This blog is the only place that readers curious how Miami operates can see the connections to the insider piggy bank, to be known only a little while longer as US Century Bank. The board of directors of US Century, led by founder Sergio Pino and Ramon Rasco, were the local power brokers who substantially helped transform local government from serving the needs of taxpayers to serving zoning and permitting to convert farmland and wetlands into crappy platted subdivisions in south and west Dade. The politics in South Florida, underlying the housing boom and bust, were etched into the landscape by the power brokers, gamblers, and land speculators who used US Century Bank as their crown and scepter. By industry metrics-- including loans to insiders as a percentage of total loans-- the bank should have been seized by regulators long ago. If the Tea Partiers want to find places to attach accountability to the economic and fiscal crisis, then they might start with the local bankers and they might find that politicians they support-- like Marco Rubio-- have stood by US Century Bank for many, many years.
Today, we have a hint that the theatrics at US Century are all tumbling down: yesterday the FDIC slapped a consent order on the bank, which is preliminary to removing the bank board and closing the operation down. If I were an "outside investor", I wouldn't invest a cent in its toxic legacy or assets. Check out the EOM archive to read how we have been tracking the US Century debacle: it is a more accurate "economic time machine" than you will find in the "60 metrics" glued together by The Miami Herald.