Friday, January 16, 2009

A Frankfort banker walks into a bar...

At first, I was puzzled to see this news story in the Frankfort State-Journal about the bank bailout:

Tony Busseni, the bank president, seems to have his Frankfortspeak down cold. Not a bail out; just a "temporary infusion of cash." Right. But a balance sheet is a listing of assets and liabilities. A $30 million loan would show up on both sides ot the ledger, cancelling each other out. How is the bank going to "strengthen" its balance sheet by adding a zero? Sounds like a bail out to me.

I then checked Mr. Busseni's campaign contribution page at Kentucky Registry of Elecion Finance and found $1250 in contributions to Finance and Administration Cabinet Secretary Jonathan "Skippy" Miller. That explains a lot.