Marx on Capitol: Prepay Pledge Month Needs a Makeover
There is, we are told, no such thing as a free lunch. For the NCUA, however, there may well be free money.
If enough credit unions commit money by the end of July, the agency’s prepayment program for the Temporary Corporate Credit Union Stabilization Fund will launch. It is, to be sure, a bit different than your garden variety pledge month.
An added bonus is that such an investment would curry favor with NCUA Chairman Debbie Matz and Board Member Gigi Hyland. The two Democratic appointees may disagree on certain policy questions (Hyland is a bit more cautious about supporting new regulations than the chairman), but they are both Yankee fans.
The Mets investment could be more problematic. The family that owns the team, the Wilpons, need a cash infusion because they might have to pay back some of the money they made as a result of their investments with Ponzi schemer Bernard Madoff.