banks

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…

Ken Lewis, the embattled CEO of Bank of America, has recently admitted to being coerced by U.S. Government officials to consummate the Merrill Lynch acquisition. The problem for Lewis is he may have neglected his fiduciary responsibility…

Bank of America CEO Ken Lewis is fighting to keep his job because earnings at his company have plummeted. BofA's acquisition of Merrill Lynch has been a large part of the problem.  Now, understanding that he is being made out to be the fall…

Paul McCulley of PIMCO made a few comments back in March which caught my attention.  Given how well banks are doing this earnings season, I thought it relevant to quote him here.  The essence of his remarks was this: Deleveraging is a…

The Bloomberg video below makes it seem that Whitney believes the stress tests are a sham. She says the tests are a theoretical exercise whereby banks ask: "what will our earnings power be in two years after we sell off these 'toxic'…

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…

On the back of a decent quarter at JPMorgan Chase, CEO Jamie Dimon has signalled his desire to repay government money as quickly as possible and remove the strings attached to that money.  Dimon has often said that JPMorgan Chase did not…