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014
-14-
Suppose there are three banks in town, one is 100%
capable of working out, one fifty per cent and
another ten per cent. Now, if the Government puts
a 100% guarantee, it will lose 50% on one and 90%
on the other. If you put on a 50% guarantee, it
will lose nothing on the first and second, but will
lose a lot on the 10% solvent bank. Any form of
general guarantee means a definite loss to the
government and the whole objective in the plan that
we are working on can be best stated this way: There
are undoubtedly some banks that are not going to pay
one hundred cents on the dollar. We all know it is
better to have that loss taken than to jeopardize
the credit of the United States Government or to put
the United States Government further in debt, and,
therefore, the one objective is going to be to keep
the loss in the individual banks down to a minimum,
endeavoring to get 100% on them, but not having the
United States Government liable for the mistakes and
errors of individual banks and not putting a premium
in the future on unsound banking.
Q That is off the record?
THE PRESIDENT: Yes.
Q Couldn't you make it the background. There is a demand
for the guarantee proposition.
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"ocrText": "014\n-14-\nSuppose there are three banks in town, one is 100%\ncapable of working out, one fifty per cent and\nanother ten per cent. Now, if the Government puts\na 100% guarantee, it will lose 50% on one and 90%\non the other. If you put on a 50% guarantee, it\nwill lose nothing on the first and second, but will\nlose a lot on the 10% solvent bank. Any form of\ngeneral guarantee means a definite loss to the\ngovernment and the whole objective in the plan that\nwe are working on can be best stated this way: There\nare undoubtedly some banks that are not going to pay\none hundred cents on the dollar. We all know it is\nbetter to have that loss taken than to jeopardize\nthe credit of the United States Government or to put\nthe United States Government further in debt, and,\ntherefore, the one objective is going to be to keep\nthe loss in the individual banks down to a minimum,\nendeavoring to get 100% on them, but not having the\nUnited States Government liable for the mistakes and\nerrors of individual banks and not putting a premium\nin the future on unsound banking.\nQ That is off the record?\nTHE PRESIDENT: Yes.\nQ Couldn't you make it the background. There is a demand\nfor the guarantee proposition."
}