1 September 2004
A page right out of history
The First National Bank of Bedrock?
Well, why not? There is a town called Bedrock, near the western edge of Colorado, and it's not necessarily harder to run Web-based financial services there than it would be in Denver or Salt Lake City.
But the Feds determined that it was a fake, and shut it down; a spokesman for the Comptroller of the Currency speculates that the "bank" site was used to collect personal information from
modern Stone Age families potential customers.
Posted at 8:29 AM to Dyssynergy
That whole thing makes it sound like there's nothing shady about brick and mortar banks or something.
Terkish Payne, I call it as I see it, but I swear, officer, I didn't see nuttin.
Anybody who was around here in, say, 1982, knows that "real" banks are capable of some serious swindling as well. (Two words: Penn Square.)
Oooh, I almost forgot about the Penn Square scandal.
My dad worked for the FDIC during the banking/petroleum debacle of the 80s. He told stories of Penn Square's loan committee making lending decisions during drinking games.
Good times.. good times.
He told stories of Penn Square's loan committee making lending decisions during drinking games.
That might have been permissible, if the loan amounts were limited to 25¢...
Instead of, oh, $2.5 million.