Those looking for a rebound in either real estate prices or the wealth of the American consumer were sorely disappointed after the release of the Federal Reserve’s Flow of Funds Accounts for the third quarter 2011. The net worth of Americans plunged by $2.4 trillion in the third quarter. Keep in mind that the entire […]
Net Worth of American Households Plunges By $2.4 Trillion In Third Quarter
December 9, 2011 By Leave a Comment
Fannie and Freddie Send Employees To Lavish Conference At Cost of $640,000 – Laughing At The Taxpayers While Losing Billions
November 30, 2011 By Leave a Comment
Fannie Mae and Freddie Mac just keep on laughing at the taxpayers as they award bonuses, send employees off on expensive travel junkets and pile up losses that have already cost the taxpayers $183 billion. Just weeks after it was revealed that the top ten executives at Fannie and Freddie received $47.8 million in bonuses […]
Increase In Third Quarter Banking Profits Largely Due To Phony Accounting Gimmicks
November 23, 2011 By Leave a Comment
The FDIC’s Quarterly Banking Profile for the third quarter of 2011 shows banking industry profits increasing by 48% from the third quarter of 2010. Aggregate net income of the banking industry for the third quarter of 2011 totaled $35.3 billion compared to $23.8 billion in the third quarter of 2010. Although traditional news organization headlines proclaimed “Strong Profit Growth […]
Central Progressive Bank, Louisiana, Closed By Regulators
November 18, 2011 By Leave a Comment
Central Progressive Bank, Lacombe, Louisiana, was closed today by state regulators who appointed the FDIC as receiver. The FDIC sold the failed bank to First NBC Bank, New Orleans, LA, which will assume all deposits of Central Progressive. Central Progressive Bank was founded in 1967 to serve the banking needs of the Northshore communities of […]
Polk County Bank, Iowa, Closed By Regulators
November 18, 2011 By Leave a Comment
Polk County Bank, Johnston, Iowa, was closed today by state regulators who appointed the FDIC as receiver. All deposits of failed Polk County Bank were assumed by Grinnell State Bank of Grinnell, Iowa, under a purchase and assumption agreement with the FDIC. Polk County Bank has a long history, having opened for business in 1903. The […]
New FDIC Vice Chairman May Seek To Break Up Big Banks
November 18, 2011 By Leave a Comment
Will the “too big to fail” banks that pose a systemic risk to the financial system ever be broken up? If Thomas Hoenig, former Kansas City Fed president wins Senate nomination as the new Vice Chairman of the FDIC, the big banks may have a lot to worry about. Mr. Hoenig should easily win Senate […]
Community Bank of Rockmart, GA, Closed By Regulators
November 10, 2011 By Leave a Comment
Community Bank of Rockmart, Rockmart, Georgia, was closed today by state regulators who appointed the FDIC as receiver. Century Bank of Georgia, Cartersville, GA, entered into a purchase and assumption agreement with the FDIC under which it will assume all deposits of failed Community Bank of Rockmart. Since banks are closed on Friday in observance […]
Fannie and Freddie Executives Pay Themselves $48 Million For Sterling Performance and Then Ask Taxpayers For $13.8 Billion Bailout
November 10, 2011 By Leave a Comment
What we all wouldn’t give to be an executive at bankrupt housing agencies Fannie Mae or Freddie Mac? According to a report released by the Inspector General of the FHFA, a total of $47.8 million was paid to the top ten executives of Fannie Mae and Freddie Mac since they were placed into receivership. The […]
Why Are We Having Nonstop Financial Crises?
November 8, 2011 By 1 Comment
Issuing a sell opinion on a bank stock is usually a short route to oblivion for a banking analyst. Mike Mayo is one banking analyst who did issue sell opinions on banks yet managed to survive. In his new book, “Exile on Wall Street”, banking analyst Mike Mayo provides an insider’s view on why the […]
29 Banks That Could Destroy The Global Economy
November 8, 2011 By 1 Comment
The Financial Stability Board (FSB) was established to coordinate international efforts to promote effective regulation and supervision of the global financial system. In its latest report on global systemically important banks, the FSB makes it clear that the world’s largest banks have become too big to fail without crashing the global economy. The leaders of […]