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Sunday, March 29, 2009

Napoleon Solo in the 'Couv

Remember The Man from U.N.C.L.E.? He's still around, but these days he's taking over failed banks, with an army of other suits and a guy from a lucky competitor bank.

Really -- the FDIC operates like a spy team, and then like a SWAT squad working a hostage taking. Read all about how it went down in the 'Couv recently, here.

Comments (4)

I believe that either 60 Minutes or 20/20 was allowed to film an operation like this in Illinois. The FDIC must have a well written playbook b/c what was described in the above article happen there as well to the most minute detail.

It shouldn't come as a surprise to the acquiring bank either, as they put in bids at the request of the FDIC.

Anyone who says government doesn't work has never watched that agency do its job. Really impressive.

The lack of knowledge on the part of employees is amazing. The BoCC was operating under a Cease & Desist order for months. That even top management (other than the CEO) were apparently completely blind-sided is amazing.

It's bad enough when UNCLE is involved. I'm wondering how bad things will get when we need the financial equivalent of UNIT.

Here's the 60 Minutes story. It was a fascinating view. I wonder if the same guys who did BoCC stuck around to do Silver Falls Bank down in the valley.

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