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Finding them, contacting them, money, paperwork, lawyers and stickytoitiveness. In the end it saved like a few pct over just paying taxes, but this curly haire

by ballard 12y ago

Finding them, contacting them, money, paperwork, lawyers and stickytoitiveness. In the end it saved like a few pct over just paying taxes, but this curly haired Cornell grad doesn't like paying The Man if at all possible. In the end it was a hassle but having something badass seemed worth it to them. This person also has/had a privacy-oriented domain registrar, so no stranger to putting in the work.

kchoudhu 12y ago
This is fascinating. I hate to ask, but nothing ventured, nothing gained: is there anyway you'd be willing to talk about this more offline? My email address is on my profile.
danielahn 12y ago
Assuming kchoudhu is somewhat familiar with the banking space in the US, I think his question is - on what grounds was this individual able to get FDIC/OCC/FRB approval?
- oijaf888 12y ago
  Is it that difficult for individuals to get approval? There are tons of small 1-3 branch banks in the US owned by individuals. I would expect it's on par with getting a liquor license or similar, background check and assets check. Years ago I worked for a bank that was > 75 years old and had recently been bought by a guy who had immigrated to go to college and then in the next 20+ years done very well in construction. As far as I know there was more uproar over him changing the name of the bank than actually buying it.
  - danielahn 12y ago
    It is and it isn't - as was stated elsewhere, for example if starting a new bank, regulators will require (and enforce) specific business plans, will limit dividend payments, will limit growth, etc. - there will be a lot of scrutiny on the (proposed) management team and you would find it hard-pressed to be able to get away without having someone with previous bank executive experience. Would imagine for a failed bank there would be similar questions on what is changing with the bank model (which may be as simple as operating with a higher level of equity to support the bank's risk profile).

by ballard 12y ago

kchoudhu 12y ago

This is fascinating. I hate to ask, but nothing ventured, nothing gained: is there anyway you'd be willing to talk about this more offline? My email address is on my profile.

danielahn 12y ago

Assuming kchoudhu is somewhat familiar with the banking space in the US, I think his question is - on what grounds was this individual able to get FDIC/OCC/FRB approval?

oijaf888 12y ago
Is it that difficult for individuals to get approval? There are tons of small 1-3 branch banks in the US owned by individuals. I would expect it's on par with getting a liquor license or similar, background check and assets check. Years ago I worked for a bank that was > 75 years old and had recently been bought by a guy who had immigrated to go to college and then in the next 20+ years done very well in construction. As far as I know there was more uproar over him changing the name of the bank than actually buying it.
- danielahn 12y ago
  It is and it isn't - as was stated elsewhere, for example if starting a new bank, regulators will require (and enforce) specific business plans, will limit dividend payments, will limit growth, etc. - there will be a lot of scrutiny on the (proposed) management team and you would find it hard-pressed to be able to get away without having someone with previous bank executive experience. Would imagine for a failed bank there would be similar questions on what is changing with the bank model (which may be as simple as operating with a higher level of equity to support the bank's risk profile).