What is a "bank exchange" (mentioned in the movie "City Hall" starring Al Pacino)?well, in the movie the term was used as if it's a business... "No Bank Exchange, no infrastructures"....? And i do think this is different from the "dollar-currency bank exchange" thank you! |
It's been a long time since I watched the film but it centered around financial kickbacks/corruption and the mob. So it isn't a business or even, as I just discovered through searching, a standard business term. Maybe this will help:
"Imagine the federal government began offering a bank savings account package to young people and seniors with a very favorable rate of return, run through private banks in exchange for, say, their participation in the FDIC [Federal Deposit Insurance Corporation] bank insurance system. Then say the government “collected” all of those funds together in a public bank and used the money to invest as it wished in the private sector. If well managed, this system could make enough money through its investments not only to give its depositors high interest rates, but also a large profit that would go not to shareholders but instead towards the construction of new social housing and infrastructure."
Most but not all of our yank banks (lol) or credit unions are FDIC insured. Depending on how and when the line was used in the film it would appear to be referring to working outside the system - like money laundering - no dealings with the FDIC and no corporate infrastructure to hassle with or catch the illegal activity.
