Thread by @Cryptadamist

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Amended $MCB 🧵: $MCB's auditor Crowe LLP raised a "critical audit matter" relating to the "qualitative" & "subjective" nature of $MCB's measurements of how many loans would go bad. (@RasooliSheida made a mistake w/r/t whether it was on the $MCB site but it's still bad.

🧵2/Ω
$MCB took a huge $35 million charge that wiped out their profits for 2022-Q4 in anticipation of getting fined civilly and possibly criminally for #PPP loan fraud of some kind.

🧵3/Ω
They did that because... they're under investigation. At the very least they are gonna get hit with major civil violations, but I have a hunch it will escalate to criminal bc of the #CryptoCom/#Binance connection... $MCB

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🧵5/Ω
Sometimes it's the little things, you know?

🧵6/Ω
I will leave this mini-thread about how $MCB just hired the team that ran the extremely fraud prone EB-5 "greencards 4 cash" related program over at the now completely collapsed $SBNY right here:

🧵7/Ω
Given that everyone's a bubblin' about how commercial real estate is an absolute fucking train wreck that just keeps accelerating into what appears to be a brick wall, maybe good to note $MCB's loans are 80% CRE.

And 19% of those are in a category called "Other".

WTF?

🧵8/Ω
In addition to it's vast commercial real estate loan portfolio that is going to absolutely eat shit in the next few years $MCB has about a half billion in treasuries and mortgage backed securities...

Also all of the same long term kind that sank $SIVB.

ngmi

🧵9/Ω
If we look at $MCB's employees' work histories we find a whole lot of references to small banks convicted of fraud:

- $SBNY
- #CrossRiverBank (@coinbase's bank, #PPP loan fraud accusations f. Congress)
- #HSBC (🚩)
- Deutsche Bank
- Popular Bank
- Bank of China

Ω👇Ω

🧵10/Ω
What's that thing the smart short sellers say about executives leaving the firm being the #1 best indicator that something is wrong at a company?

🧵11/Ω
Almost no one at $MCB has been there even two years. It makes me think the ongoing NYDFS investigation and soon to be written civil and / or criminal charges for the bank led NYDFS to restructure it...

At which point $MCB got bed w/crypto (#CryptoCom, #Voyager. #Revolut)

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Morgan Stanley released a report on "who is still banking crypto" where they confirm what has been alleged on Twitter for a while now:

That $MCB is still banking #CryptoCom despite removing #CDC's logo from their investor presentation.

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If you want to know why that's a bad idea read my old threads about $MCB or #CryptoCom or read this substack post I wrote.

tl;dr #CryptoCom is a not a legitimate company and had their European funds seized for money laundering.
cryptadamus.substack.com/p/cryptocom-or…

🧵14/Ω
Morgan Stanley also reporting that $MCB has four (4!) active crypto clients as of January 2023 but then only lists 3 (and one of them might not be a "banking client").

Who are the other ones?

Also lol at all these sus banks offering #TassatPay AKA #SigNET by $SBNY.

🧵15/Ω
Countdown to $MCB's cry of "misinformation from short sellers"...