We've written extensively about US Century Bank and its founders, Sergio Pino and Ramon Rasco. Along with the bank's original board of directors -- including Rodney Baretto and Armando Guerra -- the bank was created to fuel the engine of suburban sprawl in Miami-Dade.
In the last 20 years, if you were a civic activist trying to protect neighborhoods and communities from the impacts of sprawl, it is 100 percent certain that the trade associations, lobbyists, and influence-peddling overwhelming your cause was the same political interference and cast of characters who eventually created zero-rated US Century Bank.
It goes without saying that the timing of the announcement of the liquidation of US Century was Labor Day Weekend: the quietest news cycle of the year. It is also ironic that the sale -- to Brazilian investors -- was scheduled for the end of the GOP national convention because US Century Bank directors are closely identified with the Republican elite of Florida, including Marco Rubio and Jeb! Bush. That the causes and effects of the economic crisis are so blatantly masked by the same characters who created America's dire straits is exemplified by the failure to expose US Century Bank for its role in spreading economic woe throughout the suburbs of Miami-Dade, often into farmland and wetlands edging the Everglades.
Anyhow, EOM will continue blogging about the bank that attracted the attention of the national media as "the most undercapitalized bank in the nation", "the largest recipient of TARP bail out funds in Florida", and the "insider piggy bank" with an obscenely high rate of loans to insiders compared to its national peer group. It appears there may be a story of similar interest surrounding the investors who bailed out US Century and its shareholders (ensuring that details in the public interest may never be released to the public.)
Readers, if you have information on US Century Bank please contact us at our email addresses. There are more chapters to the US Century story. For example, we have heard that during the housing boom years, if you were a county employee and needed a mortgage, that there was a special contact at US Century Bank you could call for a quick, low documentation home mortgage. We would like to interview people who have direct experience along this and other lines to help document (because The Miami Herald and mainstream press, won't) one of the foulest examples of Miami-Dade's snatch-and-grab political culture.
In the last 20 years, if you were a civic activist trying to protect neighborhoods and communities from the impacts of sprawl, it is 100 percent certain that the trade associations, lobbyists, and influence-peddling overwhelming your cause was the same political interference and cast of characters who eventually created zero-rated US Century Bank.
It goes without saying that the timing of the announcement of the liquidation of US Century was Labor Day Weekend: the quietest news cycle of the year. It is also ironic that the sale -- to Brazilian investors -- was scheduled for the end of the GOP national convention because US Century Bank directors are closely identified with the Republican elite of Florida, including Marco Rubio and Jeb! Bush. That the causes and effects of the economic crisis are so blatantly masked by the same characters who created America's dire straits is exemplified by the failure to expose US Century Bank for its role in spreading economic woe throughout the suburbs of Miami-Dade, often into farmland and wetlands edging the Everglades.
Anyhow, EOM will continue blogging about the bank that attracted the attention of the national media as "the most undercapitalized bank in the nation", "the largest recipient of TARP bail out funds in Florida", and the "insider piggy bank" with an obscenely high rate of loans to insiders compared to its national peer group. It appears there may be a story of similar interest surrounding the investors who bailed out US Century and its shareholders (ensuring that details in the public interest may never be released to the public.)
Readers, if you have information on US Century Bank please contact us at our email addresses. There are more chapters to the US Century story. For example, we have heard that during the housing boom years, if you were a county employee and needed a mortgage, that there was a special contact at US Century Bank you could call for a quick, low documentation home mortgage. We would like to interview people who have direct experience along this and other lines to help document (because The Miami Herald and mainstream press, won't) one of the foulest examples of Miami-Dade's snatch-and-grab political culture.
8 comments:
Gimleteye -
Thank you for continuing to follow this. I read the story yesterday and remain skeptical at best. Why the long wait to close and what are the terms of repaying the Gov't for the TARP funds I believe in excess of $50 million. The story in the Herald said the didn't have the details, and I wonder if any will be forthcoming.
It's amazing no one is going to be prosecuted, well not really, it's Miami Dade County. Only lower level employees who cannot afford a legal team get punished!
I too would love to hear the underside of this. I tried to follow the Fed order and had no luck.
I doubt the US Century gang are going too far. At some point, they're going to have to make up for all the over priced land they purchased, or wouldn't the irony be the "new" bank forecloses on the investor group! (in fact, I would LOVE to see that happen)
What's going to become of the mega development "Parkland" off of Krome, South of Kendall Drive in South Dade? It's still somewhere in the pipeline.
Again, thanks for keeping me/us posted on this. These people did a lot of damage in this County as an entirety!
This is a smart blog.
Want to know why the Miami Herald never reported out US Century Bank? Check out the number of full page ads the bank took out in the Herald, or, the influence of its board with the publishers. All of them.
Thank God that the worst so called bank in the land is out. I sure hope that the new buyers are honest people because the present owners would not know what the word honesty meant.
If Rasco is involved, count on problems.
How did they quitely go away? They actually did well by selling out. Way to go Century.
Thank you for updating this informative and detailed update on TARP funds. I am looking forward to get more updates on the same. Again thank you for updating such insightful information along with detail which is surely hard to garner from any other source. miami personal injury attorney
Rasco encouraged the employees at his firm to invest in the bank...fact most of the employees invested through Thier 401k....after the fact we all had to sign release forms! I would rather befriend the devil. I hate to say it but he and all his advocates will be enjoying the benefits while the rest of us paid Thier way! The sad reality no one is willing to do anything....but any investors out there that are willing to do something, I'm in!
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