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FTX owned an $11.5 million stake in a tiny rural bank in Washington state with just 3 employees, bankruptcy hearing shows
Business Insider via MSN ^ | November 24, 2022 | By Pete Syme

Posted on 11/24/2022 6:21:19 AM PST by Oldeconomybuyer

click here to read article


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To: Blue Highway

SPJNK.


41 posted on 11/24/2022 8:09:00 AM PST by Carriage Hill (A society grows great when old men plant trees, in whose shade they know they will never sit.)
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To: DoodleBob

We need NAMES of the Bank Employess AND the REGULATORS!! WHO WAS PAID OFF???


42 posted on 11/24/2022 8:12:24 AM PST by Ann Archy (Abortion....... The HUMAN Sacrifice to the god of Convenience)
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To: Carriage Hill

Indeed


43 posted on 11/24/2022 8:21:38 AM PST by Blue Highway
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To: Wally_Kalbacken

They might do more business if they had some parking.


44 posted on 11/24/2022 8:21:55 AM PST by Lonesome in Massachussets (Forsan et haec olim meminisse iuvabit.)
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To: Oldeconomybuyer

From the MoonStone Bank’s website: https://www.moonstonebank.com/farmington-state-bank

The bank does not offer a credit card. Customers cannot access their accounts over the Internet.

A few years ago it stopped making mortgage loans because the paperwork became too onerous, President John Widman said.


45 posted on 11/24/2022 8:30:07 AM PST by Doctor Congo
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To: Doctor Congo

My previous post was the case a short time ago.
Now suddenly they have internet banking ability.

https://www.moonstonebank.com/partnership-banking

This kind of stuff does not sound like it could be done with the current 5 employees.


46 posted on 11/24/2022 8:45:53 AM PST by Doctor Congo
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To: DoodleBob

“I found some data on this bank. At the end of 2020, the bank had $14MM of assets (of which only about $4MM were loans) and $6MM of equity. Thus it was well-capitalized though tiny.”

Wow, even paying 3 people would be tough with those numbers.


47 posted on 11/24/2022 8:50:40 AM PST by BobL (By the way, low tonight in Estonia: 25 degrees)
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To: GOPJ; poconopundit; Jane Long; Diana in Wisconsin; Grampa Dave; Godzilla; null and void; aragorn; ..

Questions are being asked y
<><> how FTX got federal approval to buy its stake in the Farmington mini bank.
<><>it’s hard to believe regulators would have knowingly allowed the crypto firm to do so.

Is the wigged mad Maxine ..... FTX campaign funds taker......
banking committee chair.....in on it?

Call Congress.

Call


48 posted on 11/24/2022 9:30:12 AM PST by Liz (Vox Populi, Vox Dei (voice of the people is the voice of God))
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To: All

We demand a full accounting.

Contact Congress

U.S. House of Representatives:
* Telephone: 202-225-3121
* Website: http://www.house.gov/

U.S. Senate:
* Telephone: 202-224-3121
* Website: http://www.senate.gov/


49 posted on 11/24/2022 9:32:26 AM PST by Liz (Vox Populi, Vox Dei (voice of the people is the voice of God))
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To: Oldeconomybuyer

I want to buy a bank!!! I mean since anyone can do it why not me?


50 posted on 11/24/2022 9:42:32 AM PST by MeganC (There is nothing feminine about feminism. )
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To: Doctor Congo

That website was registered Feb 2022.


51 posted on 11/24/2022 10:06:46 AM PST by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money)
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To: BobL
Quarterly salary and benefits was $83k prior to 2020.

In the quarter ending June 30, 2022, that expense jumped to $1.2MM.

Something is rotten in Washington state.

52 posted on 11/24/2022 10:16:22 AM PST by DoodleBob ( Gravity’s waiting period is about 9.8 m/s²)
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To: Lonesome in Massachussets; Oldeconomybuyer; Liz; bitt; Cletus.D.Yokel; generally; ...

check this link out for foundation info in API

(To understand what is an API in banking, one must first understand what an API is, in general. An API, or application programming interface, is basically software that acts as an intermediary between other pieces of software. As the acronym implies, an API is a program that acts as the interface between applications.) :

https://www.treasuryprime.com/blog/api-banking


53 posted on 11/24/2022 11:11:22 AM PST by thinden (buckle up ....Tomorrow, Missouri Attorney General Eric Schmitt and Louisiana Attorney General Jeff L)
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To: DoodleBob; Oldeconomybuyer; Liz; bitt; Lonesome in Massachussets; generally

excerpt found at link for discussion purposes only:

***********************

Bank API integration with fintechs is something only a small number of banks are thinking about at this point. That number is growing, however, as major deals get announced and financial institutions (as well as investors) realize they need to jump on this opportunity.

The benefits of API banking for fintechs

Fintechs can’t operate as islands. If you offer a highly specific service, you’ll be going after customers who need other tools to complement yours. You want to have access to a network of potential partner companies. If you’re a full neobank, you are probably not chartered, which means you can’t insure your deposits. But you can partner with a larger established bank, which can hold deposits and provide FDIC insurance.

None of these beneficial partnerships are possible without API banking. Fintechs need an intermediary with banks, and with each other. Building out that intermediary system on your own would be a huge burden.


54 posted on 11/24/2022 11:22:26 AM PST by thinden (buckle up ....Tomorrow, Missouri Attorney General Eric Schmitt and Louisiana Attorney General Jeff L)
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To: Oldeconomybuyer

sounds more and more like they were into everything BUT crypto...


55 posted on 11/24/2022 11:39:57 AM PST by Chode (there is no fall back position, there's no rally point, there is no LZ... we're on our own. #FJB)
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To: Oldeconomybuyer

Used to launder money


56 posted on 11/24/2022 1:39:00 PM PST by markman46 (engage brain before using keyboard!!!you)
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To: Liz

FTX campaign funds taker

Many dots to connect in the democrat party big ones too.


57 posted on 11/24/2022 2:25:02 PM PST by Vaduz (LAWYERS )
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To: T.B. Yoits

The Feds will probe any regular Joe withdrawing more than $600 in cash. They certainly knew these transactions were occurring but their globalist handlers directed them to look the other way.


Could it be this is a state charter bank and not a federal?


58 posted on 11/24/2022 2:39:29 PM PST by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: Vaduz

If Waters did anything official to help FTX buy the bank (and took
campaign donations in the process)......she left us a nice paper trail.


59 posted on 11/24/2022 4:16:55 PM PST by Liz (Vox Populi, Vox Dei (voice of the people is the voice of God))
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To: Liz
...how did FTX got federal approval to buy its stake in the Farmington mini bank. it’s hard to believe regulators would have knowingly allowed the crypto firm to do so.

Just a wild guess - but didn't the kid donated hundreds of millions to corrupt democrats?

60 posted on 11/24/2022 6:42:09 PM PST by GOPJ (Unsolved crime? Jump to the conclusion the killer is a LGBTQIA2S+ (Turn about's fair play.))
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