TITLE

Fearing regulation, LI banks avoid bailout money

AUTHOR(S)
Glasser, Laura
PUB. DATE
December 2008
SOURCE
Long Island Business News (7/1993 to 5/2009);12/19/2008, Vol. 55 Issue 62, p7A
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports that the banks are avoiding the bailout money in Long Island, New York. According to Brad Rock, chief executive of Hauppauge-based Bank of Smithtown, the reason they are undecided is there are large differences of opinion among the U.S. Treasury, bank regulators and Congress on the money. Rock also said the Congress may slap burdensome stipulations on institutions that take the cash because Congress never intended for stronger banks to use the money.
ACCESSION #
35936616

 

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