[Finance] Cho Var Banking officially insolvent

Cho Var Banking officially insolvent
Thousands of loans facing uncertain futures, temporarily held by the PCAFS

Alia T’Neem, Aethon Journal of Finance

Panic struck the galactic banking scene today, as the Cho Var commercial banking union officially declared insolvency after a year of struggling to recover from the Reaper invasion. As Cho Var was responsible for over twenty thousand business loans and mortgages in the colonial housing industry, its demise is a source of serious concern for the Turian Hierarchy and Vol Protectorate.

“It’s sad, but not exactly surprising,” said in-house analyst Urdnot Wroomp. “Cho Var kept a huge part of the reconstruction efforts in turian and volus space floating, and they did it without gouging interest or establishing restrictive deadlines. It’s patriotic, but it’s also probably what did them in.” Patriotism notwithstanding, Cho Var’s collapse has caused considerable turmoil regarding the state of the outstanding government loans. The Protectorate Commission for Assured Financial Security, in accordance with volus policy, has stepped in to temporarily retain the loans until they can be sold off.

At present, there have been no announcements regarding which bank will acquire Cho Var’s outstanding loans or depositors. Until an acquisition is announced, former Cho Var depositors, including companies participating in reconstruction, may find that access to their funds have been temporarily disrupted.

Hah-hah! TO THE FINANCE DEPARTMENT

MY KEEN VOLUS BRAIN DETECTS PROPERTIES TO ACQUIRE

Oh dear.

This may present... complications.

And people ask why I prefer to be paid with materiel and other goods these days.

How curious.

Just another sign of how unstable the galactic economy is as the current leadership plods along in their ineffective reconstruction plans. It's time for a Maverick to step up to the plate and execute a financial policy revamp to get us back on the right track!

That's interesting Maverick, how would you have handled it if you were in charge? In details please, I think it would be a great way to show what you can do.

Simple dear voter. In that article, the blame on the insolvency is placed on the patriotic actions of the Hierarchy and Protectorate in keeping the colonial housing market afloat. However, in my opinion, they weren't being patriotic enough! We needed more patriotism in that situation to get things on the right track!

If I had been in that situation, instead of simply keeping the market afloat, I would have pushed to aggressively expand colonial housing construction and resettlement. And I would push for the same thing here on the Citadel! We have crowds upon crowds of refugees remaining on the station with no where to go, to say nothing of Citadelites whose homes and livelihoods have been destroyed. Now is not the time to simply limp along keeping barely alive; the failure of this bank shows that. Now is the time for bold action! The actions of a Maverick!

Mr. MAverick, how does spending more money (that Cho Var didn't have) solve the problem of running out of money?

Excellent question citizen. It all relies upon a complex and interconnected system of financial concepts and practices known as "economics." Unfortunately I can't elaborate upon this mysterious system at this moment in time, but as I type my campaign is emailing you a voucher for a free Max Vallario t-shirt. Enjoy! And make sure to come out on election day!

This is like taking more debt to get out of debt?

Don't tell me Mr. Vallario is a Keynesiast.

*Keynesian

I'm not even human and I know that, educate yourself a bit better in the future, eh?

Maverick, is the Hierarchy ready for influx of Citadel refugees? Wouldn't it be difficult to protect and feed scattered new colonies?

To be precise, I consider myself a neo-neo-Keynesian, following chronologically from the first wave of Keynesian thought during the Earth Great Depression of your 20th century, and the resurgence of Keynesian thought during the Great Recession of Earth's early 21st century. Either way, I think that when the economy isn't going the way it should, it's time for a Maverick to step up and give the financial markets a good solid kick in the hindquarters to help YOU!

Someone elect this man, I think I'm barred from doing so myself.

Thanks for your support voter! And if you're unable to vote, you can still feel free to donate to the Vallario for Assemblyman campaign right [Here] on our website!

So...what do the polls look like for your candidate right now?

I'm very excited about the current numbers right now! I'm confident that come Tuesday, people of Tayseri ward like YOU will make the choice to give the heave-ho to the old guard and put a Maverick in place that will lead the charge for change!

What if you lose then?

Er.

Um.

I'll cross that bridge when I don't come to it?