America's Safest Banks: Two Lists
Gary North
Feb. 28, 2009 Did you know that the Federal Deposit Insurance
Corporation has published two lists naming the safest banks
in the country? Probably not.
These lists are not called "America's Safest Banks."
That would mean that there is another list: "America's
Riskiest Banks." There is such a list, but it is not made
available to the public by the FDIC. So, being bureaucratic, the FDIC has hidden the lists
of safe banks under bureaucratese. The two lists are
called this: List of Entities Opting Out of the Debt Guarantee
Program List of Entities Opting Out of the Transaction
Account Guarantee Program
These banks have decided to avoid the regulation
associated with these two FDIC programs. A bank that is
not very confident about its ability to survive the present
crisis would not opt out. Naturally, the FDIC has attempted to cover up the
implications of these lists. It says:
Please note that there are many valid reasons why
an entity may have chosen to opt out of the TLG
Program. Entities must make individual decisions
based upon their business needs, including the
costs of the Program as well as the benefits of
participation. The decision to opt out in no way
signals anything, either positively or
negatively, about the financial health of the
entity.
Ho, ho, ho. And, I might add, ha, ha, ha. Opting out
sends a clear message: "We don't need no stinking
subsidies!" The lists are alphabetical: first by state, then by
city. You can find the lists here: http://www.fdic.gov/regulations/resources/TLGP/optout.html To read them, you need a spreadsheet. Microsoft Excel
works, but so does the free spreadsheet that is part of
this 100% free program, OpenOffice. Download it here: http://OpenOffice.orgTo subscribe to my free Tip of the Week, use the subscription box here: www.GaryNorth.com.
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