Office. Roch-Deter wrote, “From someone I know who worked at Signature Bank for several years: “The Management Team was basically like the show, The Office. They’d waste money on things like producing parody videos.” ”
Signature Bank became the second American mid-sized bank to go bust after the start-ups-focused Silicon Valley Bank was shuttered on Friday. Signature Bank had many clients involved in crypto and had 40 branches across the US.
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