Listened to Detroit's Frank Beckmann on WJR 760 AM, 11/18/09 :
The CEO of a Closed Michigan Community Bank in Warren told the story of how in Michigan all the Michigan oriented community Banks were being manipulated by the Federal Government in order for multi-national banks to buy up assets and use them anywhere in the world to make a profit, while shorting the State of Michigan of needed capital to thrive.
Here is what he said happened. The Federal came in with an audit finding a need to move assets from capital use to Reserves. Due to the fall of property values, the assets of the bank did not fit the required more reserve for balance. So the bank did so. Then comes another inspection on the balance finding that the capital assets of the bank and the loans given do not comply with law. The Bank CEO told them that we have moved it to the reserve! The answer was 'that does not matter'. The Federal Government closed the bank and sold the tangible assets.
The Constitution does not limit the power of a State regarding intra-banking nor give the Federal government authority beyond inter-state needs. I suggest Michigan put a limit on this removal of assets for commercial gain caused, via Federal powers over-extended, by edicting the action of the Federal Government as "null and void. Request recent closed banks be reviewed for re-establishing closed banks.
Is there an inspector General operating today or are they all afraid based on how the first Inspector stood and got ran over. Where is he today?
R. George Dunn
If the Government took the assets from our banks and gave them to foreign investors for collateral, would that mean we would lose all our sovereignty in default?