The O-Siv Bank Shut Down

"I offered to put in the capital prior to that and they she told me, you know, you don't need to. Everything is fine," he says of Puerto Rican regulators. "But then, oh, no, no, we're just going to shut the bank down." The reason was it didn't have enough capital, but a receiver who had zero banking experience ended up taking over as head of O-SIV's finance department. 'We had two or three million more cash than all the deposits and all the liabilities combined'