This case is not as clear-cut as shady characters selling subprime paper while telling investors they were investing in safe government back student loans. Here is this case:
At one time companies held worker’s hours to 39-1/2 per week, preventing them from being full time employees. The practice has been around for decades. Today we look at others – those not counted in unemployment numbers.
Omni National, with $980 million in assets, was shut by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. was named receiver, the OCC said today in a statement. The Federal Reserve on March 17 ordered the bank to bolster its capital and make improvements in accounting controls within 30 days.
There is no doubt that the Spin Doctors have been successful. They spun the economy into a frenzy that could not be sustained. Others put the spin on the stock market, while speculators put a spin on everyone with high gas and oil prices. Fair and balanced news is so far from the truth it not even funny.
Restoring trust and confidence in any system is a slow methodical process. Restoring confidence in the United States financial system is even more difficult, but not impossible.