Tuesday, November 16, 2010

Alexi's Laundry List. FDIC Releases Broadway Bank Report Post Election


At of the end of 2007, loans outside the Chicago area accounted for 60% of the bank's total lending, the report said. The bulk of those loans were to real estate developers and investors in New York City and Florida.

In addition, the bank took big risks with individual customers. Its loan policy permitted it to lend up to 75% of its total capital to a single borrower, the report said.
The comments are delightful. Read on.

And who were those customers. Quite the dirty laundry list.

...I just thank God he lost the election.

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