Not a surprise, but The Columbian confirms that some people got telephone calls warning them to take their money out of the about-to-fail Bank of Clark County, and some didn’t. And it’s legal!
Insider calling did occur. According to one contractor with $500,000 on deposit at the bank, he was alerted by a telephone tipster to get his money out of the bank two days in advance of the Jan. 16 closure. “Thank God,” he said, “or I wouldn’t now be in business.”
According to Federal Deposit Insurance Corp. documents, customers pulled an estimated $28 million out of Bank of Clark County as word got around that the bank was circling the drain.
Others weren’t so lucky to get the advance notice.
At least one retired senior is wondering when or if she will get back $160,000 in uninsured deposits with the bank.
So the bidness guys and gals made sure their buddies were warned. The hoi polloi who had deposits over the insurance limit, well, we’re sorry.
Let me emphasize that, according to The Columbian, this was all legal. Apparently bankers can go around tipping off their friends, no problem. Neat system we have.
And politicians wonder why people get up in arms. Maybe someone at that big domed thing in Olympia would like to look into all this? I know life isn’t always fair, but little old ladies losing their money while contractors get theirs just doesn’t seem right.