“Finally, I want to affirm my continued support for the objectives assigned to us by the Congress–maximum employment and price stability–and for transparency about the Federal Reserve’s policies and programs. Transparency is the foundation for our accountability, and I am committed to clearly explaining what we are doing and why we are doing it.”
– Chairman of the Federal Reserve Jerome Powell in 2018
So how is a billion dollar asset manager getting polite replies from our nations top finance agencies? Here’s the backstory.
“Northern California Bank Corp, since we figured out what it was, has been a bank of concern because of the number’s they’ve had.”
Monterey County Bank is owned by Northern California Bankcorp. Charles Chrietzberg is the Chairman, President and CEO of both.
“We own this debt, we’ve owned it for some time and I asked the guy who works for me to look at it and see what’s going and he said it looks like they are paying themselves a lot of money, looks like it hasn’t gotten any better, they’re still deferring, so we just started writing them a letter, like hey, we own your trust preferreds, we’d like to know more about what’s going on here. And he [the CEO] said no and I don’t have to tell you, and I said fine. I started writing the FDIC and then basically revisited this email where he said, yeah, I might get shut down.”
