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Bank Chairman Decries Rules Imposed on Banks That Will Only Forestall Economic Recovery
9/10/2009
The following release is a statement
from Piero Rivolta.
The Chairman of the Board of Flagship National Bank today called on the
American public to wake up to the fact that the economy cannot recover if
government doesn't change the counter-productive new rules it is imposing on
banks.
"There is too little media coverage today about current rules forcing banks --
the backbone of our economy -- to foreclose and sell properties at a fraction
of their value, which in turn severely limits their ability to make loans that
will provide a genuine rebuilding of our economy," said Piero Rivolta,
Flagship National Bank's chairman.
"In this bailout environment, business cannot create jobs. Small enterprises
will go belly-up, including small to medium banks that don't have access to
TARP money, yet are engines of our local economy. Meanwhile big financial
corporations continue paper transactions, creating huge opportunities for
speculators, which has a negative ripple effect on all other sectors of the
economy," he said.
"The political and economic talk reminds me of the period 1968 to the late
70s, when I was a car builder in Italy and later decided to move my family and
our business interests permanently to the U.S. to enjoy the entrepreneurial
freedom of America's business climate.
"Yet the current downward spiral is destroying this once-great economy and
wiping out assets of honest people who worked for years to create their
businesses or invest in their property.
"Those most conscious of this impending calamity are bankers like myself,
regulators and CPAs. This ominous story is woefully under reported, perhaps
because of the difficulty of conveying it in sound bites -- but the public
must realize this is the main cause of our continuing economic crisis and how
close to disaster we are. Before talking about new programs, we should make
sure the foundations of our system are solid.
"As the economy teeters closer on the edge of catastrophe, let's forget
politics and talk frankly about this issue before it destroys everything we
hold dear."
For a more information on the disastrous impact of the FASB 114 Rule on the
banking industry or for interviews with Mr. Rivolta, please contact Kim Morgan
at 561-750-9800 x233 or Email: kmorgan@transmediagroup.com
Rivolta also is a celebrated author and publisher. The newest release from
Rivolta's New Chapter Publisher is "Whores" by public interest advocate
attorney Larry Klayman about politicians overstepping their bounds.
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