Regulators close another Minnesota bank

ST. PAUL, Minn. - Federal and state regulators on Friday closed another Minnesota bank - this one in the northwest Twin Cities metro.

[Mary Kiffmeyer]

Prominent Republican Mary Kiffmeyer was on the BOARD OF DIRECTORS of this bank!

[Fact Checker]

According to the Federal Reserve Bank of Minneapolis, former Republican Secretary of State Mary Kiffmeyer is not just on the board of directors--she is the bank's president. Leave the cover-up to the Star-Tribune.

http://www.federalreserve.gov/newsevents/pres...

[Porkulus]

Frank: "We Are Trying On Every Front To Increase The Role Of Government

http://www.realclearpolitics.com/video/2009/1...


Rep. Barney Frank (D-MA) says Democrats are "trying on every front to increase the role of government."

more at realclearpolitics.com ...

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A new bill in Congress to increase financial regulation would allow the federal government to seize institutions deemed “too big to fail” if Treasury saw a large enough risk of collapse. McClatchy reports that some on Capitol Hill have begun to refer to it as a “death panel” for banks, apparently more as a joke than a concern. Have any of them actually read the Constitution, especially the Fifth Amendment? Rep. Barney Frank, D-Mass., the chairman of the House Financial Services Committee, worked over the weekend and throughout Monday to draft the legislation.

This looks less like a voluntary association and more like a government takeover of the financial industry. Investors do not get guarantees when they give their money to firms like Goldman Sachs. They put their money into these accounts because of the risk and potential reward, not with an expectation of instant liquidity and safety. These are calculated gambles, intended to generate higher profits than savings accounts.

That doesn’t mean that the government has no role in regulating investor activities, perhaps especially on derivatives. But there is a big difference between sensible and productive regulation to sustain investor confidence and the outright seizure of firms from their owners for nothing more than incompetence. Incompetence in business has a solution — bankruptcy, and the freeing of resources for other efforts. It should not be the job of government “death panels” to decide when to seize a private business from its owners — and the Constitution made that plain enough 220 years ago.