Quotes About Depositors

And so, when more than 1900 S&L's went belly-up in the Great Depression, Herbert Hoover—and a most willing Congress—created the Federal Home Loan Bank Board to protect depositors in the future.

Behind the troubled banks and the increasingly troubled insurance agencies stands "the full faith and credit" of the Government—in effect, a promise, sure to be honored by Congress, that all citizens will chip in through taxes or through inflation to make all depositors whole.80

The weakest S&L's paid the highest interest rates to attract depositors and they are the ones which obtained the large blocks of brokered funds. Brokers no longer cared how weak the operation was, because the funds were fully insured. They just cared about the interest rate. On the other hand

Some S&Ls bet their depositors' money on highly dubious projects. Many simply stole it, as if deregulation meant that the law no longer applied to them.

There were no cheques; instructions were given orally and written in the bank's books. There was no interest; depositors were given discrezione (in proportion to the annual profits of the firm) to compensate them for risking their money.33

I want to assure all Yes Bank depositors that their money is safe.