Obama wants to eliminate industrial banks (Utah)

sltrib.com ^ | 6/19/09 | Steve Overbeck

[Nachum]

Utah's industrial banking industry has a new and formidable enemy -- President Barack Obama.

As part of the president's plan for regulatory reform of the nation's financial services industry, which was unveiled earlier this week in an 85-page white paper, Obama is calling for the elimination of industrial bank charters and wants them all shut down within five years.

If successful, the president's plan could deal a hammer blow to Utah's economy, which is the home of 25 industrial banks that employ thousands of the state's residents and hold assets valued in excess of $168 billion.

Utah's industrial banking community is upset.

"Industrial banks are the safest and soundest financial institutions in the country," Louise Kelly, chief executive of EnerBank, said in a statement issued by the Utah Association of Financial Services. "We did not contribute to the current financial collapse."

[Nachum]

The list, ping

[Constitutional Patriot]

He wants to destroy these banks because he wants to destroy industry in our country. He’s the President of what country?

[madison10]

Kenya

[Extremely Extreme Extremist]

Does Obama even know what an Industrial Bank is?

[classified]

YEH! TAKE THAT ROBERT REDFORD AND THE REST OF YOU BLEEDING HEART LIBERALS with your ski chalets in Deer Valley, Charlie Gibson, Jeff Katzenberg, etc.

unfortunately the good, average people of Utah are going to suffer harder than the a$$holes above!

[Jet Jaguar]

BTTT

[Constitutional Patriot]

we really won’t know until we see a birth certificate :)

[muawiyah]

I'd guess Obama thinks most of the Industrial Banks are in Utah. That would be enough reason for him to want to shut them down.

Guy's dice rollers are definitely vindictive. Again, I doubt he can care ~ just doesn't have the mental horsepower for that sort of thing.

[Brad from Tennessee]

UTAH 2008
John McCain (R) 568,610 62%
Barack Obama (D) 317,063 35%
Chuck Baldwin (AKI) 11,421 1%
Ralph Nader (I) 8,050 1%
Bob Barr (Lib.) 6,670 1%
Cynthia McKinney 951 0%
Gloria La Riva 254 0%

[org.whodat]

The flexibility of an IB charter has made it an attractive vehicle for some large and well-known corporations. IBs offer a versatile depository charter for companies that are not permitted to, or that choose not to, become subject to the limitations of the Bank Holding Company Act or the Glass Steagall Act.

So in the short they are used to short cut the law and not play by the rules.!!! I have no problem with closing them down!!

[org.whodat]

ROFLOL, just because they use the term industrial does not mean they are actually industrial lenders.

[greyfoxx39]

What IS an industrial bank. I bank with a small community bank in Texas and now I wonder if he will close THAT down.

[MissDairyGoodnessVT]

someone (i don’t remember who) wrote a comment on FR re: Obama

“f**k a duck get rid of this assclown”

I am truly grateful for having the opportunity to quote

a most venerable FR’per

[raybbr]

"Industrial banks are the safest and soundest financial institutions in the country," Louise Kelly...

Therein lies the problem. They are immune to the claws of the feds and Obama won't have it.

[Petronski]

Bloody fascists.

[Adams]

FOBAMA

[MissDairyGoodnessVT]

and there’s those old pesky home-town banks “Farmers & Mechanics”

‘wonder if buzzo can figure that out, too.

[the anti-liberal]

All these folks have to do is promise to give loans to 'minorities' who have demonstrated beyond a doubt an inability to repay, and all will be well.

Especially if they give special consideration to muslims and blacks.

[Lurker]

You’re a monster.