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Inside Washington (02/04/2009)
* WASHINGTON (2/5/09)--Rep. Thaddeus McCotter (R-Mich.) honored Kensington Valley Community CU, Highland, Mich., on its 50th anniversary. The credit union was originally founded as Huron Valley Schools Employees CU and has $25 million in assets. “The Kensington Valley Community CU has become a landmark in the community it serves by providing important financial services to its members,” he said. McCotter noted the honor in Monday’s Congressional Record ... * WASHINGTON (2/5/09)--The “bad bank” model to relieve banks of bad assets will not work, Sen. Charles Schumer (D-N.Y.) told CNBC Tuesday. The model is flawed because of its high cost, and because the government would have to buy assets at a price that likely doesn’t match the value of the assets. “A better solution is for the government to guarantee the assets below the amount the banks have them in their books,” Schumer said. “The banks would not get away scot-free here. They would have to pay an insurance fee for the guarantee, but they’re not looking into the abyss. It might help them to start lending again.” The senator also noted that the government “can’t just keep saving institutions,” as it is the worst solution to dealing with the financial crisis ...


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