After being ousted by a proactive board of directors on Tuesday, Citigroup’s former chief executive Vikram Pandit is unlikely to suffer a decline in his standard of living. As CEO of Citigroup, a $1.9 trillion asset global banking giant, Mr. Pandit was paid a relatively modest base salary of $1.67 million during 2011. During 2009 […]
Citigroup’s CEO Walks Off With A Quarter $Billion – Shareholders Down 89%
October 18, 2012 By Leave a Comment
First United Bank, Crete, IL, Closed By Regulators
September 28, 2012 By Leave a Comment
The Illinois Department of Financial and Professional Regulation made an unannounced visit today at the First United Bank, Crete, Illinois. State regulators shuttered the Bank after determining that it was insolvent and appointed the FDIC as receiver. To protect depositors, the FDIC sold the failed bank to Old Plank Trail Community Bank, N.A., New Lenox, […]
FDIC Issues 80 Enforcement Actions In August Against Banks and Individuals
September 28, 2012 By Leave a Comment
The FDIC announced today that a total of 80 enforcement actions were issued against banks and individuals in August. In the previous month, the FDIC issued 56 enforcement actions. Enforcement actions taken during August included the following: 19 civil money penalties 12 consent orders 19 orders terminating consent and cease and desist orders 18 section […]
Truman Bank, St. Louis, Mo, Closed By Regulators
September 14, 2012 By Leave a Comment
Truman Bank, St. Louis, Missouri, a four branch bank with over a quarter billion dollars in assets, was closed today by the Missouri Division of Finance. The FDIC, appointed as receiver, sold the failed Bank to Simmons First National Bank, Pine Bluff, Arkansas, which will assume all deposits of Truman Bank. Opened in 1994, Truman […]
First Commercial Bank, Minnesota, Closed By Regulators
September 7, 2012 By Leave a Comment
First Commercial Bank, Bloomington, MN, was closed today by the Minnesota Department of Commerce. The FDIC, which was named as receiver, sold the failed bank to Republic Bank & Trust Company, Louisville, KY. Founded in 1999, First Commercial Bank was a privately held company with total assets of $215.9 million as of June 30, 2012. […]
Regulators and Government Activism Are Prolonging The Housing Crisis
August 31, 2012 By Leave a Comment
Banks never seem to learn as they lurch from one lending crisis to the next. In the early 1970’s the largest banks in the country lent recklessly to Latin American countries under the theory that sovereign nations would not default. The ensuing Latin American debt crisis and sovereign defaults shattered that complacent theory and many […]
FDIC Issues 56 Enforcement Actions In July Against Banks and Individuals
August 31, 2012 By Leave a Comment
The FDIC announced today that it took enforcement actions against a total of 56 banks and individuals during July 2012. During the previous month, the FDIC issued 48 enforcement actions. The July enforcement actions included 13 civil money penalties, 3 prompt corrective action notices, 5 consent orders, 8 section 19 orders, 12 removal and prohibition […]
Connecticut Home Values Plunge As Banks Cut Jobs And Bonuses
August 29, 2012 By Leave a Comment
Banking industry woes are translating into major price declines for high end residential real estate in Connecticut. For those who believe that real estate prices has bottomed out, please consider Connecticut Homes Biggest Losers As Wall Street Cuts. Prices in the Fairfield County area, home of the banker bedroom communities of Greenwich and New Canaan, […]
Doubts Remain Over Banking Industry “Recovery” – FDIC Quarterly Banking Profile
August 29, 2012 By 1 Comment
The banking industry, which was on the verge of collapse in 2008, is showing tenuous signs of recovery. The FDIC Quarterly Banking Profile for the quarter ending June 30, 2012, showed an increase in both bank profits and lending volume as well as a small decline in the number of problem banks. Almost 63% of […]
Secret Government Plans For Economic Collapse Revealed – Five Years Later Still At The Abyss
August 14, 2012 By Leave a Comment
With the banking industry still in fragile condition, it is not surprising that the government has been making secret plans to deal with an economic collapse. It is a chilling thought to realize that five years since the world economy faced total collapse, we are still perched on the financial abyss. In an exclusive report, […]