This week, Avi sits down with Scott Shay, co-founder and former chairman of Signature Bank and now founder of N3XT. Scott started at Salomon Brothers in the Liar's Poker era, taught the training class Michael Lewis was in, and went on to build Bank United of Texas from a distressed shell into a $20 billion bank alongside Lew Ranieri. He then founded Signature Bank, growing it to $110 billion in assets without ever making a single acquisition, and launched Signet in 2019, the first 24/7 blockchain-enabled payment system, which moved close to a trillion dollars. We discuss what Wall Street was actually like in the 1980s, why the most important decision you'll ever make is your business partner, why he became a blockchain maximalist back in 2013, his first-hand account of the weekend Signature was seized despite being mark-to-market positive and raising $20 billion, the personal toll of testifying before Congress, and why he's now building a full-reserve bank that removes fractional banking entirely. Enjoy!

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Timestamps:

(00:00) Coming Up on 1000x...

(00:40) Salomon Brothers & Teaching Michael Lewis

(03:51) The Partner Who Gave The Money Back

(06:46) Buying A Dead Texas Bank For Zero

(09:33) You Can't Survive A Bad Partner

(11:02) Signature: $110 Billion, Zero Acquisitions

(14:32) Signet & Becoming A Blockchain Maximalist In 2013

(16:35) The Numbers Don't Add Up: How Signature Was Taken

(22:57) Killing Fractional Banking

Disclaimer: Nothing said on 1000x is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Avi, Jonah and our guests may hold positions in the companies, funds, or projects discussed.

Inside The Government Seizure Of Signature Bank

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Inside The Government Seizure Of Signature Bank