bankruptcy

This is FDIC seizure number 32 (more details here): Cache Valley Bank, Logan, Utah, Assumes All of the Deposits of America West Bank, Layton, Utah America West Bank, Layton, Utah, was closed today by the Utah Department of Financial…

This is number 31 by the FDIC this year. "The FDIC estimates that the cost to the Deposit Insurance Fund will be $18.1 million." (See link for further details): North Jersey Community Bank, Englewood Cliffs, New Jersey, Assumes All of the…

Here is the press release from the FDIC for failure number 30 I believe (so many I lose count). Notice the eye-popping losses of $1.3 billion (link here): FDIC Creates Bridge Bank to Take Over Operations of Silverton Bank, National…

Attorney Angela Somers, Senior Counsel at Allen & Overy talks about Chrysler struggling to avoid bankruptcy.  She is an expert in bankruptcy and she is sounding a lot less upbeat about a quick and painless process than Obama.  She even…

It looks like Chrysler is going down for the count. A few piggish bondholders decided to play chicken with the Federal Government. They are going to lose this game and, consequently, lots of money too. Chrysler and the Obama…

This comes from Bloomberg: President Barack Obama plans to announce tomorrow that Chrysler LLC will be placed into Chapter 11 bankruptcy, leading to an alliance with Italian automaker Fiat SpA, people involved in the matter said.…

CNBC's Trish Regan talks about banks and the economy with FDIC Chair Sheila Bair.

It looks pretty clear that the U.S. regulators are going to clean house this year -- at least with small banks.  Hundreds of small banks and credit union will go into receivership in 2009.  However, big banks are getting a free ride. First…

The National Credit Union Administration (NCUA) has put Eastern Financial Florida Credit Union into conservatorship, an institution with $1.6 billion in assets. This looks to be the busiest day for regulators since the crisis began.  4…

There is another bust in Idaho, the fourth today, at a cost of nearly $200 million on assets of only $488.9 million.  Ouch.  This is the 29th FDIC seizure in 2009. The FDIC issued the following press release about First Bank of Idaho:…