Skip to comments.Citibank, 3 others fail Fed stress test; 15 pass (GMAC/ALLY Failed, Too)
Posted on 03/13/2012 1:43:26 PM PDT by tcrlaf
WASHINGTON (AP) The Federal Reserve says four major banks failed to show they have enough capital to survive another serious downturn. The list includes Citigroup, the nation's third-largest bank.
The Fed says 15 of 19 major banks passed the stress test. The Fed noted that all of the banks have built up their capital reserves since the 2008 financial crisis.
SunTrust and Ally Financial also failed the test.
(Excerpt) Read more at google.com ...
ALLY/GMAC has been making $30K loans to cerit criminals with 450 credit scores for months now, to boost Obama's economic Output numbers via Government Motors.
To MOD: How do you excerpt a very short Breaking News Story? Whodathunk it might be harmful to the banks bottom line??
Failed so far:
Sun Trust Financial
Story says 15 of 19 major banks passed the stress test. My guess is the media will highlight the positive.
I received a notice from MetLife advising me that their banking business has been sold to GE Capitol. Since I boycott GE, I will be closing my CD account as soon as it reaches term.
I’m not convinced making this public is going to shore up the banking industry, so what’s the real goal here?
They could have privately put these banks on notice, and told them to get up to speed ASAP, or fines to follow.
Those which failed are likely enemies of the state and their CEOs must have not paid the Obama regime protection $.
Print more money.
Released after close of business....
Run on these banks in the morning?
Caused by folks not understanding ...
Stock drop in morning...
“Those which failed are likely enemies of the state and their CEOs must have not paid the Obama regime protection $.”
That could be quite close to the truth. Goldman Sachs scored the same as Citi, but wasn’t ‘Failed”.
Passing = D minus minus ?
Wonder if the FED will make them close like they forced my local family owned bank to close 2 years ago.
The Peoples Bank in Winder Ga was family owned for 50+ years, and with a simple law change, they were forced (along with 25-30 other GA banks) to close their doors. Actually, they were forced to sell to a “stable” bank that had just been created to take advantage of the new law.
From their website:
“ Since its inception on January 29, 2010, CSB has acquired the assets and deposits of five banks from the FDIC: First National Bank of Georgia in Carrollton, GA; Appalachian Community Bank in Ellijay, GA; The Peoples Bank in Winder, GA (including El Banco de Nuestra Communidad); Bank of Ellijay in Ellijay, GA; and First Commerce Community Bank in Douglasville, GA. “
Bingo. And of course make the case that Bush actions are still hurting us, no matter what the Republican and some in the media are saying.
Plus if you take over a bank US guarantees your profits. It is a sweet deal.
I think that the government owns some of these bank assets as part of the bailout. They probably are required to tell us these results. Here is another link with a number of comments. There are often additional pieces of info in the comments. The article itself has a number of details.
Thank you for your comments. You may be right. I appreciate the alternative opinion on it, and thanks for the link.
Guess we now know which banks contributed to the DNC’s coffers, and which ones didn’t.
SunTrust surprises me a bit, thought they were pretty stable. Ally and Metlife should never have been granted banking licenses in the first place, they must have pictures of Barney Frank and some woman.
Interesting that the "Big 2" whipping boy banks, Wells and BofA, aren't on this list.
Caveat Emptor, and screw the banks.
Have a gun, rob a bank
Have a bank, rob the world
I do think there are problems with banks, but then they are allowed to do those things by the regulators. I don’t happen to see how charging 30% plus interest rates could be seen as anything but usurious, and ultimately criminal in nature. They get away with it.
So in some ways I agree with you, and in others I don’t. Folks sign contracts that don’t charge unreasonable rates for a home mortgage. When they can’t make the payments, I don’t see the banks as a bad entity merely because they need to keep their institution solvent, so the rest of the account holders don’t lose their money.
The Left loves to game legitimate capitalist institutions. That’s not to say there aren’t some reasons to take banks to task, but I think we need to be careful too. We shouldn’t buy into the full load of what the Left would love folks to think about banks in general.
I see the same dynamics play out with regard to the corporate world.
We should address problems directly, seek relief, and accept that very little in life works out to everyone’s expectations.
Thanks for the saying. I think it’s rather clever, and in some ways I agree with it.
Here’s another saying that applies:
“If you steal, steal big. Stealing small lands you in jail.”
What happened between Fannie, Freddie, Sallie, Congress, Buffett and the ratings agencies, and all of the investment banks was a criminal conspiracy with so many players that it assured NOBODY would go to jail for it.
The odd thing about the MF Global mess was the timing of it, and the unforced way it happened. Corzine went in like 2008 never happened and just robbed the place. It really is that simple. They just dove into customer accounts like a big lizard eats bird eggs and NOBODY, mark my words, is going to go to jail.
Now, on top of the banks being nationalized (still), the USG will likely ride in and ‘save’ the commodities industry as well. $1.6 Billion in money that is now GONE. It’s like you walking into Charles Schwab and saying, ‘Let’s look at my allocations’ and the broker saying, ‘You HAD allocations, and now you have nothing - sorry.’
MF Global was a BIG, well trusted, old player in commodities. You would think NOTHING of doing business with them as a farmer or commodities player. That story isn’t being told either, because there would be corporate jets headed for the Carribean - bug out bags in the overhead bin.