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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: CalculatedRisk who wrote (70645)9/29/2006 2:38:49 PM
From: Jim Fleming  Read Replies (1) of 110194
 
caculated risk and Ramsey re regulatory action.

Back in the late 80's the FDIC sent a letter to the Boards of Directors and Trustees of New England banks. The letter pointed out that the boards were responsible for the lending policies of their institutions and that the board members could be subject to regulatory, civil and or criminal penalties for deliberately imprudent lending policies. The banks were already having problems which provoked the letter. The result was a panicked shutdown of almost all lending to builder/developers and compounded the wave of defaults which gave birth to the RTC. I received a number of phone calls from smaller banks at the time asking me what the letter meant. My answer was that it meant exactly what it said!

Jim
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