Power Breakfast: Ga. lags in bank oversight, airport, school chiefs, Coke, oil spill, mortgage rates, Korea, AOL

It’s not what you want to read after the banking crisis here.

Georgia leads the nation in bank failures, but the state is leaving key bank examiner positions vacant because of a tight budget, Associated Press is reporting. There’s no sign the jobs will be filled anytime soon.

AP writes that among states with the highest number of bank failures, only Georgia has reduced oversight, according to a review by the wire service and interviews with state officials. Since Oct. 1, 2000, 40 banks in Georgia have collapsed.

“Is this a time to be having fewer bank examiners?” asked Joe Brannen, president of the Georgia Bankers Association. “I think just about everyone you ask would say no.”

Over the last two years, six Georgia bank examiner positions have become vacant and haven’t been filled, an AP review of state budget documents found. During that same period, 32 Georgia banks have gone under, according to the Federal Deposit Insurance Corp.

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4 comments Add your comment

Buzz G

May 24th, 2010
7:22 am

Just declare all banks “too big to fail”, like Obama has done for other banks, and the problem is solved. You can lay off all examiners and save us a bundle.

Winfield J. Abbe

May 24th, 2010
8:03 am

Isn’t this amazing? Of course the power of bank examiners in Georgia has evidently been virtually eliminated anyway since all we observe are federal examiners and the FDIC closing these failed and possibly corrupt and fraudulent banks in Georgia. What about that big bank in South Georgia Synovous which lent over $200 million to their friend and crony to squander on lavish and decadent rooms in that old hotel at Sea Island? So far as I know not one penny has been repaid. Many of these bank boards are stacked with legislators and friends and cronies of the bank officials too.
At what point are any of them held responsible for all this? Do any of you observe that good for nothing attorney general of Georgia Thurbert Baker investigating or prosecuting them? Why no, he is too busy running for Governor isn’t he?
Isn’t it unethical for him to continue in his office, collecting his undeserved easy money from the State of Georgia, while he runs for another office, while at the same time failing to do his job? Georgia is a very corrupt state isn’t it? Is it any wonder the FDIC fund is nearly bankrupt too, along with our federal government? As Willie Sutton said, he robbed banks because “that is where the money is.” Obviously that is what many cronies and insiders have been doing in Georgia too while the police waste time on petty thieves. The grand thieves are not even investigated.

TnGelding

May 24th, 2010
8:29 am

Bank on it!

We’re finding out there are a lot of state positions we can’t afford to fill. What would it take to demand a little innovation? Asking for creativity would be too much.

TnGelding

May 24th, 2010
11:15 am

Why do we continue to let the school boards run amok? It shouldn’t surprise anyone that the superintendents continue to rake in obscene salaries and perks. It’s the American way. I finally signed up for the senior citizen’s tax exemption when our local board voted to put air conditioning on the buses.