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Its most recent tax filing shows receipts of $5.2 million, of which $4.9 million – 94 percent – was government grants. prior years show similar results. Prior years show similar results. Your tax dollars at work!
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This bank practiced fractional lending at a 10:1 rate, ten dollars of loans for each dollar they had on deposit. This misuse and abuse of their public charter continued for the entire 20 years of their existence. Public outrage over these abuses was such that the charter was not renewed and the bank ceased to exist in 1811.
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