View Full Version : Proof Positive

03-18-2009, 03:52 AM
If anyone doubts that this financial mess didn't originate with Washington demanding careless lending practices, consider East Bridgewater Savings Bank in Massachusetts. The bank has been criticized by the FDIC and given a "Needs to Improve" rating under the CRA. Those miscreants at East Bridgewater did not set aside any money at all to cover bad loans in 2008. None, nada. The bank, which does not have a Web site, was also faulted for not promoting its loan products enough.

But I think their real crime was that they only lent out 28 cents for every dollar on deposit and had no delinquent loans or foreclosures on the books. With banking practices like that how can the government possibly get their hooks into East Bridgewater. The chief executive, Joseph Petrucelli, must have decided he didn't want Old Man Obama-Potter running his bank. :rolleyes: