The Daily Debacle

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Mom-n-pop banks thrive despite economic downturn

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WASHINGTON – The Department of Commerce has announced that the number of so-called “garage banks” is at its highest number in years. The report noted that high unemployment and billions of dollars in government bailout money seem to be fueling the phenomena.

“We’ve got a pretty good thing going here,” said Steve Jenkins a laid off construction worker who is now President of Jenkins First National Bank. “The government funding has given us the liquidity to extend credit to local businesses and also a new hot tub for my back yard,” he said.

Watchdog groups say the growing trend of home grown banks is disturbing. “These banks are swindling taxpayers in broad daylight with very little oversight, in fact if this trend continues I may consider joining them,” said Frank Celliogan, an industry analyst, who was also laid off by a prominent watchdog group.

Written by ikeusa

April 2, 2009 at 11:47 pm

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