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Regulators shutter bank co-founded by Jewish donor Scott Shay
(JTA) — Following the failure of Silicon Valley Bank, federal regulators have shuttered Signature Bank, whose chairman, Scott Shay, is a major donor to Jewish causes.
The New York-based bank was closed on Sunday, two days after Silicon Valley Bank’s collapse, stoking panic in the markets and assurances from President Joe Biden on Monday that the banking system was safe.
Both Signature Bank and Silicon Valley Bank shut down because of depositor runs on their holdings. In Signature’s case, the run was triggered by concerns that the bank was one of just a handful that welcomed deposits in cryptocurrency, a market that crashed over the course of 2022.
Signature specialized in deposits from realtors and lawyers. It drew scrutiny from regulators in 2018 for its relationship with people in the circle of then-President Donald Trump, including his Jewish son-in-law and senior adviser, Jared Kushner.
Shay co-founded Signature Bank in 1999 with Joseph DePaolo and received the backing of one of Israel’s major banks, Bank Hapoalim. He has been a major funder of Jewish and pro-Israel causes, with a focus on education. According to an online biography. he has served on the boards of the UJA-Federation of New York, the Partnership for Excellence in Jewish Education and the Jewish Agency for Israel, and has also been a supporter of Birthright Israel. He is the president of Chai Mitzvah, which facilitates Jewish text study in groups.
In recent years, he has also been a donor to the New York Jewish Week, which is published by the Jewish Telegraphic Agency’s parent company, 70 Faces Media.
Shay has written two books on Jewish faith and identity: “Getting Our Groove Back: How to Energize American Jewry,” in 2006, and “In Good Faith: Questioning Religion and Atheism,” in 2018. He also wrote a book about anti-Zionism on college campuses, “Conspiracy U: A Case Study,” in 2021.
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Trump Threatens to Hit Iran Infrastructure on Tuesday if Strait Remains Blocked
US President Donald Trump arrives to award the medal of honor to Master Sgt. Roderick ‘Roddie’ W. Edmonds, Staff Sgt. Michael H. Ollis, and retired Command Sgt. Maj. Terry P. Richardson during a ceremony in the East Room of the White House in Washington, DC, USA, 02 March 2026.
US President Donald Trump said in an expletive-laden social media post on Sunday that the United States will target Iran’s power plants and bridges on Tuesday if the Strait of Hormuz is not reopened.
“Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!” Trump said in a Truth Social post, referencing the key shipping lane that Tehran has effectively closed since the US and Israel launched attacks on Iran more than a month ago.
“Open the Fuckin’ Strait, you crazy bastards, or you’ll be living in Hell – JUST WATCH!,” Trump said, ending his Easter morning post with: “Praise be to Allah.”
The president separately said he would hold a news conference on Monday in the Oval Office, after the US military rescued two US pilots whose aircraft were downed in Iran.
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Zelensky in Syria to Discuss Security Cooperation with Sharaa
FILE PHOTO: Ukraine’s President Volodymyr Zelenskiy looks on during an interview with Reuters, amid Russia’s attack on Ukraine, in Kyiv, Ukraine March 25, 2026. REUTERS/Valentyn Ogirenko/File Photo
Ukrainian President Volodymyr Zelensky pledged to work for enhanced security in talks on Sunday with his Syrian counterpart Ahmed al-Sharaa, as Kyiv seeks to promote its military expertise across the region following the outbreak of the Iran war.
Zelensky, continuing his tour of Middle East countries, also said Ukraine wants to contribute to food security in the region.
In recent weeks, Zelensky has visited several countries across the Middle East, offering Ukrainian expertise in countering drone and missile attacks, developed during its four-year war with Russia.
“We agreed to work together to provide more security and opportunities for development for our societies,” Zelensky wrote on Telegram. “There is a great interest in exchanging military and security experience.”
Zelensky told the Syrian leader that Ukraine, as a major grain producer, was a reliable supplier of food and said the two leaders “discussed joint opportunities to strengthen food security across the region.”
In Turkey on Saturday, Zelensky said he had agreed on “new steps” in security cooperation with Turkish President Tayyip Erdogan, and discussed opportunities in joint gas infrastructure projects and gas field development.
“Today in Damascus we continue our active Ukrainian diplomacy aimed at real security and economic cooperation,” Zelensky said on X after his arrival.
It was the Ukrainian leader’s first trip to Syria since diplomatic relations were re-established at the end of last year following the fall of Syria’s long-time strongman Bashar al-Assad.
Zelensky’s talks with Sharaa were linked to defense in light of the US-Israeli war in Iran, said one Syrian source, a government adviser. Syria is not known to have any air defenses capable of dealing with Iranian drones or missiles.
During Zelensky’s visits to Gulf states last weekend, Ukraine signed long-term military cooperation deals with Saudi Arabia and Qatar, and he said that a similar agreement was close to completion with UAE.
Syria is home to two major Russian military bases, used by its navy and air force. Sharaa said on Tuesday at an event in Chatham House in London that work was under way to transform these into “centers to train the Syrian army.”
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China Ready to Cooperate with Russia to Ease Middle East Tension, Foreign Minister Says
China’s Foreign Minister Wang Yi attends the 14th EAST Asia Summit Foreign Ministers’ Meeting in the 57th ASEAN Foreign Ministers’ Meeting at the National Convention Center, in Vientiane, Laos July 27, 2024. Photo: REUTERS/Chalinee Thirasupa/File Photo
China is willing to continue to cooperate with Russia at the UN Security Council and make efforts to cool down the Middle East situation, Foreign Minister Wang Yi told his Russian counterpart Sergei Lavrov in a phone call on Sunday.
Wang said the fundamental way to resolve navigation issues in the Strait of Hormuz is to achieve a ceasefire as soon as possible, adding that China has always advocated political settlement of hotspot issues through dialogue and negotiation.
The foreign ministers’ call came ahead of a U.N. Security Council vote next week on a Bahraini resolution to protect commercial shipping in and around the Strait of Hormuz.
As permanent UNSC members, China and Russia should “adopt an objective and balanced approach and seek to win greater understanding and support from the international community,” Wang told Lavrov, according to a statement from his ministry.
China has repeatedly called for a ceasefire in the Gulf region and Middle East, urging an end to the fighting that has run for more than a month and largely closed the Strait of Hormuz, a critical shipping artery for oil and gas.