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While financial institutions across the country flounder, Los Alamos National Bank thrives because it did not engage in sub-prime lending, has limited non-traditional loans and no structured debt instruments.
LANB President Steve Wells discussed the bank and the overall financial market during his talk to the Los Alamos Public Safety Association Thursday.
“Neither Trinity Capital Corporation, the holding company for LANB and Title Guaranty & Insurance Company, has any mortgage-backed securities or other material investments in troubled or failed investment banks, or Fannie Mae or Freddie Mac,” Wells said. “We didn't think it made sense to go into debt so we passed on it. The financial services companies that have taken significant losses or have failed were heavily involved in these types of loans and investments.”
The bad thing about the current situation, he said, is that it's not a national issue, but a global issue; this is the first regurgitation of the explosion of global trading. Europe is in real trouble because they have just one currency, he said.
Wells resents the government's $700 billion bailout for banks because he doesn't believe it's really a bailout for banks.
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