Four ex-bank officials charged in loans case

[Omaha Steve]

http://www.omaha.com/article/20100117/NEWS01/100119675/1009

Published Sunday January 17, 2010

LOUP CITY — Four former leaders of Sherman County Bank in Loup City have been charged with lending people too much money.

The State Attorney General's Office filed misdemeanor charges Thursday in Sherman County Court.

The bank's former president, Gerald Wortman, was charged with 25 counts of lending an excessive amount. Three former vice presidents also were charged: Lawrence Volf, with 20 counts; George McFadden with 10 counts; and Michael Rosander with 10 counts.

The Nebraska Department of Banking and Finance closed the bank in February after its loans to about 30 farmers for commodities investments left its capital reserves depleted when grain prices fell in 2008. — World-Herald News Service

[havocmom]

1. no financial wizard here, but didn't some really BIG banks/bankers get $$ prizes for same thing?

And bonuses. Can't forget bonuses.
:banghead:

[DJ13]

2. "charged with lending people too much money"

Its always amazing how theres laws like this that the authorities can utilize against small bank officials, but the TBTF guys never have to worry about being charged under these same laws even when they loaned enough money to destroy our national economy.

[havocmom]

3. Guess if you're not too big to fail, ya end up in jail?

It's weird, isn't it?

Might it be possible some BIG bank wanted this little one?