Sunday, December 19, 2010

Credit Unions: Bend Over

OK, the rant for today is about the F*&^%$# big banks and their damn bought off politicians.

Over at Zero Hedge there is an essay about a bill passed in CONgress Dec. 16 that appears to be the first step toward taking out credit unions (CU).   The CUs are regulated by the NCUA and the new legislation redefines what the NCUA can do to help struggling CUs.  Basically, they won’t do much.  And, now CUs can transform themselves into little regular banks that could be then bought out by big banks.  Currently regular banks can’t own a CU as a subsidiary.  So, just change the law such that CUs can stop being CUs.  Screw You.

This will become open season on CUs by the big banks.  Get ready to put your money in your mattress.  

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