Yeah...the Gov't strikes again. Apparently the FDIC believes in "too small to succeed" and has destroyed a solid, PROFITABLE, community bank...as well as eliminating about 45 jobs. Nice.
While toxic banks like Citi get billions of dollars in fedaral aid...Horizon Bank's request for help from the Treasury was not only ignored, but Charlie was ordered to rescend his request. Mind you...he was only asking for a mere $5mil. Pretty sad how the Gov't can destroy the enterprising small business owner simply because they want one less financial institution to regulate.
Charlie is of course going to take an extended break and regroup. Not sure what his move will eventually be.
That's not surprising but definitely a raw deal for Charlie. Makes you not want to take risks or be entrepreneurial. He probably had to rescind his request because his $5M was already given to the welfare program. FML
That really sucks. I am sorry to hear that. The FDIC is a very flawed system in certain aspects, but it needs to be reworked. Unfortunately, it is run by people in Washington, that have no knowledge of how things are on the ground. I am sure they only saw a few things in a chart and made their decision. Give my best to Charlie and your mom. We are all thinking about them.
There was a great article about Charlie and the ridiculousness of the whole situation. http://www.tampabay.com/news/business/banking/article1121356.ece
Bryan, if Charlie ever tries to go to DC to talk to people about it, let me know. I could probably help him set up a couple of meetings, also if he is trying to get a meeting with Vern (and is not having any luck), let me know and I will make a few calls and help out.
6 comments:
Wow man...hopefully it works out for the best.
Yeah...the Gov't strikes again. Apparently the FDIC believes in "too small to succeed" and has destroyed a solid, PROFITABLE, community bank...as well as eliminating about 45 jobs. Nice.
While toxic banks like Citi get billions of dollars in fedaral aid...Horizon Bank's request for help from the Treasury was not only ignored, but Charlie was ordered to rescend his request. Mind you...he was only asking for a mere $5mil. Pretty sad how the Gov't can destroy the enterprising small business owner simply because they want one less financial institution to regulate.
Charlie is of course going to take an extended break and regroup. Not sure what his move will eventually be.
Pretty ridiculous! I can't believe he was ordered to rescind his request. He should call people in the media about this federal bullcrap.
That's not surprising but definitely a raw deal for Charlie. Makes you not want to take risks or be entrepreneurial. He probably had to rescind his request because his $5M was already given to the welfare program. FML
That really sucks. I am sorry to hear that. The FDIC is a very flawed system in certain aspects, but it needs to be reworked. Unfortunately, it is run by people in Washington, that have no knowledge of how things are on the ground. I am sure they only saw a few things in a chart and made their decision. Give my best to Charlie and your mom. We are all thinking about them.
There was a great article about Charlie and the ridiculousness of the whole situation. http://www.tampabay.com/news/business/banking/article1121356.ece
Bryan, if Charlie ever tries to go to DC to talk to people about it, let me know. I could probably help him set up a couple of meetings, also if he is trying to get a meeting with Vern (and is not having any luck), let me know and I will make a few calls and help out.
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