bankruptcy

I was recently called out on missing the details of the FDIC's list of 117 'problem' banks. In a post on the OTS' agreement for regulatory supervision of Washington Mutual, I incorrectly stated that NCC was on that list and inferred that…

The post-mortems on Fannie and Freddie are flying in. It seems like it is almost non-stop Fannie and Freddie. Let me add to those voices with a bit of a twist: the bailout of Fannie and Freddie was as much a political move as it was a…

You have probably heard by now that Washington Mutual ousted its embattled CEO Kerry Kilinger and replaced him with former Sovereign Bancorp CFO Alan Fishman. But, what you have not heard is that WaMu has signed an agreement with the…

Apparently, the answer is yes. Thirteen "major" dealers of credit-default swaps agreed "unanimously" that the rescue constitutes a credit event triggering payment or delivery of the companies' bonds, the International Swaps and Derivatives…

If you are looking for the fallout from the Fannie and Freddie Nightmare on Wall Street, look no further than Gateway Financial and Midwest Banc. These two regional banks have nearly one-third of their tangible net worth tied up in GSE…

The U.S. government has finally stepped in to stop the bleeding. Fannie Mae and Freddie Mac, the two giant government sponsored enterprises have been taken into conservatorship and are now government property. As I consider this move a…

A prediction I first broached here in May in my post Question: How is Fannie Mae a AAA company? is finally coming to pass: Freddie Mac and Fannie Mae are getting nationalized. UPDATE: The U.S. Government takeover is now a done deal. See…

This time it is Silver State Bank of Henderson, NV to go bankrupt. Read the press release below. This one is pretty large with assets of $2 billion and it has ties to Republican Presidential nominee McCain.See my list of Bankrupt global…

A few weeks ago, I said I thought the volatility in commodity and currency markets smelled like panic. I found it very hard to believe that we could have such violent moves without a significant shakeout in the hedge fund world. We are…

Another Friday afternoon massacre claims another failed U.S. bank. This time the bank was in Georgia. Integrity Bank of Alpharetta, GA had $1.1 billion in assets. As is FDIC custom, the announcement wasn't made until after markets had…