WHERE’S THE MONEY?

WHERE’S THE MONEY?

During the days of Chairman Isaac’s market discipline in 1984, the FDIC elected to pay out a relatively

large southern California bank. The bank lobby and teller cages were being used by claims personnel to

issue checks to depositors. As is typical, no cash remained in the bank. On the second day of the payoff, a

bank robber approached a claims agent at a teller cage and gave her a note stating that he was holding up

the bank. The claims agent convinced the robber he had picked the wrong bank to rob. Contrary to Willie

Sutton’s famous quotation, this bank was not where the money was. The disappointed and embarrassed

robber left the building, but was soon captured by local police.

--Lee Kutlich