bankruptcy

Spain has been a laggard in the search for improving economic fundamentals.  The news coming out of Spain has been dreadful from employment to house prices to mortgages and banking. But the first ray of hope appeared yesterday when it…

Here are the latest FDIC seizures: First State Bank of Altus, Altus, Oklahoma Total assets of $103.4 million and deposits of approximately $98.2 million Estimated cost to the Deposit Insurance Fund (DIF): $25.2 million. Integrity…

In truth this is really two failures, but one had six subsidiaries so it counts as seven.  Here are the failures: The first bank is in New York. Waterford Village Bank, Clarence, New York, was closed by the New York State Banking…

If you haven’t seen any of Jim the Realtor’s videos over at Calculated Risk, you are not getting a feel for what’s happening in residential real estate in America.  The guy really gives the whole housing problem in California a look…

This came in overnight via the FT.  Most of the shortfall in revenue is made up through spending cuts.  Below are the relevant paragraphs: The agreement involves cutting nearly $6bn from schools and community colleges and…

This just hit the wires. NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it entered into a $3 billion loan facility provided by a…

These two seizures are going to be costly. The first one here, Vineyard Bank in California  is going to cost the taxpayer an estimated $579 million.  The second, Temecula Valley Bank in North Carolina, is estimated to cost $391…

The first bank failure is in Georgia, a state where many FDIC seizures have taken place. On Friday, July 17, 2009, First Piedmont Bank, Winder, GA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit…

This comes from the Wall Street Journal: Small-business lender CIT Group Inc. said "there is no appreciable likelihood" that it will receive fresh government support, suggesting that the company might instead seek to file for…

Here is a clip from the Daily Show with Jon Stewart that highlights Lenny Dykstra, the former baseball player turned financial guru.  To my mind, it really puts the bubble years into perspective. By the way, I am a Boston Red Sox…