When Banks Fail, We Pay
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It is timely that Lawrence L. Klein’s article (“It’s Time to Look Closely at Banks,” July 15) should appear in The Times Business section on the same day as Bill Sing’s report on the takeover of the failed First National Bank & Trust Co. of Oklahoma City by First Interstate (“First Interstate to Take Over Failed Oklahoma Bank”).
Sing’s news item highlights the excellent points made by Klein. Of particular significance is the fact that the FDIC, in addition to paying First Interstate $72 million to take over the failed bank, will retain $418 million of the most hopeless loans made by the benighted lenders at First National Bank & Trust.
In effect, that’s close to $2 apiece that each U.S. citizens is paying for the incompetence, recklessness and avarice of a bunch of Oklahoma bankers.
H. W. ANDERSON
La Jolla
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