Relevant:
- Imploded: First Minnesota Bank, Minnetonka, Minnesota, Assumes All of the Deposits of 1st Regents Bank, Andover, Minnesota
- FDIC Weighs Linking Executive Pay, Bank Risks, Deposit Premiums
- Imploded: Patriot Bank Minnesota, Forest Lake, Minnesota
- ShoreBank bailout probe kicked out of Wall Street reform bill
- Number of Troubled Banks Rises to 552; FDIC Fund Sinks Into the Red
2009-03-07 — bloomberg.com
TCF Financial Corp., the Wayzata, Minnesota-based bank that never made a subprime loan and hasn’t lost money since 1995, is asking why it should help clean up the mess made by Wall Street.
“I’m kind of bitter,†said William Cooper, chief executive officer of the 448-branch bank, adding that over the years TCF has invested about $1 billion in the Federal Deposit Insurance Corp.’s fund that guarantees bank deposits. “We pay for the excesses of our competitor over and over again.â€
How could anyone not have seen this was going to happen? You don't try to "raise fees" to help bail out the same banking industry that is already distressed. That the government kept saying this is how they would balance the equation was simply dishonest. They always knew they'd just have to end up printing the money.
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