A business article in the May 7, 2010 New York Times business section caught my eye. "2 at Faith-Based Bank Are Indicted Over Bribes" I quote the first four paragraphs. click here to read more
ATLANTA — When government regulators here shut down Integrity Bank at the height of the recession, in August of 2008, the bank was seen as just another failed lender that had overvalued the real estate market and collapsed.
But a federal indictment unsealed on Friday accused two former vice presidents at the bank of hastening its downfall by selling fraudulent loans to a hotel developer in exchange for bribes.
The two executives, Douglas Ballard and Joseph Todd Foster, were charged with conspiracy, insider trading and bank fraud, according to the indictment. Mr. Ballard was also charged with bribery. The developer, Guy Mitchell, who received $80 million in loans, was charged with conspiracy and bribery.
Founded on Christian principles in 2000 in an Atlanta suburb, Integrity used the motto “In God We Trust.” The bank gave customers free Bibles, and employees prayed together at meetings. Onetime investors included a Georgia state senator and the former CNN host Lou Dobbs.
Where to begin? The very idea of founding a for-profit business based "on Christian (or any other religion's) principles" gives me pause. Apparently, the founders of Integrity Bank forgot about Matthew 21:12 "And Jesus went into the temple of God, and cast out all them that sold and bought in the temple, and overthrew the tables of the moneychangers, and the seats of them that sold doves." Granted, a bank is not the same as a Temple. However, moneychanging under the guise of Christ's teachings, would surely make him turn over in his grave, had he ever been buried.
Let's see. What might have been included on the day before Integrity Bank opened its doors for business?
Two high ranking executivess probably held a meeting to make the Ten Commandments more up-to-date, and bring them more in line with an unrestricted moneymaking business plan. Let's listen in...
"Hey D, isn't this a heavenly day?"
"Amen to that, J. What's on the agenda today? I know we talked about it last night, but I think I had a sip or two too much of that sacramental wine. Woke up today with a helluva headache. Oops - sorry."
"Well, to paraphrase what the Big Guy says, "To err is human, to forgive is to be a bleeding heart radical liberal!"
"I don't get it. What's 'pair of faces' mean?"
"Forget it, D. We're here today, the day before our Grand Opening, to update the Ten Commandments. You know, God wrote that the Earth is about 6000 years old, so I figured it's time for a rewrite of His laws, and make them a better fit for our Bank."
"Oh yeah, now I can only remember the Second one, you know, the one about our right to have as many guns as we want, and how the NRA is next to Godliness. That was a great one!"
"No, no. Although He should have made that one of His, here's the list, from the King James version...since any more recent translation is full of liberal leaning leftist propaganda. We'll take them one at a time."
ONE: Thou shalt have no other gods before me. "This is an easy one, D. Too dogmatic. And doesn't acknowledge the need for greed. #1 - DELETED."
TWO: Thou shalt not make unto thee any graven image, or any likeness of any thing that is in heaven above, or that is in the earth beneath, or that is in the water under the earth: Thou shalt not bow down thyself to them, nor serve them: for I the LORD thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me; And shewing mercy unto thousands of them that love me, and keep my commandments. "Hey, J. Another easy one. How can we include this one? Too long. We don't want to confuse the MTV generation. And how can we establish true brand identity without a powerful graven image, I mean Corporate Logo?. #2 - DELETED."
THREE: Thou shalt not take the name of the LORD thy God in vain. "This one seems okay...hey, D, pass me my water bottle...no...not so fast...you spilled it, God Da#@"!!!. Oh well. #3 - DELETED."
FOUR: Remember the sabbath day, to keep it holy. "J, I thought those Jews were shrewd businessmen? Not do business, even online, for 1/7 of the week? #4 - DELETED."
FIVE: Honor thy father and thy mother: that thy days may be long upon the land which the LORD thy God giveth thee. "Gimme a break D. What's this socialist talk about family members living a long time? Sounds like an expensive health care plan to me! #5 - DELETED."
SIX: Thou shalt not kill. "Yo, J. How will we enforce some of our, shall we say, more 'juicy' loans, if we have this one in our business plan? And killing is a stimulus package, most often supported by no-bid military contracts, for lots of our future clients. #6 - DELETED."
SEVEN: Thou shalt not commit adultery. "Now this is another no-brainer, D. Appropriate 'investments' that we've already made in clout-heavy Congress members would be wasted if we used this antiquated Commandment. I mean, how many motels in D.C. would go belly-up if adultery was banned? #7 - DELETED."
EIGHT: Thou shalt not steal. "Yeah, right, J. God must have included this one just to prove His sense of humor! #8 - DELETED."
NINE: Thou shalt not bear false witness against thy neighbor. "You know what, D? God was saving His best material for last! Oh, by the way, don't we now own the best judges money can buy? And I'm told that with this economic correction, witnesses are literally now a dime a dozen. #9 - DELETED."
TEN: Thou shalt not covet thy neighbor’s house, thou shalt not covet thy neighbour’s wife, nor his manservant, nor his maidservant, nor his ox, nor his ass, nor any thing that is thy neighbor’s. "We plan to not only covet our neighbor's house and belongings, we'll file liens against them, take full legal possession, then sell them over and over again, complete with our very own financing deals, in an endless cycle of fun, games, and profit! Right, J? #10 - DELETED."
"Good day's work, D. We accomplished more than I could ever have envisioned."
"That's so right, J. Now that we cleared away the obstructions of these 10 speed bumps on our Grand Business Highway, our Bank will reflect Our values, Our morals, and most importantly, Our Integrity. This is going to be easier than I had expected!"
"One more thing, D. Aren't bankers supposed to wear conservative suits? Maybe we should pick out something with stripes."
Monday, May 10, 2010
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