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The Valley Reporter
P.O. Box 119
Waitsfield, VT 05673
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A Vermont bank

To The Editor:

It was an interesting conversation and testimonies at Town Meeting. "If it's organic and grass fed I'm all for it," "Politicians won't run the bank," "We'll be able to get lower interest rate bonds." Lower than 1.9 percent? Seriously? Check out Bank of North Dakota we were told – so I did. These are quotes from the Bank of North Dakota website. I cut and pasted to avoid any mistakes.

"The state Industrial Commission oversees Bank of North Dakota, as mandated by the 1919 state legislature. Members of the Industrial Commission are the Governor, who acts as chairman, the Attorney General and the Commissioner of Agriculture of the State of North Dakota.

"The Bank also has a seven-member Advisory Board appointed by the Governor. The members are knowledgeable in banking and finance. The Advisory Board reviews the Bank's operations and makes recommendations to the Industrial Commission relating to the Bank's management, services, policies and procedures."

"In contrast to most commercial banks, Bank of North Dakota is not a member of the Federal Deposit Insurance Corporation (FDIC). North Dakota Century Code 6-09-10 provides that all deposits in Bank of North Dakota are guaranteed by the state."

So it's officials are political, they are appointed by the governor and you the citizens are the FDIC. So if it fails or needs additional funds, the tax man will cometh for your wallet. Don't be fooled by the paper bag with a Vermont sticker on it; it's still full of manure. There is clearly something in it for our government officials and what again was in it for us little guys?

Neil Johnson
Waitsfield

 

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