banks

1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California were taken over by the FDIC on Friday. They always wait until Friday night to do their business. This marks the first FDIC closure action…

The day is almost over for the market (thank goodness) and it seems that financal service investors are in panic mode again. The market is down over 250 points and some shares in financial services are down over 15%. What gives?As we may…

The U.S. House of Representatives has passed the housing bailout bill helping troubled mortgage borrowers, but also giving the U.S. Treasury Department a blank check to support Fannie Mae and Freddie Mac. The New York Times describes it…

This reporting season, there have been some major, major writedowns from the likes of WaMu, Citi, Merrill, and Wachovia. Most analysts see this quarter as the last quarter of major writedowns from the credit crisis. Haven't we heard that…

Talking about the financial markets and the housing mess, George W. Bush offered up these pearls of wisdom:"There is no question about it. Wall Street got drunk.... That’s one reason I asked you to turn off your TV cameras.... got drunk and…

As the downturn gathers steam, lawsuits against financial firms are going to rise. Below is the latest in lawsuits. The associated WSJ article is available only to subscribers.New York state Attorney General Andrew Cuomo is preparing to…

As an unofficial Eurosceptic, I always view EU power grabs through a lens of distrust. Now, the EU is looking to increase its power by further regulating financial markets. But, the heavy-handiness of the regulation surely will be…

Recently, the SEC restricted short selling on a list of 19 stocks because of turmoil following the Fannie-Freddie worries last week. In effect, the SEC was signaling that these institutions are too big to fail because a number of these…

In the aftermath of the Meltdown of the GSEs and the heavy-handed regulatory solution used to stem the tide, regional banks are in focus for investors as they stand to the take the brunt of short-selling. Financial services bears know full…

Below are the latest writedown stories from the web. For the full timeline of news, visit my credit crisis timeline.Also see my list of Bankrupt Global Financial Institutions.2008 07 15 Regional Banks Take It on the Chin As Fallout…