Where's the bailout for Pontillo's?

Last night, CBS News reported (watch the video above) that contrary to promises from Congress, that $700 billion bailout for the nation's biggest banks, the bailout intended to help banks get toxic loans off their books and to kick-start new borrowing and stimulate the economy -- well, nobody really knows how the banks are using the money.

Congress, in its rush to ram this legislation through, didn't require a stitch of regulatory oversight.  And the banks obstinately told CBS: "We don't have to tell you what we're doing with that money."

Meanwhile, it's been reported elsewhere -- as CBS refers to the reports -- that some of the banks are using taxpayer money to go on buying sprees, acquiring smaller banks and making themselves bigger.

That isn't what Congress promised us would happen with our money.

Meanwhile, one of our own businesses -- Pontillo's Pizzeria -- is clearly having its own financial struggles.  The venerable Main Street eatery is more than $112,000 behind in taxes. The family is involved in a messy lawsuit. It's currently shut down, reportedly for renovations, but the signs are clearly troubling.

We don't see Henry Paulson rushing to Batavia to help out John, Paul and Sam, but his fat-cat buddies on Wall Street are doing just fine.

The situation with Pontillo's is important, and as much as some people might like to see the news of the restaurant's struggles swept under the rug, it isn't going to help Pontillo's or the community to hide from these issues.

What's going on with Pontillo's has a ripple effect throughout Genesee County -- the restaurant employed local people who spent some portion of their revenue locally, and paid rent to local landlords, and the restaurant did business in some degree with local suppliers, and all of those people are affected, too.

Clearly, the situation is heartbreaking for all the people who grew up with Pontillo's, either as former employees or loyal customers.

Some people do what to know what's going on not merely for curiosity's sake, but because they care. This situation effects more than just one family. It effects the entire community.

 

Which brings us back to the bailout. 

Where is the bailout for Pontillo's?  Congress talked a lot about how what happens on Wall Street effects Main Street. So far, we're not seeing the connection.

Some of these banks that received cash from Congress have branches in Genesee County. Wouldn't it be appropriate for one of those branch managers to step forward and ask the Pontillos how they can help?

We're not holding our breath, but we are wishing the Pontillos well. We do want to see them pull out of this. When Pontillo's reopens, it should be a big community event.