ED Magedson – Founder
Union Bank490 Fairview Ave Goleta, California USA
Pacific Capital Bank Union Bank Usury Loan Sharks Usury Loan Sharking TARP-1 RAL and Beyond Goleta California
It's too bad about the Marquette Nat. Bank of Minneapolis v. First of Omaha Service Corp decision and even worse that the Sherman Anti-Trust Act of 1890 has not been enforced since before the Reagan era.... and here's why. Also known as Pacific Capital Bancorp or formerly PCBC, this company has a long and troubled history especially since 2004. Taking public taxpayer money in TARP-1 to socialize their losses while privatizing profits for the filthy rich, it's not just the filthy rich who made out on this deal - the crooks at the 'revolving door' United States Treasury have done quite well too. Subsequent to a couple of different owners (among them Texas Trillionaires) since engaging in bad business - namely RAL and an IT upgrade fiasco - the bank is now owned by Union Bank or Mistsubishi Bank. As public records show, the trouble began in earnest with RAL and IT technology fiascos which provided a double whammy to their business. As you can see from the public record the Office of the Comptroller of the Currency slapped them with an MOU which is a matter of public knowledge: 'During the second quarter of 2009, PCB entered into the Memorandum of understanding with the FRB (“FRB Memorandum”) and PCBNA entered into the Memorandum of understanding with the OCC (“OCC Memorandum”). See “Regulation and Supervision—Current Regulatory Matters” for the discussion of the terms of the FRB Memorandum and OCC Memorandum. If PCB fails to comply with the FRB Memorandum or PCBNA fails to comply with the OCC Memorandum, it may be subject to further supervisory enforcement action, which could have a material adverse effect on its results of operations, financial condition and business.'
Read more: http://www.faqs.org/sec-filings/100316/PACIFIC-CAPITAL-BANCORP-CA-_10-K.A/#ixzz2UF4vX6sy
I must say that in my personal opinion much of the above relates to faulty leadership within the bank which led to its eventual crash and burn, and a particularly heinous miscreant representing top leadersip appears to be present among top management today. If it weren't for thieving public money via TARP-1 these scum would have gone under as they so deserved to do. Recently a letter was mailed to existing account holders that if they did not agree to the usurious new (converted) loan rates levied by Union Bank then their loans would be terminated and made immediately payable in full. That's a laugh. How about the $160 million loan the bank owes us? we the taxpayers provided to these buffoons while they lost their rears due to their gaming of the system? From what I can gather, the language in that loan letter was false and misleading which appears to be the way these people enjoy doing business. Try suing these jerks, you will be fobbed off on the FDIC and OCC which have had their teeth removed and are essentially empty regulatory shells. (shills?) For my part, I intend to challenge the foregoing in court and raise public awareness on the corrupt criminality at the core of a stinking rotten financial system of which these goons are all too typical. Should they pursue legal action on my account, I will enjoy the opportunity to publicly state my knowledge of who these characters are, what they do, and what I know about the faulty and misleading way they do business.
This report was posted on Ripoff Report on 05/24/2013 03:45 PM and is a permanent record located here: http://www.ripoffreport.com/reports/union-bank/goleta-california-93117/pacific-capital-bank-union-bank-usury-loan-sharks-usury-loan-sharking-tarp-1-ral-and-bey-1053669. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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