“In the problem times they are all over these banks. Look, if this bank gets shut down and the FDIC takes a loss, well that’s tax payers dollars. And if they are going to be taken of right now this bank has value then maybe they should just sell this bank. They’ve been under a consent order for like 15 years.”
“Banks are so highly regulated one would think you’d wants to go clean up all these problems and have a really pristine thing and be like, so you could say we have no banks on our problem list. But to have a bank on the problem list for 15 years, that’s on and had a consent order for that long, to be paying their dividends out of the picket to basically not have to address the real problem, which is, you might be insolvent, this bank could be insolvent. And I just think that someone ought to do something.”
“But I’ve seen the problems before but then FDIC took a lot of losses on all the banks shut down. And the way I know that is because we kept track of all the ones with trust preferreds and in very, very small instances did we got any type of recovery so if we are not getting a recover that means that the FDIC is taking a loss. Was it a complete loss? Probably not. Are things better now, are people paying up yeah. This bank could sell itself there’s no doubt this bank could sell itself and should be forced to sell itself but one thing they should not be allowed to do is over pay themselves and that’s whether they are doing fine or not. They should only be able to pay themselves exorbitant amounts of money through dividends.”
