Sunday, January 10, 2010
This one slipped under the radar
Horizon Bank became the first bank of 2010 to hit the skids. I'm noticing that they are waiting for the very last minute on Friday to make these announcements. I didn't catch this until late Saturday as it wasn't listed on the FDIC website on Friday.
I wouldn't be terribly upset about this if it hadn't been reported that big bank executives are getting millions in bonuses and have not changed their ways. They're still doing those shitty derivatives that got us into the mess in the first place. Congress is set to change things but in the bill that's (crawling) making it's way through the process there's a big loophole that makes it easy for them to continue their little party. They're doing the same crap that was done in the 80s with leveraged buy outs only now they're buying at fire sale prices when they were expected to loan money to business to get the economy going.
That said and knowing that congress isn't going to fix the problem it's time for us to stand up and do something. We can actually change things. If they won't listen to us and they won't listen to congress then it's time to hit them where it hurts. In the wallet! A program called Move Your Money has been set up to do just that. Type in your zip code and it will give a list of your local home town banks that have a B rating or better. These are the banks that are actually making loans based of solid standards.
move your money.info