The man who put the Frank in Dodd-Frank has been elected to the board of directors at a New York City-based bank.
Barney Frank, the face of post-crisis anti-Wall Street outrage in Congress, is going to be a board member at a financial institution.
Liberal firebrand and wary capitalist Barney Frank will soon be advising and receiving checks from a f*cking bank.
Forgive us for repeating ourselves, we're just trying to see if this is real life.
Signature Bank, one of the city's fastest-growing financial institutions, said that former Congressman Barney Frank would join its board.
Holy sh#t. It's really happening.
Unless Elizabeth Warren gets caught in flagrante with Jamie Dimon and Steve Schwarzman, this is the weirdest hook-up of public and private sector ever.
Until now, the closest Frank came to a bank boardroom were the effigies of him being burned in them for the better part of the last decade.
The only thing that doesn't make the idea of Barney Frank working with a bank totally bizarre is the fact that the bank in question is Signature.
Signature, which launched in 2001, has about $29 billion in assets and serves primarily small businesses around New York. It has few retail branches.
Signature is very unique in a number of ways (a wonderful primer on the bank done by Crain's Aaron Elstein can be found here) and Frank told the WSJ that he's a fan of the way that they do business over there.
“I like this business model in particular,” Mr. Frank said in an interview. “They don’t get involved with exotic derivatives and credit default swaps.” He also described himself as “very supportive of banking.”
Barney Frank is “very supportive of banking”? What is happening?
It isn't clear how much money Mr. Frank will make from his new job, but Signature typically pays its directors about $60,000 a year in cash and also pays them in stock. Mr. Frank was granted 1,913 shares with a market value of about $280,000 that will vest next March.
Ahh, verrry supportive indeed.