ProPublica published this morning a terrific report that only Eyeonmiami has followed: the insider piggy bank, US Century. Read it (and for more background, the EOM archive under "US Century"), for an investigative report you are never going to read in The Miami Herald. (The Herald in 2009 offered unprecedented access to the newsroom for Pino et al. to the shock of journalists at the paper.)
The biggest news: evidence that US Century was already failing when it received the largest bailout of TARP funds to Florida banks. The politically connected bankers claimed, at the time, that the bank was a "healthy financial institutions" when it was anything, but. As EOM has reported, the bank has been used as a piggy bank for board directors and insiders. Although slammed with a harsh consent order by FDIC, the underlying facts may never be disclosed to the public. In the meantime, US Century is stonewalling the press. It refused any comment to ProPublica and its founder, Sergio Pino, refused to answer repeated phone calls.
Called, "Florida Bank, Used as ATM by Insiders, Won TARP Loan But Now Teeters"; the report adds to the Pulitzer Prize work of Bernstein and ProPublica of the financial crisis triggered by the housing boom, crash and financial derivatives that made insiders, billions. There is plenty here, including a highlight on Pino though not the political meddling of other board of directors, including Ramon Rasco. More later.
8 comments:
Thank you so much for staying on top of this, keeping us here in Miami informed where the Herald and others won't go.
Bernstein did an excellent job and I hope this breaks nationally.
With the "Occupy" movements happening all over the place, this story could be a poster child for them!
Way to go!
Even though I live in another Universe (Deerfield Beach), I really appreciate EOM.
The value of blogs is proven well here.
There is no question but that the Miami Herald is not worth subcribing to as it will not print many important things.
Many Thanks to you folks for the
hundreds of hours and research---
digging and uncovering the "muddy
river bed" of evil & corruption.
anon
Miami-Dade lost big time when Jake Bernstein left us. I still miss him.
Miami is a stepping stone for journalists and especially so since the decline of the Herald to the point of vanishing. What the civic leaders don't understand is that you can't make a great city out of a pass-thru destination. But that train left the station so long ago there is no one who even cares that it's gone.
I knew Jake when he was in Miami. He was a great reporter then and even better now. He did some excellent pieces on Redland incorporation and learned first hand the twisted ways of big land owners at Miami's fringes. He knows the players and has put that to good use writing on a national level. Good work Jake, keep them coming. Maybe we can put Century and their corrupt lot out of business. I am tired of these crooks raping our economy- Occupy Wall Street.
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