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Tag Archives: banks
Treasury Dept. extends money market protection to September 18, 2009
I mentioned the other day that the protection for money market accounts would expire April 30. It turns out the Treasury Department has extended the protection: The U.S. Treasury Department today announced an extension of its temporary Money Market Funds … Continue reading
Well the first thing you know old Jed’s a zeroaire
The FDIC took control of the First Bank of Beverly Hills and three other banks last Friday. Jethro, Granny, Ellie May and Miss Hathaway hardest hit. First Bank of Beverly Hills was in such bad shape the FDIC couldn’t find … Continue reading
Money market guarantees expire April 30, 2009
Unsafe Money Market Guarantees Expire in April: Notwithstanding the preceding statements, the T. Rowe Price money market funds are participating in the U.S. TreasuryÂ’s Temporary Guarantee Program for Money Market Funds. The Program generally does not guarantee any new investments … Continue reading
The Top 10 Signs You Are Living in a Banana Republic
The Top 10 Signs You Are Living in a Banana Republic: 5. The bankruptcy process has becomes a political process. If this is the worst economy since the great depression, why aren’t there more bankruptcies? When did bondholders–which own a … Continue reading
Analyst: Bank losses could reach Depression-level
New York Times – Bank Analyst Sees Depression-Size Loan Losses: Mr. Mayo, who recently left his job covering bank stocks for Deutsche Bank to join a unit of Calyon, initiated coverage of 11 large banks in the United States on … Continue reading
Senate bill would raise FDIC borrowing from $30B to $100B
If you’re not mad about the FDIC’s shameful conduct in the banking meltdown it’s because you’re not paying attention. Mish has the latest: In a galling move that has nothing to do with credit card reform at all, the Senate … Continue reading
WSJ asks 6 economists: Did the Fed cause the housing bubble?
Five of six answer in the affimative. Via The Corner, which has a summary of answers if you don’t want to read the WSJ piece. One sample: “The blame for the current crisis extends well beyond the Fed — to … Continue reading
Urban Legend: FDIC has 99 years to pay back depositors
I had a person at the bank desk tell me that the FDIC has 99 years to pay back depositors, which is why his bank has other forms of insurance to protect their accounts. I had to look it up. … Continue reading
Why I don’t think regulators should suspend mark to market accounting
Here’s my simplistic, probably naive take on mark market accounting. In recent years some of these banks loaned $500,000 to buy California houses that in today’s market are only worth $250,000. Mark to market accounting would require them to value … Continue reading
How healthy is your bank?
Find out here. First Tennessee doesn’t look so hot considering they received $800 million in TARP bailout money. SunTrust isn’t looking so good, either. Still, they’re in better shape than these guys.
An analogy for the real estate crash
Heidi the bar owner decides to extend her customers easy credit terms so they can drink now and pay later: Taking advantage of her customers’ freedom from immediate payment constraints, Heidi increases her prices for wine and beer, the most-consumed … Continue reading
John Adams
“All the perplexities, confusion and distress in America rise, not from defects in the Constitution or Confederation, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit, and circulation.” – John … Continue reading
The third wave of loan defaults: construction and development loans
Calculated Risk – Bank Failures and C&D Loans: Called acquisition, construction and development, or ADC, loans, they total 8.4 percent of all bank loans, just below a 30-year peak, and are used by developers to buy land, put in infrastructure … Continue reading
FDIC collected almost no insurance from 1996 to 2006
Unbelievable. The FDIC is supposed to charge insurance fees to banks. Those fees are then used to cover depositor’s money in case the bank fails. During the boom years the FDIC thought most banks were so healthy there was no … Continue reading
How are American’s investments in bailed-out banks performing?
In return for bailout money the government is getting shares in the bailed-out companies. How are American’s investments performing? Answer: not too well. Since the bailout the stocks of the 10 companies receiving the most TARP money have lost more … Continue reading
Foreigners withdrew 15% from UK banks in 2008
Independent – ‘Run on UK’ sees foreign investors pull $1 trillion out of the City: A silent $1 trillion “Run on Britain” by foreign investors was revealed yesterday in the latest statistical releases from the Bank of England. The external … Continue reading
Congress plans to give FDIC $500 billion for failed banks (UPDATED)
Wall Street Journal – Bill Seeks to Let FDIC Borrow up to $500 Billion: Senate Banking Committee Chairman Christopher Dodd is moving to allow the Federal Deposit Insurance Corp. to temporarily borrow as much as $500 billion from the Treasury … Continue reading
Another desperate credit card company story
This time it’s Aspire VISA. Patrick.net has the details. Hey Patrick – I just got a letter from a credit card bank that I have had a card with for five years, never been late once, offering me a $783 … Continue reading
More reasons I’m worried about banks
I knew it was possible, but I never dreamed the FDIC would actually come out and admit how overwhelmed they are by the current financial crisis. Bloomberg – FDIC’s Bair Says Insurance Fund Could Be Insolvent This Year Federal Deposit … Continue reading
The deuce you say
Shockah – massive government bailout has massive cost overruns: March 3 (Bloomberg) — Federal Reserve Chairman Ben S. Bernanke said policy makers may need to expand aid to the banking system beyond the $700 billion already approved and take other … Continue reading
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