Welcome to the Coffee Shop Bank and Trust Company by Kevin Dayhoff

Welcome to the Coffee Shop Bank and Trust Company by Kevin Dayhoff

Posted on http://www.explorecarroll.com/ 11/19/08

Click here for more columns by Kevin Dayhoff on http://www.explorecarroll.com/

Welcome to the Coffee Shop Bank and Trust Company by Kevin Dayhoff

I was sad to see last week that the Pour House Café on East Main Street in Westminster was closing.

The unreal irony of the untimely demise of a popular local gathering place came with another piece of news from last week: According to ABC News: "Even as the company was pleading the federal government for another $40 billion dollars in loans, AIG sent top executives to a secret gathering at a luxury resort in Phoenix last week."

"Reporters caught the AIG executives on hidden cameras poolside and leaving the spa." I'm not making this up.

It was reported that AIG spent an estimated $343,000 on the junket.

I'll venture a guess that just the interest on that $343,000 alone could have kept the local Main Street shop in business.

No word as to whether owners of the Pour House considered lobbying the U.S. Treasury Department for a piece of the $700 billion bailout plan passed by Congress in the waning weeks of the 2008 presidential campaign.

But hey, why not? Everyone else is. According to an article in the International Herald Tribune, the "Treasury Department is under siege by an army of hired guns for banks, savings and loan associations and insurers -- as well as for improbable candidates like a Hispanic business group representing plumbing and home-heating specialists."

We all heard the rhetoric during the election campaign about how everyone is so concerned about "Main Street."

I kinda expected Treasury Secretary Henry Paulson, House Financial Services Committee chairman Barney Frank (D-Mass.), Senate Banking Committee chairman Sen. Chris Dodd (D-Conn.), and Speaker of the House of Representatives Nancy Pelosi (D-Calif.), to show up on Main Street in Westminster, order a vente double-shot mocha latte with lowfat soy and hand the Pour House a check.

Nah. That could never happen. These folks don't really know where "Main Street" is.

The other avenue of approach for the coffee house would have been to convert itself into a bank. I read the same day that the credit card company, American Express, was converted into a bank like Morgan Stanley and Goldman Sachs -- so that it was eligible for a handout from the government.

As soon as the "Coffee Shop Bank and Trust" opens, it could take $343,000 junkets and be eligible for great seven-figure bonuses.

Hey, bean counting is bean counting.

Right after the news was revealed about the $343,000 AIG junket, the Federal Reserve System announced it was going to increase the company's bailout by $27 billion to a total of $150 billion.

Those folks who run AIG are no fools. That's a great return on misappropriating $343,000 of taxpayer dollars.

Along the same lines, I felt really bad to read a Reuters article that reported that "Wall Street bonuses could tumble 41.3 percent." Tumble?

Well, I tumbled out of my chair to read that economists "say each securities industry job on average paid $379,000 last year."

Now, according to Reuters, "Wall Street' high flyers are likely to see their bonuses take a brutal hit this year -- bonuses could be cut in half to $16 billion." Now that's brutal.

All this for an industry which Jay Leno described best: "The United States," he said, "has developed a new weapon that destroys people but it leaves buildings standing.

"It's called the stock market."

Is this a great country or what?

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http://explorecarroll.com/opinion/1621/welcome-coffee-shop-bank-trust-company/

20081119 WE Welcome to the Coffee Shop Bank and Trust Co weked

Click here for more columns by Kevin Dayhoff on http://www.explorecarroll.com/

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