STOP THE STATE BANK

 

• State banks are not insured by the FDIC and all $ risk is on taxpayers.

 

• A major function of the bank would be to buy toxic mortgages with taxpayers money – a very unsafe investment in an unstable economy with high unemployment.

 

• The only state-owned bank in America is the Bank of North Dakota, started in 1919 with $2 million for farmers. Today’s equivalent start up costs for such a bank in Massachusetts was estimated to be about $3.6 billion. such a bank in Massachusetts was estimated to be about $3.6 billion.

 

• Does Hawaii even have enough money for a down payment? No.

 

• If this model is adopted, our state bank would have Gov. Abercrombie as Chairman of the
Board, and political appointees from B&F and the AG;s Office as Directors along with members from the AFL-CIO plus 76 legislators controlling its budget.

 

• Do you think political ties will have anything to do with this banks loan decisions , and can we afford even a down payment on such a risky proposition?

 

Email your legislators to stop the bank: allreps@capitol.hawaii.gov

 

For more information, visit www.facebook.com/repward or click on the image.

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