TIME TO VISIT THE BUREAU OF PUBLIC DEBT

Another bank, this one operating as the spigot for credit card operations and loan PURCHASES has been closed by the OCC. The OCC has to clean up the many messes created by the Federal Reserve, you see. Also, China is canceling our once-open ended credit line. The article about the strange doings in the bond markets talks about lawmakers taking a first-time tour of the Bureau of Public Debt. I didn’t know there was this thing so I thought, time to visit their website and explore this matter further!


Silverton Bank in Georgia shut down by regulators - Forbes.com

The federal Office of the Comptroller of the Currency closed Silverton Bank, based in Atlanta, on Friday and appointed the Federal Deposit Insurance Corp. as receiver. Silverton Bank had about $4.1 billion in assets and $3.3 billion in deposits as of May 1.

It was a type of institution known as a correspondent bank and did not take deposits directly from the public or make loans to consumers. It provided services to around 1,400 client banks, such as credit-card operations, investments and loan purchases.

Not only is our national debt in a total mess, so are all the lenders. The credit card industry is a branch of usury surpassed only by the fly-by-night incarnations of the old Mafia ‘paycheck’ loans which means, you pay 100+ interest on a one week loan! The Silverton Bank also processed loan purchases. I suppose, it is in the same derivatives business as the top 5 big banks that hold 95% of all these OTC bets.


The Silverton Bank website is still up and has the usual oddities. One thing I noticed over the years is how so many businesses that go into bankruptcy often garner many awards right before falling into the deep pits.


Silverton Bank

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