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RSS By: Steve Cornett, Beef Today

Read the latest blog from Steve Cornett.

Don’t Blame FDIC for Eastern Livestock’s Problems

Nov 16, 2010

The FDIC thing was plumb wrong.

I finally talked to the folks at FDIC. They say they don’t even regulate Fifth Third. They say the Federal Reserve does that. A lady at the Fed said she would be surprised to hear that they had ordered Fifth Third to call such a note.

She took my number. I can’t imagine anybody at the Fed will call back with definitive information, but it’s a trap to run.

About the same time, I hear on good authority from someone who talked to someone who had talked to someone in a position to know someone who is familiar with the situation—which is approximately the same level of attribution I had on the FDIC blind alley, mind you—that it was an internal decision at Fifth Third.

Bear with me, guys. This chasing rumors in the day of instant deadlines is apparently taking more getting used to, and a bigger toll on my credibility, I fear--than I thought. This story has more alleys than most big feedyards, and a high percentage are blind.

I think I’ll keep reporting the rumors, at least the credible ones, but I’ll keep them identified as such. Then when we smoke out the facts, we’ll report them as that. Hey, I don’t know how to do this internet thing. I’m used to taking a month to sort dull fact from exciting fiction.

Just so you’ll know I’m doing all the due diligence as quickly as a rural phone system allows, yes, I did call the bank. Fifth Third says they can’t comment on the matter because it is still in litigation.

And Tommy Gibson hasn’t called back yet.

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