“These are the times that try men's souls.” | So just my two cents, A buddy in Kansas sent this to me while back when it happened. I just shook my head about it. But tell me where was the bank for the last year? Don't bank have compliance officers, in this day and age I would have thought the daily run of accounts or reconcile or day's transactions would have been a red flag for the computers. Then things would have been checked on. But to let this stuff go on as long as it did? Where is GIPSA that administers the P&S act? They didn't do crap in the Eastern Livestock deal few years back.
But for the bank to shut the gate after the fact is B.S. I think the bank should have made the checks good, then closed the trader commission house and went after him. If the bond wasn't big enough to do business, they should have been shut down long before that. That seems to me to be the bigger problem, where is the compliance in all these deals?
I tell you what I would never step foot back in a bank that did that to local customers. At the end of the day just as a outsider looking in, the bank was just trying to cover their screw-ups at the cost of the ranchers. |
Plainville Livestock Kansas files bankruptcy
