bankruptcy

This can't be good. A group of the biggest U.S. banks said they would stop accepting California's IOUs on Friday, adding pressure on the state to close its $26.3 billion annual budget gap. The development is the latest twist in…

Judge Robert Gerber has given General Motors approval to sell its assets under section 363 of the bankruptcy code.  Last month I indicated that this 363 sale was more questionable than Chrysler’s and could meet more resistance in…

Wow.  The Feds sure know how to celebrate Independence Day.  I went out for a couple of hours and four more banks were seized bringing the grand total to seven for the day and 52 on the year. Here are all the FDIC seizures for…

This is the press release from the FDIC.  Deposits of only $75 million.  Small banks are seized, big banks get bailed out, of course. Rock River Bank, Oregon, Illinois, was closed today by the Illinois Department of Financial…

Another tiny little bank. Deposits of $34 million. The First State Bank of Winchester, Winchester, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the…

This is number 46 this year. Very small.  Why not wait?  Holiday weekend? The John Warner Bank, Clinton, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking,…

Credit in Spain is contracting at an unprecedented rate, down 33% in the first quarter as Spain faces a housing bust and near 20% unemployment. Below is my translation of part of a Spanish-language article explaining the situation.…

This is effectively bankruptcy. Bloomberg reports. California is poised to begin its new fiscal year tomorrow without a plan in place to close a $24 billion deficit as the state prepares to conserve cash by issuing IOUs to vendors who are…

This is number 40 (earlier the headline read First National Bank of Kansas, but has since been corrected). First National Bank of Anthony, Anthony, Kansas was closed today by the Office of the Comptroller of the Currency, which appointed…

Here are the press releases (emphasis added). This makes 39 institutions this year. First, Cooperative: Cooperative Bank, Wilmington, North Carolina was closed today by the North Carolina Office of Commissioner of Banks, which appointed…