How does someone start a bank. I understand that you have to have a shit ton of money, but how does someone actually start/open a bank of their own? Can mr joe shblow, given that he is able to come up with previously mentioned “shit ton of money”, go out and open his own bank? Obviously it takes time, but what’s the process of doing so?
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Read up on the savings and loan scandal of 1988. A savings and loan looks like a bank, and acts like a bank, but they are slightly different.
Due to deregulation and a cut-back in oversight, a few dozen millionaires each started their very own S&L’s, and they would pair up and scam each other on purpose, knowing that when they filed for bankruptcy, the taxpayer would “bail them out”
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