Mimitina Alliance Bank & Amanah Co - Manchester, New Hampshire Bank Gagal - Episode 318

**Freesia Brindski** (0:01)
Good afternoon, good afternoon. Thank you so much for joining me. This is the podcast, The Endurance of Labor Laws. I'm your lovely host, Frisia Brindisi. Today is episode 318, and we're going to take a look at another failed bank. This one goes back to the year 2001, so we have completed the year 2000, at least as far back as I could go. Now we're going to take a look at the failed banks in the United States in the year 2001 Today we're going to discuss First Alliance Bank & Trust Company. And before we dive into that, I want to give a big shout out to my listeners because as usual, you guys are awesome. I love to see you here. So big shout out to California, Quebec, Illinois, Texas, Montana, and New Hampshire in terms of countries, Sweden, the United States, Brazil, Canada, Bangladesh, China, and Germany. Good to see you. Awesome. Okay. So again, we're going to talk about the First Alliance Bank & Trust Company. They were located in Manchester, New Hampshire. The acquiring financial institution was Southern New Hampshire Bank & Trust, and this bank failed in February, actually on February 2nd, 2001 Now again, when a bank fails, that means its financials were so bad, things were going to be super bad that the FDIC had to intervene, or either that or they failed a compliance report or they failed an audit. So we're going to take a look at this real quick. And again, I'm looking at information that is about 23 years or 23.5 years old. So I don't have all the information on it, just because not everything is available. But I will give you what I have and what I can find. So what I'm looking at is from the FDIC.gov website, and this is a pretty good website. I'm actually really impressed with their archive. So this is really good information. And again, this is information that we citizens should have, because the banks belong to the people. And I'm not saying that that's a public sector thing. It's not. It's technically in the private sector, which is where jobs and money are created. The mint prints our money in terms of our currency, but all of that wealth is created in the private sector, not the public sector. So when I say that this bank, actually all banks belong to the people, it means that it belongs to the depositors. It's just you have certain financial people that are in charge that manage the money, and you hope and pray that they do their job and do it well. Well in this particular case, they did a horrible job and it was so bad that the FDIC had to step in. Usually what happens is the state banking department catches something or they intervene, and then the FDIC intervenes. And if you hear noise in the background, that's my cat, she's getting up to eat lunch. So let's take a look at this one here. So it says, on February 2, 2001, First Alliance Bank & Trust Company of Manchester, New Hampshire was closed by the New Hampshire banking department. So that's a state agency, okay? That's not federal, that's state. And the Federal Deposit Insurance Corporation, FDIC, that is a federal agency, and the FDIC was named receiver. 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. Some of this, sometimes the government repeats itself in terms of sentences because it just is what it is in terms of how they handle these depositors and these monies and how they handle failed banks. Like it doesn't change from bank to bank how they handle it, at least until Biden and Harris got into office and they changed some things, but usually the government is not supposed to show partiality, meaning they're not supposed to pick favorites, they're not supposed to pick winners and the losers. Well, let me re-describe that. They're not supposed to decide who the winners and the losers are, but that's what Harris and Biden have been doing, and then that's what Barack Obama and his goons did for eight years, and it was absolute hell. Thank goodness Jimmy Carter was too stupid that he didn't do that, but he created very much a whole bunch of failed policies that were really bad. It goes on to say, the FDIC as receiver has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividends distributions as required by law. Again, if it's not required by law, you basically got screwed, and the receivership estate is deemed terminated. Then I'm going to go to the press release.