I guess it’s safe to assume we’re done for the week. Another hat trick this week. Here are failed institutions with links to the details: Teambank, National Association, Paola, Kansas Colorado National Bank, Colorado Springs, Colorado FirstCity Bank, Stockbridge, Georgia Just wondering if any of these guys made the trip to Phoenix for the annual […]
Archive for March 20th, 2009
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Friday Failure Special
Posted by Tom Lindmark on March 20th, 2009
The government shut down two of the largest corporate credit unions — U.S. Central and WesCorp. The news is just being reported so no real details. Here is a link to a post that I wrote on this at the end of January. That’s when to everyones “surprise” it was discovered there might be some […]
Little Confidence In Stabilizing Home Prices Among Americans
Posted by Tom Lindmark on March 20th, 2009
Good news and bad news on the housing front. The bad news is that Americans fear that home prices will drop more sharply this year. The good news; just reread the preceding sentence. The negative psychology that has developed around housing means that buyers are going to be reluctant to jump back into the market. […]
Ponzimonium Raging
Posted by Tom Lindmark on March 20th, 2009
Good news for bloggers. According to the government, there are hundreds more Madoffs under investigation. A short article in the WSJ reports that the commissioner of the Commodity Futures Trading Commission said that regulators are seeing more Ponzi schemes than ever before. He referred to it as “rampant Ponzimonium.” Finally one of these guys seems […]
Car Czar Says GM And Chrysler Underestimate Cash Needs
Posted by Tom Lindmark on March 20th, 2009
Here’s some surprising news. Steven Ratner, the chief auto adviser to the Treasury, said that the auto companies may need considerably more money than they indicate in the plans presented to the government. Here’s how Bloomberg TV reports it: General Motors Corp. and Chrysler LLC, which have requested as much as $21.6 billion in additional […]
Goldman Divulges A Bit More About Its AIG Exposure
Posted by Tom Lindmark on March 20th, 2009
Goldman continues to maintain that it has fully hedged its risk with AIG. The company also disclosed that it declined to settle any outstanding trades with the insurer at a discount. David Viniar, Goldman’s CFO, said that the firm felt no compunction to act any differently than what was called for under the terms of […]
How Failure Leads To Profit
Posted by Tom Lindmark on March 20th, 2009
Sometimes no matter how badlyou screw up, good things just seem to keep coming your way. The exhibit for today is the credit rating agencies. The WSJ reports that despite their abject failure to properly assess the risk of securitized loans Moodys, S&P and Fitch are in line for a big payday thanks to TALF. […]
