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The Anatomy of a Global Financial Crisis

Thu, 22 Jan 2009 14:01:00 GMT

I apologize for the recent lack of posts as I got rather caught up with travel and other activities during the holiday season.[More...]

FDIC Troubled Bank List Grows 46% - Is Your Bank Safe?

Wed, 26 Nov 2008 05:19:00 GMT

As I wrote recently, I don't see much value in the FDIC Troubled Bank List considering two quarters ago it was missing IndyMac Bank - which went on to the largest bank failure at that time, and then last quarter (Aug 26: FDIC "Troubled Bank" List) it missed Washington Mutual (WM) which was the largest S&L in the USA, and effectively failed. Further, this list does not have Citigroup (C) which is being supported by the US taxpayer. So this whole list is measurably suspect. However, the one point of use is in the pace of degradation... granted its from one bad data set to another bad data set but we now have a [More...]

Ten Hot Stocks

Tue, 08 Jul 2008 16:16:00 GMT

The new TIMalerts subscribers-only website is up…check it out: http://www.timalerts.comTIMalert subscribers, use your Paypal email addresses and register for the site, we gotta manually approve you so none of the hyenas who can’t afford $30/month get in Non-subscribers: I have a feeling all/most of the serious stock/trading talk is gonna switch over to this new premium site–of course I could be wrong–so even if you don’t give a sh$% about my trading alerts, you might wanna consider signing up to TIMalerts so you don’t miss out on any info/discussion/tips on this new site. Try it out for a month, if $30 is really gonna kill you, you shouldn’t be trading penny stocks in the first place!Genta Incorporated (GNTA) is now a perfect triple within a few weeks, sufficient long-term down[More...]

Government OKs Sale of Sovereign Bank to Spanish Company

Thu, 11 Dec 2008 16:55:00 GMT

Dec. 11--The federal government on Wednesday approved the sale of Sovereign Bank, the fourth-largest bank in the Lehigh Valley, to Banco Santander, Spain's largest bank.
Sovereign agreed in October to be bought by Santander for $1.9 billion after Sovereign customers withdrew 9 percent of deposits in the third quarter as panic spread about the soundness of banks.
Based in Philadelphia, Sovereign operates 15 branches in Lehigh and Northampton counties and has more than $700 million in local deposits, which represent 6.8 percent of all local deposits.

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Citigroup Buys Troubled Wachovia Banking Operations

Tue, 30 Sep 2008 19:48:00 GMT

Sep. 30--MORGANTON -- Citigroup agreed Monday to purchase Wachovia's banking operations for $2.1 billion in a deal arranged by federal regulators, making the Charlotte-based bank the latest casualty of the widening global financial crisis.
"Wachovia is so entrenched in North Carolina.
The deal with Wachovia greatly expands Citigroup's retail franchise -- giving it a total of more than 4,300 U.S. branches and $600 billion in deposits -- and secures its place among the U.S. banking industry's Big Three, along with Bank of America Corp. and JPMorgan Chase & Co.

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As Bank Fails, Deposits Saved

Sat, 27 Sep 2008 15:46:00 GMT

Sep. 27--The collapse of giant thrift Washington Mutual and the takeover by JPMorgan Chase will be costly to the thrift's stock and bondholders, but it will mean little for depositors, bank experts and government officials said Friday.
"For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks," FDIC chairman Sheila C. Bair said.
Seattle-based Washington Mutual, the nation's largest thrift, was seized by the FDIC on Thursday and its banking units quickly sold to JPMorgan Chase for $1.9 billion -- less than what JPMorgan had offered the thrift just months ago.

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Expect More Banks to Tank

Sun, 24 Aug 2008 17:46:00 GMT

Aug. 24--The pace of bank failures is likely to pick up soon as bad loans and mounting losses erode the capital of dozens of financial institutions.
Nine banks have failed so far this year, most notably IndyMac Bank in California.
This month, First Priority Bank in Bradenton became the first Florida bank to fail since 2004.

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Most Banks Have Cushion of Capital, Industry Experts Say

Sun, 10 Aug 2008 15:46:00 GMT

For the first time in years, that question is being asked by depositors as the decaying housing market continues to take its toll on financial institutions.
Lines of angry customers outside failed Pasadena thrift IndyMac Bancorp, as well as staggering second-quarter losses by big banks such as Washington Mutual and Wachovia, hark back to the savings-and-loan crisis of the late 1980s and early 1990s.
That's because most banks, which are coming off several strong-profit years, are sitting on a lot of capital -- money available to provide a cushion against losses.

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