AmTrade International Bank - Atlanta, Georgia Bank Gagal - Episode 329

**Freesia Brindski** (0:01)
Good morning, good morning. Thank you so much for joining me. This is the podcast, The Endurance of Labor Laws. I'm your lovely host, Freesia Brindisi. Today is episode 329, and we're going to take a look at another failed bank. Today, we're going to take a look at AmTrade International Bank. But before we dive in, let me give a big shout out to my listeners because as usual, you guys are awesome and I love to see you here. So a big shout out to Oklahoma, California, Michigan, and New Jersey, in terms of countries, Singapore, the United States, Germany, the United Kingdom, and Turkey. So again, we're taking a look at AmTrade International Bank, and we are taking a look at bank failures. And just FYI, we had a holiday here in the United States, we had Thanksgiving, so I'm going to be making up for some of the episodes that did not get loaded just because we were on holiday. So there might be some more episodes loaded throughout the day because we're kind of, we're about four episodes behind because usually what I try and do is load one every day. It doesn't always happen, but we will work on that and get that done for you guys because we love you very much and we love to share our knowledge, so that's always a good thing. So again, today, episode 329, the bank is AmTrade International. This one was based out of Atlanta, Georgia.
There was no financial institution that took them over, so there was no one that acquired them. So that's kind of a red flag, so that should tell you straight up or right up front that this bank failure was really bad and not good, and there was not a single financial institution in the United States that wanted to come in and take over any of their assets. So if this bank had loans, which we will see in the press release if it talks about that, if this bank had loans and other things of that nature where a bank could actually make money off of it, no bank wanted to touch it. So that tells you a lot about how this bank was basically run into the ground by upper management and the bank managers. And again, a lot of people that are on these boards and these bank managers, the higher ups, if they run a bank in the ground, typically what they do is they just go work for another financial institution. So it's like Wall Street on steroids. And I actually like Wall Street because it is a financial sector in the private sector. And that's a really good thing to have in your country. However, when I say that's like Wall Street on steroids, I don't mean that in a positive light because it's not good that these bad people just bounce from bank to bank, especially these CEOs and these board members. So just FYI, be aware of that. Now this bank failed back in the year 2002 It failed September 30th, 2002 So it goes back quite a ways. But what we are seeing is that a lot of these banks, they get bought and sold, bought and sold, and then they get taken over by another bank, most of them. And what happens is, is you have the same people messing up new banks, or different banks, because it's kind of a bros-before-hos club. It's like a frat house in terms of our banks sometimes. And that's why I'm not always a fan of it. Whenever they hire someone with a financial degree, or if they go to a business school, because they don't have real life experience out in the real world, which is really sad. So just FYI, be aware of that. But again, we're taking a look at AmTrade International Bank out of Atlanta, Georgia, excuse me. Some terms of the introduction for this, I'm reading directly from the fdic.gov website. So this is nothing new. This is legal. It was posted. It was made public because this was a bank failure, and it was not good. So it says on September 30th, 2002, AmTrade International Bank of Georgia was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation, also known as FDIC, was named Receiver, which is typical for this to happen whenever a bank fails. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority. So again, if you're not an approved creditor, you're screwed. So good luck with that. It says the FDIC as Receiver has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law, and the receivership estate is deemed terminated. It goes on to say, in terms of a press release, the FDIC issued a press release about the institution's closure. If you represent a media outlet and would like information about the closure, please contact the FDIC Public Affairs Office at 202-898-6993.