Bank of North Dakota Soars Despite Oil Bust: A Blueprint for California?
Posted on May 2, 2016 by Ellen Brown
https://ellenbrown.com/2016/05/02/bank-of-north-dakota-soars-despite-oil-bust-a-blueprint-for-california/
Despite North Dakota’s collapsing oil market, its state-owned bank continues to report record profits. This article looks at what California, with fifty times North Dakota’s population, could do following that state’s lead.
In November 2014, the Wall Street Journal reported that the Bank of North Dakota (BND), the nation’s only state-owned depository bank, was more profitable even than J.P. Morgan Chase and Goldman Sachs. The author attributed this remarkable performance to the state’s oil boom; but the boom has now become an oil bust, yet the BND’s profits continue to climb.
Its 2015 Annual Report, published on April 20th, boasted its most profitable year ever.
The BND has had record profits for the last 12 years, each year outperforming the last. In 2015 it reported $130.7 million in earnings, total...