Posted on 03/18/2009 3:48:26 AM PDT by scooby321
A Massachusetts bank that has defied the odds and remained free of bad loans amid the economic crisis is now being criticized by the Federal Deposit Insurance Corp. for the cautious business practices that caused its rare success.
(Excerpt) Read more at foxnews.com ...
East Bridgewater Savings ended 2008 with $135 million in assets, deposits of $84 million, $87,000 in profit, and a Tier 1 risk-based capital ratio of 31.6 percent — more than three times higher than many community banks in Massachusetts, the Journal reported.
I wouldn’t trust Sheila Blair to be a towns dog catcher. A job she is underqualified for.
The Obamas are Marxists and they hate capitalism.
“”There are no apparent financial or legal impediments that would limit the bank’s ability to help meet the credit needs of its assessment area,” the FDIC wrote in the CRA evaluation.”
These people are mad. No financial impediment? Does thinking the load is a bad one not count? Duh...just look at the list of banks that had failed. That looks like a financial impediment to me.
“The agency also faulted the bank, which does not have a Web site, for not promoting its loan products enough, the Journal reported.”
That’s their business. It may be they are missing out but that is their business strategy. The agency can get stuffed.
Proving once again that NOTHING good can come from government intervention in economic enterprise...
A bank that is sound, stable, and risk averse? Sounds like a business they’d ought to be holding up as a fine example, IMO.
It’s time to take back the country.
Just when I think I am ahead of this bunch, that they cannot shock me anymore, that there is no duplicity which will catch me off guard,,,,,,,,something happens and I sit with mouth open saying “what the hell”.
Business is damned if they do, damned if they don’t.
“There are no apparent financial or legal impediments that would limit the bank’s ability to help meet the credit needs of its assessment area,”
To each according to their needs, from each according to their ability.
“”There are no apparent financial or legal impediments that would limit the bank’s ability to help meet the credit needs of its assessment area,” the FDIC wrote in the CRA evaluation. “
This is the same logic behind “Why are there so many people in prison when crime is down?”
Code-speak for “you are not shoveling enough cash to the minorities in your community.” Reno used a gun to force bad lending; this is more of the same.
Just another way to show that the Obamites hate successful businesses and want to take them over.
Remember "Burning Down the House"? This story is PROOF that Barney Frank and Maxine Waters caused the economic collapse.
This good bank doesn't need TARP because it didn't meet CRA guidelines.
Remember East Bridgewater next time you talk with a liberal about "fat cats".
A bank that is sound, stable, and risk averse? Sounds like a business they’d ought to be holding up as a fine example, IMO.
It’s time to take back the country.
Th FDIC's action her reminds me of organized homosexuals' and "civil rights" organizations' efforts to force homosexual youth leaders on the Boy Scouts, all undertaken with full knowledge of what homosexual, pederast priests have done to the Catholic Church.
Problems with the application of a metric for CRA compliance in banking.
incredible!
incredible!
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