Browse > Home / Advertising Agency News / Since when does the FDIC respond to Youtube Videos?

Since when does the FDIC respond to Youtube Videos?

February 13, 2010

Edit : It appears that the Video was taken down now, only adding fuel to the fire.

The problem before the FDIC responded the view count on the video was 683 total, after the FDIC responded the view count on the video shot up to 14,000 and climbing. In other words the FDIC’s unknowing march into social media boosted the view count of the video and widened it’s reach.

This was a very poor decision on part of the FDIC’s PR department. Honestly I wouldn’t have even noticed the video and posted it on Google News if I didn’t see the FDIC’s press release.

They need some sort of social media savvy ad agency… because what they got now is a PR firm for the people saying bad things about them.

Here is the press release:
—————————-
Press Releases
FDIC Provides Additional Information on its Loss Share Agreement With OneWest Bank

February 12, 2010

FDIC Director of Public Affairs Andrew Gray said, “It is unfortunate but necessary to respond to blatantly false claims in a web video that is being circulated about the loss-sharing agreement between the FDIC and OneWest Bank. Here are the facts: OneWest has not been paid one penny by the FDIC in loss-share claims. The loss-share agreement is limited to 7% of the total assets that OneWest services, and OneWest must first take more than $2.5 billion in losses before it can make a loss-share claim on owned assets. In order to be paid through loss share, OneWest must have adhered to the Home Affordable Modification Program (HAMP).

The producers of this video perpetuate other falsehoods. The FDIC has not requested to borrow money from the Treasury Department. Indeed, we continue to be funded by the banking industry through assessments, not by taxpayers as claimed in the video.

This video has no credibility. Regardless of the personal or professional motivations behind its production, there is always a responsibility to be factually correct and transparent. The FDIC made available a fact sheet on the day that the sale of IndyMac was announced that details the terms of the contract. It’s too bad that the creators of this video opted to premise it on falsehoods.”

http://www.fdic.gov/news/news/press/2010/onewest_lossshare.html

Must of struck a nerve. This is awkward in many regards, but the FDIC isn’t know to responding to social media discussions, Youtube videos or even bloggers. So what prompted them to respond to this?

This is the video in question

Edit: The guy updated his video here:

http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1013723

Written by TheFounder · Filed Under Advertising Agency News 


Comments

  • bobhertzog

    My name is Bob Hertzog, and I wrote a blog in September/2009 titled, “Is The FDIC Killing OneWest IndyMac Short Sales”. The numbers (and to story, to some extent) in the video were taken directly from my blog. This was an actual case that happened to one of my clients, and the numbers are real. The FDIC press release sounds like a ticked-off 7th grader, and doesn't address much of what was in the video. The fact that they even chose to respond to a YouTube video has to make you wonder if there is more to this than what meets the eye. Methinks so….

blog comments powered by Disqus