It's About Liberty: A Conservative Forum
Topics => Economy => Topic started by: charlesoakwood on August 10, 2011, 10:54:23 AM
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Fed Up (http://online.wsj.com/article/SB10001424053111904480904576498442951766826.html)
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Thomas Depping, is expected to announce Wednesday that the 27-year-old bank will surrender its banking charter and sell its four branches to a nearby bank.
Mr. Depping plans to set up a new lender that will operate beyond the reach of banking regulators—and the deposit-insurance safety net.
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Mr. Depping has been on a collision course with regulators since 2009, when FDIC examiners began questioning the bank's large concentration of small-business loans. Nearly all of Main Street's $175 million loan portfolio has gone to customers like dentists, owners of fast-food franchises and delivery-truck drivers, who use the loans to purchase equipment. The bank's average loan size is $100,000 to customers who have less than $1 million in annual revenue, Mr. Depping says.
Mr. Depping says that Main Street's focus on small-business lending has sheltered the bank from much of the devastation that has swept the industry, including 385 bank failures since the start of 2008.
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Bravo! Good for him!
I want to see more of this!
I'm so sick of endless parades of CEO's groveling to bureaucrats and dropping to bended knee before proglodyte pol's!
This is long overdue and refreshing as all get up!
::clapping::
::beavisbutthead::
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Regulators came under fire in the financial crisis for lax oversight that allowed financial institutions to dole out too much credit to unworthy borrowers.
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Regulators defend their efforts, saying that intensive oversight is needed to prevent banks from taking too much risk and repeating the behavior that got the industry in trouble.
Uhhhh....WTF? Might they be referring to the toxic risk that the government required them to take?
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Regulators came under fire in the financial crisis for lax oversight that allowed financial institutions to dole out too much credit to unworthy borrowers.
.
.
.
Regulators defend their efforts, saying that intensive oversight is needed to prevent banks from taking too much risk and repeating the behavior that got the industry in trouble.
Uhhhh....WTF? Might they be referring to the toxic risk that the government required them to take?
Yup.
If I were King-for-a-Day I'd repeal CRA and everything that followed it, dissolve F/F and like enterpises and get constitutional bans against any attempts to recreate this beast in any shape or form!
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It's just so typical of the statists: impose a framework of onerous and ridiculous regulations that lead to disaster, then blame the businesses for causing the disaster. It's a cornerstone of their game plan, and ObamaCare is really just a giant example of a new one being unleashed on the healthcare industry.
I'm really just sick and tired of these bureaucrats being able to have their cake and eat it too, with a compliant media that never calls them on it.
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When the fit hits the shan bureaucrats will be like those little duckies at the county fair shootin' gallery!
Ooh! There's another one!
(plink!)
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I believe we had a thread on this at some point.....Opening up "banks" using private investment, insurance, etc as backing. Getting rid of the regulators.
I hope and pray this happens in my neck of the woods...I'll be there in a heartbeat.
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It's just so typical of the statists: impose a framework of onerous and ridiculous regulations that lead to disaster, then blame the businesses for causing the disaster. It's a cornerstone of their game plan, and ObamaCare is really just a giant example of a new one being unleashed on the healthcare industry.
I'm really just sick and tired of these bureaucrats being able to have their cake and eat it too, with a compliant media that never calls them on it.
I know it! The effrontery is mind-boggling.
I'd run, not walk, to any bank set up in the way this man intends.
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We can't have this upstart doing the right thing can we. ::evil::
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No we can't JF, we in fact need lots more upstarts doing the right thing, we need lots more!
::thumbsup::
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He's on Fox Business saying he does business nationally.