Welcome to Banking Update, a roundup of articles and news from around the Internet. Let’s go right to the links. Business at pawn shops is booming. Bargains for buyers and easy credit for borrowers has resulted in pawn shops taking over the role of traditional banks and retailers for many consumers. The average loan amount […]
Banking Update – Daily Banking News
December 19, 2011 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the Internet. Let’s go right to the links. Runs on the bank are intensifying in Europe – fragile confidence in the banking system is being shattered. Banking holidays and capital controls may be necessary which would fuel the panic further. Chinese homeowners go […]
Banking Update – Daily Banking News
December 16, 2011 By 1 Comment
Welcome to Banking Update, a roundup of articles and news from around the Internet. Let’s go right to the links. The credit ratings of eight major banks were downgraded by Fitch. The eight global trading and universal banks (GTUB) that saw their credit ratings lowered were Bank of America, Morgan Stanley, Goldman Sachs, Barclays, Credit […]
Banking Update – Daily Banking News
December 15, 2011 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the Internet. Let’s go right to the links. Kyle Bass, one of the sharpest investment minds in the world, gives an interview on the worldwide debt crisis. Mr. Bass expects Japan, one of the most indebted nations in the world, to be forced […]
Banking Update – Daily Banking News
December 14, 2011 By Leave a Comment
Welcome to Banking Update, a roundup of articles and news from around the internet. News Highlights of the Day: The European banking and sovereign debt crisis continues to confound the ability of policy makers to contain the crisis and the risk of financial contagion to the U.S. banking system remains a serious concern. Did Fed […]
2011 Bank Failures Decline For First Time In Three Years
December 14, 2011 By Leave a Comment
For the first time in three years, the number of U.S. banking failures should total less than 100. Total bank closings for 2011 currently total 90. The FDIC has been giving their closing teams some time off, with the last bank closing occurring on November 18, 2011. Bank closings usually occur on Friday and unless […]
Net Worth of American Households Plunges By $2.4 Trillion In Third Quarter
December 9, 2011 By Leave a Comment
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 […]
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 […]
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 […]