Three failed banks this weekend. The big one is Corus: assets of $7 billion.
"As of July 28, 2009, Venture Bank had total assets of $970 million and total deposits of approximately $903 million. In addition to assuming all of the deposits of the failed bank, First-Citizens Bank & Trust Company agreed to purchase approximately $874 million of the assets. The FDIC will retain the remaining assets for later disposition."
"As of June 30, 2009, Corus Bank had total assets of $7 billion and total deposits of approximately $7 billion. MB Financial Bank will pay the FDIC a premium of 0.2 percent to assume all of the deposits of Corus Bank. In addition to assuming all of the deposits of the failed bank, MB Financial Bank agreed to purchase approximately $3 billion of the assets, comprised mainly of cash and marketable securities. The FDIC will retain the remaining assets for later disposition. The FDIC plans to sell substantially all of the remaining assets of Corus Bank in the next 30 days in a private placement transaction. "
"As of July, 24, 2009, Brickwell Community Bank had total assets of $72 million and total deposits of approximately $63 million. CorTrust Bank will pay the FDIC a premium of 0.10 percent to assume all of the deposits of Brickwell Community Bank. In addition to assuming all of the deposits of the failed bank, CorTrust Bank agreed to purchase essentially all of the assets."
Good recap of the follow through needed after Obama’s good speech
"She insisted that the West would not do anything to put at risk the stability of the Soviet Union"
Up eight points.
Glenn Greenwald takes on the neo-con view
Odds of a U.S.-led “relapse” into global recession may be as high as one-in-three if any shock to the world’s biggest economy adds to depressed consumer demand, according to Stephen Roach of Morgan Stanley.
"it is noteworthy that after the greatest financial calamity since the Great Depression, he is leaving in a quietly and orderly fashion"
"FT Alphaville goes back to the morning (and afternoon) of September 15. Here’s what the blogs and media were saying as the day’s events unfolded."
Must-read collection of Lehman retrospective links.
Distraction of the Day: Class warfare – The hornets vs. the bees (guess who wins?)
(video embedded below)