The bank problem just keeps growing
By John Hielscher
Published: Monday, March 22, 2010 at 1:00 a.m.
Last Modified: Sunday, March 21, 2010 at 11:28 p.m.
New players in the colony
The spate of bank failures is bringing new players into Florida. Giant Wells Fargo bought Wachovia. JPMorgan Chase grabbed Washington Mutual. BB&T bulked up by buying Colonial. A private investor group took over BankUnited, the largest Florida-based bank, and reopened it under the same name.
This has further cemented Florida's reputation as a banking colony, where nine of the 10 largest banks are owned by out-of-state interests.
“This time many of our banks, including some of our largest, are being bought not only by big banks from other states but direct private equity and other big money interests from Wall Street,” Thomas said.
“I am most concerned, though, with those among the latter who only care about a return to their Wall Street investors rather than to the community, which is essentially the difference between those that may be called ‘carpetbagger bankers*' rather than community bankers,” he said.
*In United States (U.S.) history, carpetbagger(s) was a negative term Southerners (Americans living in the southern half of the United States, also known as Rebels) adopted and gave to opportunistic and speculative Northerners (Americans living in the northern half of the United States, also known as Yankees) who moved to the South during the Reconstruction era, between 1865 and 1877. They often formed alliances with freedmen (freed slaves), and scalawags (southern whites who were Republicans) in the Republican Party. Together they are said to have politically manipulated and controlled former Confederate states for varying periods for their own financial and power gains. In sum, carpetbaggers were seen as insidious Northern outsiders with questionable objectives meddling in local politics, buying up plantations at fire-sale prices, taking advantage of poor Southerners and pushing their alien Northern ways on Southern politics. Carpetbagger is not to be confused with copperhead, which is a term given to a person from the North who sympathized with the Southern claim of right to Secession.
The term carpetbaggers was also used to describe the white Northern Republican politicians who came South, arriving with their travel carpetbags. Southerners considered them ready to loot and plunder the defeated South.
In modern usage in the U.S. the term is sometimes used derisively to refer to a politician who runs for public office in an area in which he or she is not originally from and/or has only lived for a very short time.
In the United Kingdom, the term was adopted to refer informally to those who join a mutual organization, such as a building society, in order to force it to demutualize — to convert into a joint stock company – solely for personal financial gain.
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Sera el futuro de Sarasota, Florida, ser colonia de Wall Street.
Una investigacion del periodico local, "Sarasota Herald Tribune" sobre el sistema de bancos locales.