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Main Street Bank lends most of its money to small businesses and is earning decent profits. But the Kingwood, Texas, bank is about to get out of the banking business.
In an extreme example of the frustration felt by many bankers as regulators toughen their oversight of the nation’s financial institutions, Main Street’s chairman, Thomas Depping, is expected to announce Wednesday that the 27-year-old bank will surrender its banking charter and sell its four branches to a nearby bank.
Texas turnaround: Thomas Depping, chairman of Main Street Bank, plans to give up the bank’s charter.
Mr. Depping plans to set up a new lender that will operate beyond the reach of banking regulators—and the deposit-insurance safety net. Backed by the private investment firm of Microsoft Corp. co-founder Paul Allen, the company won’t be able to call itself a bank, but it will be able to do business the way Mr. Depping wants.
“The regulatory environment makes it very difficult to do what we do,” says Mr. Depping, who last summer saw his bank hit with an enforcement order from the Federal Deposit Insurance Corp. http://goo.gl/u4CIb
Send to KindleRonnie Bryant was vastly outnumbered.
Leaning against a wall during a recent Birmingham, Alabama, public hearing, Bryant listened to an overflow crowd pepper federal officials with concerns about businesses polluting the drinking water and causing cases of cancer.
After two hours, Bryant—a coal mine owner from Jasper—had heard enough and, in a moment being described as “right out of Atlas Shrugged,” took his turn at the microphone:
“Nearly every day without fail…men stream to these [mining] operations looking for work in Walker County. They can’t pay their mortgage. They can’t pay their car note. They can’t feed their families. They don’t have health insurance. And as I stand here today, I just…you know…what’s the use? I got a permit to open up an underground coal mine that would employ probably 125 people. They’d be paid wages from $50,000 to $150,000 a year. We would consume probably $50 million to $60 million in consumables a year, putting more men to work. And my only idea today is to go home. What’s the use? I see these guys—I see them with tears in their eyes—looking for work. And if there’s so much opposition to these guys making a living, I feel like there’s no need in me putting out the effort to provide work for them. So…basically what I’ve decided is not to open the mine. I’m just quitting. Thank you.”
Send to KindleWhen you see that trading is done, not by consent, but by compulsion–when you see that in order to produce, you need to obtain permission from men who produce nothing–when you see that money is flowing to those who deal, not in goods, but in favors–when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you–when you see corruption being rewarded and honesty becoming a self-sacrifice–you may know that your society is doomed. – Ayn Rand
Send to Kindlehttp://andrej.com/objectivism/
Send to KindleSend to Kindle”If you surrender everything to the government and give it total power to plan the whole economy, this will not guarantee
your economic security, but it will guarantee the descent of the entire nation to a level of miserable poverty—as the practical results of every totalitarian economy, communist or fascist, have demonstrated.” | “A Preview,” The Ayn Rand Letter, I, 22, 2
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