DRF Bank is Open for business! Kossacks are my target client base. My business plan is below the fold - read on please.
I am going to form a bank, I think I will call it DRF Bank (Dave's Retirement Fund Bank).
DRF Bank is willing to loan you as much as $1M with no cash down, no documentation required, and excellent adjustable interest rates (with a short term teaser rate - wink). I will be funding this loan with equally valued loans from YRF Bank (Your Retirement Fund).
Of course, you might not pay me back, but that's OK, I can sell your (possibly bad - wink) loan to the government now. Heck, I'll even give them a great deal - 10% of the loan's face value. Unfortunately, I suspect some (wink) of the loan's made by YRF bank may alao be in danger, so YRF bank may also have to sell their undervalued securities to the government. As chair of YRF bank, it is your job to determine at what discount rate to sell these loans to the government.
Any takers? DRF Bank is gonna make a killing - until the bailout funds are consumed, at least. I need a few of you to open a YRF branch, and I am looking forward to doing business with you.