bankruptcy

This makes three today.  Here is the California Press Release.  Note the enormous relative cost as a percentage of assets to the FDIC, which I have bolded.  No bank is taking the deposits or assets here: The Federal Deposit Insurance…

I have highlighted the area that shows the estimated cost to taxpayers below. See the FDIC website for more details: American Southern Bank, Kennesaw, Georgia, was closed today by the Georgia Department of Banking and Finance, which…

I want to make clear the significance of the Treasury's Chapter 11 bankruptcy plan for Chrysler if Fiat pulls out.  It will mean massive job losses and and a huge down-tick in consumer demand.  There will be no second half recovery.…

Press reports coming out of Germany are suggesting that the Germans are looking to hook up Opel with Fiat in order to prevent a lot of job losses when General Motors goes under.  In my view, this means curtains for both Chrysler and GM and…

From the FDIC website. More information available here: Great Basin Bank of Nevada, Elko, Nevada, was closed today by the Nevada Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.…

Small banks are going bust at a pretty good clip.  Apparently, there is no free ride for the likes of American Sterling Bank.  Its deposits were acquired by Metcalf Bank as the FDIC took it into receivership a.k.a nationalized it.  But, of…

This comes from French-language Swiss daily Le Temps: Over 50% of respondents in Geneva surveyed by the HEG School of Management believe that the bankruptcy of a large institution is likely. The Swiss political world is clearly…

I am sure you have seen the catastrophic financial results of Swiss bank UBS released this week. I have been saying for quite some time that UBS is too big to fail, but also too big to bail for tiny Switzerland. In my view, the recent…

The website You Walk Away has become pretty popular because it teaches mortgage holders how to dump their properties on banks and get out from under their mortgage without losing everything. Apparently, banks are getting into the act too…

I like the fact that President Obama has drawn a line in the sand and signaled that no more funds will be given to U.S. automakers without their presenting a viable long-term plan for restructuring. Ultimately, the automakers cannot…