Sunday, September 1, 2013

Agreeing With Forbes: Dumb Bank President Digs In Heels, Won't Pay Woman For Botched Foreclosure

Forbes just put out a follow-up to the reports I wrote about last month about how a bank in Ohio had a company remove items from a house they were foreclosing on.
Update: Katie Barnett is now suing the First
National Bank of Wellston in Ohio after
bank leaders continue to be stupid.  

The only problem was, they got the wrong house, it wasn't under foreclosure, a woman legitimately owned it, they broke in, took the woman's possessions and threw them out.

Not good.

Despite the negative publicity the bank is facing, the bank president has dug in his heels and won't pay the $18,000 the woman asked for in compensation.

As Forbes points out, it would have been a no brainer for the bank to pay out the $18,000, the whole thing would have gone away and they would have gotten out of this mess cheaply and cleanly.

Stubbornness is never a good thing. Now the bank is facing a lawsuit from the woman, which will surely cost the bank more than the $18,000 it could have paid out. And I'm sure would-be customers of the First National Bank of Wellston are a little leery of putting their money in the bank, given how they behave there.

Forbes writer Rick Ungar ties the stupidity of this bank with the stupidity of bank presidents throughout the world who precipitated the financial mess that began in 2008, one which we're still suffering from.

He writes:

"....if history has taught us anything it is that tone deaf business operators, seemingly without a shred of good judgement, are only cut out for one kind of work--running banks. How else do you explain how bank presidents throughout the world nearly succeeded in completely destroying the world's economy through their stunningly bad judgement and greed?

Yeah, this definitely reinforces my instinct to  to hide what little money I have under the mattress and be done with banks. They scary, those banks.

Anyway, best of luck to the woman suing the First National Bank of Wellston. Maybe she'll end up owning it.

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