The Palm Beach Post from West Palm Beach, Florida on December 10, 1976 · Page 16
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The Palm Beach Post from West Palm Beach, Florida · Page 16

West Palm Beach, Florida
Issue Date:
Friday, December 10, 1976
Page 16
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: : A16-Palm Beach Post, Friday, December 10, 1976 Government Agency Owns 4Bawdy House' ties and purchase some of the as WASHINGTON (UPI) - The federal agency responsible for insuring 14,000 of the nation's banks has acquired financial interest in some unusual assets lately - fleets of tuna boats and taxis, an X-rated movie, a "bawdy house" and a valuable copy of the Moslem bible. The Federal Deposit Insurance Corp. ; (FDIC) also purchased 47 wind machines at a cost of $427,000 to nrotect its citrus crops from sets. Before 1973, the FDIC asset inventory was relatively small, Barnett said. But since then, eight large banks have failed, including the U.S. National Bank of San Diego and New York's Franklin National Bank. Currently, he said, the FDIC administers an inventory of 78,000 assets with an aggregate book value of $2.6 billion. Under law, said Barnett, the FDIC must dispose of the assets acquired from failed banks "in an orderly manner, rather than on a forced-sale basis," meaning the government must manage the assets until the best buyer can be found. "We have operated a sizable navy, with a fleet consisting of tuna boats, shrimp boats and oil tankers," he said. THOUSAND PINEgS Count r y Estates 2 miles west of the Florida Turnpike on Okeechobee Blvd. James K. Siobrecht, Realtor Palm Beach, Fla. 655-7034 freezing, and some beehives to pollinate its almond trees. The reason for these "odd-ball" ventures was explained yesterday by Robert E. Barnett, chairman of the FDIC, in a speech in San Juan. The text was released in Washington. Barnett said when a bank fails the FDIC must either pay off the insured depositors or arrange for another bank to assume the liabili- Ground Bulge May Signal Earthquakes SAN FRANCISCO (AP) - Though its meaning still is a mystery, the uplifted Palmdale Bulge near Los Angeles is likelier than any other specific area to be jolted by earthquakes, a scientist said yesterday. The statement does not signal any new concern about the upswelling of ground along a 100-mile stretch of the San Andreas Fault, but it shows that scientists regard the region as a kind of laboratory for earthquake prediction. "In California we know that we have magnitude 6 (on the Richter Scale) quakes every couple of years, but we don't know where," said Dr. Wayne Thatcher of the U.S. Geological Survey. "We have to move in afterward with our instruments to study he quake." 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