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  1. #11  
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    If I allow myself to ignore the OWS hypocrisy, can I collect my share of the interest? It is the "People's bank," correct? Sure, I didn't contribute, but isn't that the message of OWS? You don't have to work to pay off your personal liabilities but you can claim your share of unearned bonus.
    Education without values, as useful as it is, seems rather to make man a more clever devil.
    C. S. Lewis
    Do not ever say that the desire to "do good" by force is a good motive. Neither power-lust nor stupidity are good motives. (Are you listening Barry)?:mad:
    Ayn Rand
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  2. #12  
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    Homeless people handling SS numbers and other banking information?

    60 Part-timers needed to handle a mere 2,000 members with only 7 million in deposits?

    I foresee instant failure.
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  3. #13  
    Power CUer noonwitch's Avatar
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    They'd do better if they tried a food co-op first. That way, they can either sink or swim with their own money instead of other people's money.
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  4. #14  
    Senior Member DumbAss Tanker's Avatar
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    There's a counterpart to FDIC for credit unions, the alphabet soup for it eludes me at the moment, but the regulators there have to be either laughing or crying at the stupidity on display in this situation.
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  5. #15  
    LTC Member Odysseus's Avatar
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    Quote Originally Posted by DumbAss Tanker View Post
    There's a counterpart to FDIC for credit unions, the alphabet soup for it eludes me at the moment, but the regulators there have to be either laughing or crying at the stupidity on display in this situation.
    Assuming that they aren't forced to accede to this lunacy by the Obama administration. I can see some regulator writing up the report on this fiasco and then being told to bury it and prepare to keep them solvent, no matter what. Meanwhile, $7 million is enough money for every homeless scammer, indigent con artist and petty hack in the bay area to try to grab a piece, and if these clowns handle this with the same maturity and clear-eyed realism that they brought to OWS, then it will have been looted and be insolvent before the ink on the incorporaiton papers is dry.
    --Odysseus
    Sic Hacer Pace, Para Bellum.

    Before you can do things for people, you must be the kind of man who can get things done. But to get things done, you must love the doing, not the people!
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  6. #16  
    PORCUS MAXIMUS Rockntractor's Avatar
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    Quote Originally Posted by Odysseus View Post
    Assuming that they aren't forced to accede to this lunacy by the Obama administration.
    I would bet Obama backs this and makes some stupid comment about how wonderful these young entrepreneurs are. The fed will then cover up any theft or mistakes that happen and will attack any attempted whistle blowers.
    There are some things we have learned to count on with this regime.
    The difference between pigs and people is that when they tell you you're cured it isn't a good thing.
    http://i.imgur.com/FHvkMSE.jpg
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  7. #17  
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    Quote Originally Posted by DumbAss Tanker View Post
    There's a counterpart to FDIC for credit unions, the alphabet soup for it eludes me at the moment, but the regulators there have to be either laughing or crying at the stupidity on display in this situation.
    The NCUA.
    Olde-style, states' rights conservative. Ask if this concept confuses you.
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  8. #18  
    Senior Member DumbAss Tanker's Avatar
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    Quote Originally Posted by Rockntractor View Post
    I would bet Obama backs this and makes some stupid comment about how wonderful these young entrepreneurs are.
    Well, if their business model itself wasn't enough to do the trick, THAT certainly would be the Kiss of Death for their chances to remain solvent right there!

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