Nothing Left to Lose

"Our communities and our country cannot reach their full potential without the presence of a local bank – a bank that understands the financial and credit needs of its citizens, farmers, businesses, and government."  -Matt Williams, Vice Chairman of the American Bankers Association and Chairman and President of Gothenburg State Bank

Several prominent individuals have spoken out against what the government is doing to community banks, but their efforts go unacknowledged.  As one banker commented, it's like a man alone on the beach shouting and pounding the sand, and no one pays attention.  When a group as important as the American Bankers Association is ignored, something is wrong.

These efforts are drowned out not because the audience is unreceptive.  Government, media, and public attention has been focused on Wall Street banks.  More importantly, however, is that many bankers are afraid to speak up - like the Mafia, the FDIC threatens them into silence - "Let us close your bank in a way that makes us look good, and we won't come after you for personal liability."  (Several bankers reported to FDIC Exposer that the FDIC told them this statement or a variation thereof.)

FDIC Exposer has talked to many of these threatened bankers, and they fall into two camps.  One group submits for the sake of their bank, their customers, and their families.  They are afraid to even discuss the matter for fear of retaliation.  The second group consists of those who have nothing left to lose, and they are the ones who are determined to make this issue as well-known as any Wall Street has to offer.

For the full text of Matt Williams' Congressional testimony, go here.