FDIC

From Justin Fox of Time Magazine:   FDIC chairman Sheila Bair doesn't think a full government takeover of Citigroup and other multinational financial institutions is practical or even possible. Here are her reasons, as summarized by…

Two more Friday night specials - story via Reuters U.S. regulators closed Security Savings Bank in Henderson, Nevada, and Heritage Community Bank in Glenwood, Illinois, the Federal Deposit Insurance Corporation said on Friday. Heritage,…

Naked Capitalism's Yves Smith was on Fast Money at CNBC yesterday. She made a number of good points regarding the discussion on nationalization. One that particularly resonated with me was her assertion that the United States is…

The FDIC has closed another bank. This time it is FirstBank of Georgia. The bank only had $285 million in deposits, so this was no titan. Regional powerhouse Regions Financial has assumed the deposits, which is positive because last week…

In 2008, the FDIC successfully shut down 25 banks. This year it has already been six. To date, the FDIC had generally been able to find a buyer of one of the failed banks' deposits. After all, outside of IndyMac, the large majority of…

Another Friday night in America means another bank goes bust. This week, it's two banks: Haven Trust of Georgia nd Sanderson State of Texas. BB&T is stepping in for the deposits at Haven Trust. And Pecos is taking the deposits at…

Another Friday and another three FDIC Friday Night Specials. This time, the notables were Downey Savings and Loan Association and PFF Bank & Trust which were seized by the FDIC. Downey is especially notable as it has been in the news…

The latest news in bailouts involves GE Capital. Apparently, the company has gone begging to the FDIC for a bailout. In fact, the FDIC has offered to back $139 billion in GE Capital debt. I have serious reservations about this move by…

It is now a ritual. Every Friday night the FDIC announces which banks have been playing fast and loose with our money and need to be shut down. This week, there are two banks, Security Pacific of Los Angeles and Franklin of Houston.…

This past weekend, the FDIC closed yet another bank, Freedom Bank of Bradenton, Florida. The bank had total assets of $287 million and total deposits of $254 million. Super regional Fifth Third, based in Cincinnati, Ohio will take over…