Comments on: Bank Failure Friday

By: Ken in Eastman

Ken in Eastman — Sun, 31 Jan 2010 06:13:51 +0000

I believe they are contracting out with private accounting groups to do some of the auditing. It seems to be a bandaid on a knicked artery.

By: IndyInjun

IndyInjun — Sat, 30 Jan 2010 21:16:27 +0000

Wells is suffering indigestion from swallowing Wachovia, who overdosed on toxic mortgages.

It may be fatal.

By: ACLOCKWORKORANGE

ACLOCKWORKORANGE — Sat, 30 Jan 2010 20:13:11 +0000

Many of these community banks need to make it through, cause if they don’t then that means we will be forced to bank with Wells Fargo, or BOA, etc. And that would be banking hell!!

By: IndyInjun

IndyInjun — Sat, 30 Jan 2010 16:21:15 +0000

Oh I did not say it would be politically possible if the citizenry remains asleep and docilely continues to accept being financially raped during a depression.

The pain that is here and that which comes will bring about all manner of change.

It would remove the #1 source of corruption and thusly is the #1 source of funds for the political class.

It would be doing the right thing for the people, though.

By: homer_heretic

homer_heretic — Sat, 30 Jan 2010 15:32:26 +0000

Which state legislators were involved, indirectly, with that bank? (Hint: Habersham County) Perhaps the FBI investigation of CB&T will shed some light on this?

By: pravin404

pravin404 — Sat, 30 Jan 2010 15:31:21 +0000

6 banks closed by FDIC on 1/29 with total estimated cost of $1.85 billion.
This adds upto $3.2 billions cost of bank failures in January of 2010.
Check more numbers on bank failures at :
http://portalseven.com/banks/

By: ByteMe

ByteMe — Sat, 30 Jan 2010 14:03:04 +0000

Wouldn’t that kind of legislation run through the House/Senate Banking Committees… where most of the members are on the board of directors of a bank?

By: IndyInjun

IndyInjun — Sat, 30 Jan 2010 13:47:31 +0000

Why doesn’t one of the candidates for governor run on creating a STATE BANK OF GEORGIA like North Dakota’s?

We can cut Wall Street out of financing state and local projects thereby saving $billions while removing the greatest source of corruption in local government.

Yeah, the banksters and attorneys will be pissed, but we will save $billions.

By: IndyInjun

IndyInjun — Sat, 30 Jan 2010 13:36:39 +0000

States and Municipal debt to Mimic Subprime and Collapse. States not cutting budgets fast enough. Many must double pension payments in the next 2 years.

By: John Konop

John Konop — Sat, 30 Jan 2010 13:32:54 +0000

My Bad!

By: Chris

Chris — Sat, 30 Jan 2010 13:28:49 +0000

April 30th.

By: John Konop

John Konop — Sat, 30 Jan 2010 12:12:16 +0000

If jobs do not pick up the end the third or fourth quarter it could be rough for banks. The housing tax credit ends by April 1 and all must be closed by June 1 which had given real-estate a boost.

I do agree too big to fail is bad idea on many levels ie anti-competition, too much exposure…..But the problem is the FED will push banks together if they keep failing to help boost balance sheets ie stronger banks taking over weaker banks.

A real catch 22!

By: ByteMe

ByteMe — Sat, 30 Jan 2010 10:59:58 +0000

It ain't over either. Mortgage Reset Chart from Credit Suisse Note the lull in 2009 before the spikes in 2010-2012. Combine that with 10% unemployment that's going to move up over the next year and you will see more foreclosures, which will mean more bank closures. Estimates I've seen are that well over 1000 banks are in trouble right now before the next wave hits.

By: Baker

Baker — Sat, 30 Jan 2010 05:32:17 +0000

Meanwhile, we still don’t have the requisite number of state bank examiners. We didn’t have enough before, now when we really need them, we don’t have them or the money to even attempt to get them.

By: Provocateur

Provocateur — Sat, 30 Jan 2010 04:59:38 +0000

Didn’t a bank loan Sonny Perdue $21 million and then “forgive it?” How’s that bank doing?

By: Ludwig Von Beachbum

Ludwig Von Beachbum — Sat, 30 Jan 2010 04:54:01 +0000

Synovus loaned a pile of money to Sea Island Company and Sea Island announced this week that they are tits up.

By: Dave Bearse

Dave Bearse — Sat, 30 Jan 2010 04:31:21 +0000

Georgia bankers unfortunately didn’t know enough to collect origination and securitization fees then foist the inferior product on the unsuspecting.

Too big to fail is too big to be permitted to exist. Goldman et. al ought to be dismantled along the lines of the AT&T dismantlement of a couple decades ago.