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Keyword: govwatch

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  • Watchdog Faults FDIC On Georgia Bank Failure [FDIC failure to regulate led to loss]

    08/14/2009 10:11:11 AM PDT · by rabscuttle385 · 7 replies · 1,349+ views
    Dow Jones ^ | 2009-08-14 | Michael R. Crittenden
    WASHINGTON (Dow Jones) -- U.S. bank regulators waited too long to address problems at a Duluth, Ga.-based bank that failed last year and could cost the federal deposit insurance fund an estimated $207 million, government auditors said Monday. The Office of Inspector General for the Federal Deposit Insurance Corp. said in a report that the agency's supervision of Haven Trust Bank was "not effective in identifying and addressing problems early enough." "By the time supervisory actions were taken against the bank, failure was all but inevitable," the IG's office said in the report. Haven Trust failed last December.
  • FDIC to seize Colonial, sell assets to BB&T: report

    08/14/2009 9:45:52 AM PDT · by Kartographer · 34 replies · 2,890+ views
    Reuters/YahooNews ^ | 8/14/09 | Anurag Kotoky and Sweta Singh
    The Federal Deposit Insurance Corp is taking Colonial BancGroup Inc (CNB.N) into receivership and will sell the struggling lender's branches and deposits to BB&T Corp (BBT.N), Dow Jones said, citing a person familiar with the situation
  • Regulators close 2 banks in Florida [FDIC Friday]

    08/07/2009 5:48:19 PM PDT · by rabscuttle385 · 7 replies · 1,187+ views
    AP ^ | 2009-08-07
    NEW YORK — Regulators on Friday shut down two banks in Florida, bringing to 71 the number of federally insured banks to fail this year under the weight of the weak economy and rising loan losses. The Federal Deposit Insurance Corp. was appointed receiver of the banks: First State Bank of Sarasota, Fla., and Venice, Fla.-based Community National Bank of Sarasota County. First State Bank had total assets of $463 million and deposits totaling $387 million. Community National Bank had $97 million of assets and $93 million in deposits.
  • Five Banks Fail; 69 Failures So Far In 2009 [FDIC Friday]

    08/02/2009 11:48:48 PM PDT · by rabscuttle385 · 11 replies · 1,452+ views
    Fox ^ | 2009-07-31
    Five banks were closed on Friday, according to the Federal Deposit Insurance Corporation, bringing the national total number of bank failures to 69 for 2009.
  • Big Texas bank on verge of failure [Guaranty, $13.4B assets] [FDIC only has $1.8B left?!]

    07/31/2009 12:37:47 PM PDT · by rabscuttle385 · 108 replies · 4,476+ views
    NEW YORK (Fortune) -- Guaranty Bank is hardly a household name. But the Austin, Texas-based thrift's looming failure is shaping up as a big headache for bank supervisors -- not to mention a black eye for Carl Icahn and others in the smart money set. Guaranty (GFG) could be soon seized by the government in what would be the biggest bank failure in a year that has already had 64 of them. Last week, the bank warned investors to expect a federal takeover after regulators forced a writedown of its risky mortgage investments and a bid to raise new capital...
  • Analysis: House Health Care Bill’s Price Tag Tops $1.6 Trillion

    07/20/2009 9:21:34 PM PDT · by rabscuttle385 · 8 replies · 1,505+ views
    Roll Call ^ | 2009-07-20 | Steven T. Dennis
    How much does the House Democrats’ health care overhaul cost? Is it $1 trillion or $1.6 trillion? Democrats argue the number should be $1 trillion, a number provided by the Congressional Budget Office for the net cost of the portion of the bill affecting health insurance, and they boasted in press releases that the bill actually creates a $6 billion surplus over the coming decade. But the gross cost of the bill is much higher, more than $1.6 trillion, according to a Roll Call analysis of the CBO data. And despite more than $800 billion in tax and fee hikes,...
  • Wasteful Stimulus Spending (Breaking on Drudge)

    07/20/2009 5:05:55 AM PDT · by teg_76 · 107 replies · 5,963+ views
    SPENDING SCARED: WHITE HOUSE PUTS OFF RELEASE OF BUDGET RECOVERY.GOV // AWARDED: $2,531,600 FOR 'HAM, WATER ADDED, COOKED, FROZEN, SLICED, 2-LB'... RECOVERY.GOV // AWARDED: $1,191,200 FOR '2 POUND FROZEN HAM SLICED'... RECOVERY.GOV // AWARDED: $351,807 FOR 'REPLACE AND UPGRADE THE DUMBWAITER'... RECOVERY.GOV // AWARDED: $1,562,568 FOR 'MOZZARELLA CHEESE'... RECOVERY.GOV // AWARDED: $5,708,260 FOR 'PROCESS CHEESE'...
  • Four more banks bite the dust [FDIC Friday] [total cost is $1.1 billion]

    07/18/2009 12:46:12 PM PDT · by rabscuttle385 · 6 replies · 1,028+ views
    CNN ^ | 2009-07-18
    Two in California, one in Georgia and one in South Dakota - these FDIC closures bring the total number of failed banks in 2009 to 57. BY CATHERINE CLIFFORD NEW YORK (CNNMoney.com) -- State regulators shut down four banks Friday, the Federal Deposit Insurance Corporation said. The bank were: First Piedmont Bank, based in Winder, Ga.; BankFirst, based in Sioux Falls, S.D.; Temecula Valley Bank of Temecula, Calif.; and Vineyard Bank of Rancho Cucamonga, Calif. Friday's actions bring the total number of closings for 2009 to 57. . . . . . Friday's failures will cost the FDIC fund nearly...
  • CIT Says It Won’t Get More U.S. Aid [bankruptcy, failure may be imminent]

    07/16/2009 6:59:10 AM PDT · by rabscuttle385 · 37 replies · 2,177+ views
    The New York Times ^ | 2009-07-15 | Michael J. de la Merced & Eric Dash
    The survival of one of the nation’s largest commercial lenders, the CIT Group, was thrown into doubt late Wednesday after federal officials rebuffed pleas to rescue the struggling company a second time. Unless a buyer emerges for CIT — a prospect that seems unlikely — the century-old lender could founder, even after it received a $2.33 billion taxpayer-financed bailout in December. The plight of CIT, which provides loans to about a million small and midsize companies, particularly in the sagging retail sector, poses a crucial test of the Obama administration’s attempts to stabilize the nation’s financial industry.
  • CIT Worries Spread; FDIC Backstop Remains In Doubt

    07/11/2009 11:13:13 AM PDT · by rabscuttle385 · 9 replies · 1,206+ views
    Dow Jones / The Wall Street Journal ^ | 2009-07-10 | Michael Aneiro
    NEW YORK (Dow Jones)--Concerns about the creditworthiness of CIT Group Inc. (CIT) are seeping into broader markets after the commercial lender Friday confirmed that the U.S. Federal Deposit Insurance Corp. has yet to approve its application to issue government-backed debt. The worries about the lender are touching markets from stocks to Treasurys, underscoring how broader credit concerns may be resurfacing after a period of relative calm. Shares of CIT were off nearly 30% Friday before closing down 18%, while most CIT bonds fell, indicating worries about the lender's ability to meet its obligations in the long run. Treasury prices, meanwhile,...
  • IndyMac's Failure: A Year Later

    07/11/2009 11:04:52 AM PDT · by rabscuttle385 · 1 replies · 637+ views
    The Street ^ | 2009-07-11 | Lauren Tapa Lacapra
    IndyMac died a year ago Saturday, the first major thrift to fail in the financial crisis. Its burial, marked by confusion, chaos, and a relatively sweet deal for a group of private equity titans, is unlikely to happen in the same manner today. The aftermath of IndyMac, since renamed OneWest Bank, is telling, and provides a stark illustration of how much things have changed in the course of a year.
  • Wyoming bank is 53rd failure of 2009, 1st in state since 1991 [FDIC Friday]

    07/11/2009 11:02:55 AM PDT · by rabscuttle385 · 11 replies · 859+ views
    MarketWatch ^ | 2009-07-11
    SAN FRANCISCO (MarketWatch) -- Thermopolis, Wyo.-based Bank of Wyoming was closed by regulators Friday, the 53rd U.S. bank failure of 2009 as the credit crisis continues to claim victims.
  • Consumers Fall Behind on Loans at Record Pace

    07/07/2009 2:43:20 PM PDT · by Red in Blue PA · 10 replies · 1,193+ views
    CNBC ^ | 7/7/2009 | Staff
    Soaring U.S. unemployment and a shrinking economy drove delinquencies on credit card debt and home equity loans to all-time highs in the first quarter as a record number of cash-strapped consumers fell behind on their bills. Delinquencies on the value of all card debt soared to a record 6.60 percent from 5.52 percent in the fourth quarter as more cardholders relied on plastic to meet day-to-day expenses, the American Bankers Association said. Late payments on home equity loans rose to 3.52 percent from 3.03 percent, and on home equity lines of credit climbed to 1.89 percent from 1.46 percent. A...
  • For Banks, Wads of Cash and Loads of Trouble [brokered deposits and risky loans]

    07/06/2009 9:51:51 AM PDT · by rabscuttle385 · 3 replies · 1,155+ views
    The New York Times ^ | 2009-07-04 | Eric Lipton & Andrew Martin
    MACON, Ga. — H. Averett Walker used hot money to turn Security Bank from a sleepy Southern lender into a regional powerhouse. Darrell D. Pittard used hot money to jump-start his brand-new MagnetBank, allowing it to lend hundreds of millions of dollars even though it did not have a single drive-up window or even a customer with a checking account. It is a formula being replicated at banks across the United States. Rather than simply wooing local customers, they have turned to out-of-state brokers who deliver billions of dollars in bulk deposits, widely known as “hot money,” from investors nationwide....
  • SC: Foreign tourists wanted [new Federal gov't tourism agency?] [Graham says yes to more gov't]

    07/05/2009 9:48:09 PM PDT · by rabscuttle385 · 7 replies · 1,288+ views
    Grand Strand marketers turn eyes toward Europe. BY MIKE CHERNEY MYRTLE BEACH — When it comes to attracting foreign visitors to the Grand Strand, some local tourism leaders are looking to Congress for help. The Travel Promotion Act of 2009, which has been introduced in the House and Senate, would create a nonprofit corporation to advertise the U.S. as a travel destination in foreign countries. The campaign would be funded by industry contributions and a $10 fee on foreign travelers who do not have to pay for a visa. The travel industry, including the U.S. Travel Association and the American...
  • 7 more banks fail as FDIC mulls rules for sales

    07/02/2009 7:50:32 PM PDT · by AH_LiveRight · 14 replies · 1,395+ views
    AP via Yahoo ^ | July 2, 2009 | Stephen Manning and David Pitt
    WASHINGTON (AP) -- Six Illinois banks and one bank in Texas were shuttered Thursday as government regulators proposed new rules for private equity firms seeking to take over failed banks. That brought the number of U.S. bank failures this year to 52. That's more than double the 25 which failed in all of 2008 and the three closed in 2007. The Federal Deposit Insurance Corp. was appointed receiver of all seven. The total cost to the Deposit Insurance Fund from the seven closings will be $314.3 million, the FDIC said. The assets of most of the failed banks will be...
  • 7 more banks fail as FDIC mulls rules for sales [6 in Illinois as Obama says markets stable]

    07/02/2009 8:43:32 PM PDT · by rabscuttle385 · 16 replies · 2,142+ views
    AP ^ | 2009-07-02
    7 more banks fail as FDIC seeks stronger rules for buyers of failed banks. BY STEPHEN MANNING and DAVID PITT WASHINGTON (AP) -- Six Illinois banks and one bank in Texas were shuttered Thursday as government regulators proposed new rules for private equity firms seeking to take over failed banks. That brought the number of U.S. bank failures this year to 52. That's more than double the 25 which failed in all of 2008 and the three closed in 2007. The Federal Deposit Insurance Corp. was appointed receiver of all seven. The total cost to the Deposit Insurance Fund from...
  • How To Save The Newspapers, Vol. XII: Outlaw Linking [Chicago judge would outlaw links, excerpts]

    06/28/2009 6:54:50 PM PDT · by rabscuttle385 · 29 replies · 1,360+ views
    Tech Crunch / Slashdot ^ | 2009-06-28 | Erick Schonfeld
    Of all the misguided schemes put forth lately to save newspapers (micropayments! blame Google!), the one put forth by Judge Richard Posner has to be the most jaw-dropping. He suggests that linking to copyrighted material should be outlawed. No, Posner does not work for the Associated Press (which also has some strange ideas on linking). He is (normally) considered to be one of the great legal minds of our time. Posner is a United States Court of Appeals judge in Chicago and legal scholar who was once considered a potential Supreme Court nominee. He is someone who should know better....
  • U.S.'s debtor status worsens dramatically; Foreigners hold 50 percent

    06/28/2009 12:49:29 AM PDT · by rabscuttle385 · 13 replies · 1,277+ views
    The Washington Times ^ | 2009-06-27 | David M. Dickson
    In the midst of the longest, and probably deepest, postwar recession last year, the U.S. investment position with the rest of the world sharply deteriorated. At the end of 2008, America's net international investment position was minus $3.47 trillion, the Commerce Department reported Friday. That represents the difference between the value of U.S. assets owned by foreigners ($23.36 trillion) and the value of foreign assets owned by Americans ($19.89 trillion). At the end of 2007, the U.S. net international investment position was minus $2.14 trillion. Thus, America's net indebtedness with the rest of the world increased by $1.33 trillion, or...
  • Et Tu, Big Business?

    06/19/2009 4:18:51 AM PDT · by Kaslin · 19 replies · 1,532+ views
    Townhall.com ^ | June 19, 2009 | Jonah Goldberg
    What did you do when capitalism died, Daddy? I won't be surprised to hear that question from my daughter by the time she gets out of college, or should I say the State Mandatory Voluntarism Training Facility. When liberals hear conservatives decry the death of capitalism, they titter and roll their eyes. "Oh, you paranoid right-wingers! You see Bolsheviks around every corner." But such exasperation is the exhalation of concentrated ignorance. The absence of free markets isn't necessarily Bolshevism, or even socialism. Capitalism's death can come in many forms, by many different hands. After all, not all of Julius Caesar's...