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| This is a strange thing as I thought banks had to get their money back one way or another and the borrower would have that over their head until the bank debt is satisfied. However, the bank apparently doesn't have to claw back the money and if pushed by regulators, will foreclose on other otherwise healthy loans because they know they can get the money. Was there any consequence to the banker that loaned Rosentrettor all that money?
I was talking with my banker who is more liberal/gov't is in charge than I'm comfortable with, but he is a nice guy and our business has always worked out. Yet, he shared that bankers are actively seeking the business of a local bto who took down an elevator and spent 7 yrs in jail. Rumor was he had $10M in debt and apparently that did the "aaaaaaaand it's gone".
I was really hoping banking and bank regulation would prevent this sort of thing especially since it's local and we all know each other. I guess I'm stupid for not leveraging my life's work as many times as I can so I can buy all the acres around me and pretty new equipment. At some point I throw the keys on the banker's desk and walk away into the sunset ala high plains drifter (or grifter?)
What do you think reformedbanker?
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Stamp and Boerson
