In 1993, I had lunch with the head of corporate lending in the DC area from NationsBank [now Bank of America]. He explained that NationsBank had no plans to make small business loans of any meaningful volume in the district. I had checked their latest SEC filings that morning. NationsBank had approximately $110 billion in long treasury bonds on their balance sheet. Essentially, the American taxpayers were providing them with the mechanism to borrow short term at a low price using our credit, collect up all our deposits using our credit, then lend to our government long term at a 550 basis point spread where they had a recourse guarantee of our credit, and refuse to lend to my small business since it was not good enough business for them. The net result was that I could finance my government handing out more subsidy and credit to large corporations while I financed my small business with my credit card, paying them 18% to borrow my money provided with my credit and deposits.