BROOKLYN, N.Y., Nov. 14, 2008 - Small press publisher Dumbo Books of Brooklyn today announced that it was applying to the Federal Reserve to convert into a bank holding company so that it will be able to accept deposits and be eligible for federal bailout funds.
"This will help us survive in these perilous times for everyone, including small publishers of literary works," said Dumbo Books CEO Richard Grayson. "We want to avoid the fate of other small publishers, like Impetus Books, which have recently shut down due to the economic climate."
"The bailout cash from the Treasury Department will greatly help secure the future of Dumbo Books," Grayson said.
Friday, November 14, 2008
Small Press Publisher Dumbo Books of Brooklyn Announces Its Conversion to a Bank Holding Company, Applies for Bailout Funds
This morning we are issuing the following press release:
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Just don't convert to an automobile company, in which case you'd be doomed without a chance in hell of a bailout. And to bolster your chances with the Fed, as your play up your stellar backlist and highlight the thousands of citizens who owe their economic livelihood to Dumbo, make sure you also create some exotic financial instruments that create no societal value, can't be reliably valued and carry unreasonable levels of risk. The Fed seems to favor that sort of thing. Oh, and don't forget to pay out lavish executives bonuses with your bailout money - everybody else is doing it.
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