One of my favorite stories from the 'go-go' 1980s.
Ronald Reagan created a false boom by deregulating the banking industry. With less oversight, the bankers were in a position to print money, knowing the Feds would eventually pick up the bill.
Banks with names like Silverado* were popping up, making big deals while the bankers partied every night.
One day a man walks into a Texas bank. He's got the right outfit with the perfect white Stetson hat, Armani suit, and ostrich skin cowboy boots. He's got a 3,000 page business plan in his Halliburton case.
"My company is making an expansion and we need a bank that can keep up with us. Here's our plan, can you approve it and give us a $1 million loan by the end of the day?"
Of course they can. They offer him a seat and some champagne, they chat and inless than an hour he walks out with a million dollar check.
2 Comments
DagwoodIII@piefed.social · 3 pts · 20d
[off topic?]
One of my favorite stories from the 'go-go' 1980s.
Ronald Reagan created a false boom by deregulating the banking industry. With less oversight, the bankers were in a position to print money, knowing the Feds would eventually pick up the bill.
Banks with names like Silverado* were popping up, making big deals while the bankers partied every night.
One day a man walks into a Texas bank. He's got the right outfit with the perfect white Stetson hat, Armani suit, and ostrich skin cowboy boots. He's got a 3,000 page business plan in his Halliburton case.
"My company is making an expansion and we need a bank that can keep up with us. Here's our plan, can you approve it and give us a $1 million loan by the end of the day?"
Of course they can. They offer him a seat and some champagne, they chat and inless than an hour he walks out with a million dollar check.
Never heard from again...
tiny_hedgehog@piefed.social · 2 pts · 20d
They became presidents and corporate CEOs