About six months ago I thought it would be cool to start a bank. I blogged it here but I am too lazy to go back. The timing seemed right seeing that no one in their right mind would want to start a bank. I invested with some smart local friends, well schooled in banking.
My money was held in trust so that if we could not get the charter, I would get my money bank. The true founders basically risk a bunch of money that they can’t get back if hey are not approved. We were not approved and I just got my money back plus a miniscule amount of interest, but they won’t.
To be honest, I am giddy inside because that’s my best investment of the last 6 months…but I digress.
My investment was small and I am not going to go through all the paperwork and filings to see why in the end we were denied, but today I found out that three other similar groups – well funded – highly qualified groups of investors and banking veterans were all denied as well.
Soooooo, Bank of America keeps their VP’s and upper management, costs the taxpayers billllllllions in bailouts for being ‘Too Big To Fail’ and hordes the cash we give them while start up banks with clean balance sheets and eager bankers ready to make loans can’r get a license.
Seems like all systems go on the recovery.