Pub. 10 2015-2016 Issue 3

www.nebankers.org 20 Extraordinary Service for Extraordinary Members. To contact Bert Ely, email bert@ely-co.com , phone (703) 836-4101, fax (703) 836-1403, or send mail to P.O. Box 320700, Alexandria, Va. 22320. If your bank belongs to the American Bankers Association (ABA), you can enjoy a free email subscription to FCW or you can read it monthly online at www.aba.com . To receive FCW by email or to manage your subscription, visit ABA Member Email Bulletins at www.aba.com/Tools/ Ebulletins/Pages/default.aspx. For other inquiries, please contact Barbara McCoy at the ABA at (800) BANKERS or bmccoy@aba.com.  Bert Ely — continued from page 19 Hopefully this acknowledgement of the FCS’ competitive edge by a key banking regulator will help to spark congressional hearings on the unlevel playing field on which bankers must compete against the FCS as well as the FCS’ increasingly outrageous lending abuses. CoBank Sponsors Golf Tourney On top of its inappropriate lending to large, highly creditworthy corporations, CoBank, to quote a newspaper headline, “bets on golf, gets naming rights to Colorado Open Championships.” This “five-year-deal [is] worth $1.5million,” which includes “the $250,000 purse for three tournaments” sponsored by the Colorado Open Golf Foundation. Golf is a great game and championship events provide excellent op- portunities for private-sector corporate sponsors, such as Coca Cola and IBM, to put their name in front of current and potential customers. But CoBank is not a private-sector corporation (although it increasingly acts like one), and has no business, as a government-sponsored enterprise, using even a tiny portion of its taxpayer subsidy to sponsor golf tournaments and similar events. When Congress holds its first hearing on abusive FCS activities, CoBank’s spon- sorship of a golf tournament should be added to the list of highly questionable FCS practices. Perhaps someone should file a whistleblower complaint about this inappropriate use of CoBank’s taxpayer subsidy. Report FCS Lending Abuses Bankers are continuing to send Farm Credit Watch reports of FCS lending abuses such as FCS loans for ru- ral estates, weekend getaways, and hunting preserves. Email reports of similar lending abuses in your market to: green-acres@ely-co.com.  Magazines | Newsletters | Annual Reports | Digital Media