An official “watch list” of potentially troubled US banks has lengthened from 90 to 117 as the credit crunch wreaks havoc throughout the financial industry.
The Federal Deposit Insurance Corporation, which guarantees customers’ money held in US banks, said the quarterly list was the longest since mid-2003 and is asking its members to increase contributions to a dwindling bail-out fund…
So far this year, nine US banks have collapsed including California’s IndyMac Bancorp, the third largest failure of a high-street bank since the FDIC was created 75 years ago.
The FDIC does not disclose the identity of institutions on its watch list. But it said the aggregate total of assets held by troubled banks had risen from $26bn to $78bn, partly because the FDIC seized control of $32bn at IndyMac…
The FDIC has increased the number of staff handling banking failures by 60% as it faces the most challenging environment since the savings and loan crisis of the late 1980s which drove hundreds of small financial institutions out of business.
Starting with sleazy storefront mortgages – unregulated and unlicensed – the majority of the banking industry, nationally and throughout the Western world, climbed on board the downbound train to get a piece of the action.
Congress and White House bought in. Of course.
#20, Daniel,
Buying anything is simple. If you bought a house recently you should understand just how simple that is. I read every single piece of paper and balked at several. Explanations were duly noted on the paper before I signed it.
This was so complicated in fact that I think a lawyer should have been involved for me. The purchaser has a real estate agent and the mortgage broker working for them. Only they don’t; they are only in this for themselves. Once they have their money they are gone.
Over the past few months there were several stories about how naive purchaser were told to lie on the forms and shown crazy math about how they can afford it. That doesn’t make them morons. It just points out what happens when industries can shed oversight and regulations.
What do you know. A sensible post exchange by Fusion.
as Duke would say… What’s the score… .. what’s next?
as Duke would say… What’s the score… .. what comes next?
Hi All TOP MANAGEMENT
Bad Control and Planning has lead to this stage,
Instead of Sacking, Allow all the guys to work like one Family,
Cut 40 % Pay for Top Management and 30 % to all the employees this way find out the novel way to retain, instead of making them Exit,
One day it will be tough and more costlier to hire guys when you need and people would not come to your Doors since they know many are burnt,
I know recession every where, Inflation every where , they are not the Mantra, Keep everyone in good terms and retain them during all the bad days, defintely everyone will agree to this
Goodwill Vijay