In the state of Rhode Island, they allowed state chartered credit unions to be privately insured instead of using deposit insurance from the NCUA.
So after the banking crisis of the early 1990s they took out some banks and credit unions that made bad business loans, the private insurance was not able to bail out some of the credit unions, leaving some depositors with nothing.
So anyways the state of Rhode Island decided to raise sales taxes by 1% to create a fund that would get those depositors their money back. This was supposed to be a temporary measure to deal with an emergency.
Fast forward to today, the depositors who lost their money eventually got it back, the emergency fund shut down, but the original increase to the sales tax remains LOL
I read about some private I was being built in Texas five or six years ago. How did those ever turn out?
In the state of Rhode Island, they allowed state chartered credit unions to be privately insured instead of using deposit insurance from the NCUA.
So after the banking crisis of the early 1990s that wiped out some banks and credit unions, which made bad business loans, the private insurer was not able to bail out some of the credit unions after the NCUA stepped in to save a few, leaving some depositors with nothing.
So anyways the state of Rhode Island decided to raise sales taxes by 1% to create a fund that would get those depositors their money back. This was supposed to be a temporary measure to deal with an emergency.
Fast forward to today, the depositors who lost their money eventually got it back, the emergency fund shut down, but the original increase to the sales tax remains LOL
The beltway toll road was sold with the promise of ending tolls once it was paid off.
For some reason they were never held accountable to this, but I guess money...
The other big scam is the HOV toll lanes that were put in I10 a federal interstate.
In the state of Rhode Island, they allowed state chartered credit unions to be privately insured instead of using deposit insurance from the NCUA.
So after the banking crisis of the early 1990s they took out some banks and credit unions that made bad business loans, the private insurance was not able to bail out some of the credit unions, leaving some depositors with nothing.
So anyways the state of Rhode Island decided to raise sales taxes by 1% to create a fund that would get those depositors their money back. This was supposed to be a temporary measure to deal with an emergency.
Fast forward to today, the depositors who lost their money eventually got it back, the emergency fund shut down, but the original increase to the sales tax remains LOL
I read about some private I was being built in Texas five or six years ago. How did those ever turn out?
In the state of Rhode Island, they allowed state chartered credit unions to be privately insured instead of using deposit insurance from the NCUA.
So after the banking crisis of the early 1990s that wiped out some banks and credit unions, which made bad business loans, the private insurer was not able to bail out some of the credit unions after the NCUA stepped in to save a few, leaving some depositors with nothing.
So anyways the state of Rhode Island decided to raise sales taxes by 1% to create a fund that would get those depositors their money back. This was supposed to be a temporary measure to deal with an emergency.
Fast forward to today, the depositors who lost their money eventually got it back, the emergency fund shut down, but the original increase to the sales tax remains LOL