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Failure Friday For Sure
Today:
116. United Security Bank, Sparta, GA; Assets: $157 million. Loss to FDIC: $58 million (est.)
117. Home Federal Savings Bank, Detroit, Michigan; Assets: $14.9 million. Loss to FDIC: $5.4 million (est.)
118. Prosperan Bank, Oakdale, MN; Assets: $199.5 million. Loss to FDIC: $60.1 million (est.)
119. Gateway Bank of St. Louis, St. Louis, MO; Assets: $27.7 million. Loss to FDIC: $9.2 million (est.)
120. United Commercial Bank, San Francisco, CA; Assets: $11.2 billion. Loss to FDIC $1.4 billion (est.) - Best for last?
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#116
55 days left in 2009
Spartans? 116, almost 1/2 of 300.
Lily has a tune for the banksters
http://www.youtube.com/watch?v=2WUD-nhsmkw
I fcukin love that fcukin song. Thanks for the fcukin link.
Great song!
ZH needs a theme song and this might be it, may I suggest a Poll, Marla?
I won't be wronged, I won't be insulted, and I won't be laid a hand on. I don't do these things to other people, and I require the same from them.
Books
I've got a good one for the TBTF banks:
http://www.youtube.com/watch?v=dlPjxz4LGak
Here's a potential theme song
http://www.youtube.com/watch?v=DiTikduJ15Y
Booyah, Jim!
Tim Seymour just said 'entirety' of the week's data was fantastic!
"Don't worry...be happy" S. Bair
Last week 9 banks...This week 13 Banks. I f I had to guess the states,,,
GA ,AZ,FL,CA
Life is nothing but your best guess....
This...is...Sparta!
117 in Detroit
Motor City,,,,, Ya It could be, but they have gone through enough.... Maybe 1
#117. Home Federal Savings Bank, Detroit, Michigan, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
United Security Bank had a Texas ratio of 440% at the end of Q3, which only placed it 8th in Georgia. Georgia had 57 banks with Texas ratios above 100% and by my count 28 above 200%.
http://www.ajc.com/business/list-of-troubled-georgia-187317.html
The motor city gets #117!
From the wilderness,, The movie CoLLapse...................
http://www.youtube.com/user/collapsemovie#p/f
A map to the future horror that will be America....
I'm in line now.
"...no matter what happens." -S.Bair
Home Federal Savings Bank
Detroit, Michigan
HERE IS #2
Relative small frye. Did they raise the debt ceiling yet?
That has been put off until December, last I read.
I guess no whoppers will go down for awhile.
My guess,,,, At least fifty banks tonight, but will not be reported because they won't declare failure on their own... They will wait until the FDIC proclaims it,,,,,FDIC is running out of MONEY,,,Can't do it....no dough...
You think your deposits are safe?..
Make NO mistake - the FDIC will have the money printed to make all depositors whole. If not, the whole point of the FDIC becomes negated. Regardless of the impact on the dollar, those bills will be printed.
Like FASB, the FDIC will have to be eliminated. We'll start putting our "life savings losses " on Form 1040, carryover for 3 years. It's way past time to start pushing forward all these pesky miscellaneous payouts.
http://www.fdic.gov/bank/individual/failed/gateway-mo.html
Gateway in St Louis. #118
Oh, and Prosperan, #119.
http://www.fdic.gov/bank/individual/failed/prosperan.html
I Like watching dominoes fall, Mummy, it makes me wonder where it will all finish. (as I put my forefinger to my lips and move it up and down quickly while streaming unintelligible words and spittle)
Why are 21 of the 116 failed banks so far this year in Georgia? That's way out of proportion to their population
Here's your big swinger, Marla.
#120 United Commercial Bank, San Francisco, CA
United Commercial Bank, San Francisco, CA with approximately $11.2 billion in assets and approximately $7.5 billion in deposits was closed. East West Bank, Pasadena, CA has agreed to assume all deposits, excluding certain brokered deposits
Oh nevermind, the Big Labowski beat me to the punch!
There was almost $15 million left in Detroit???? Who knew?
There was almost $15 million left in Detroit??? Who knew?
I'm sure if all the unemployed knew, it would have been hit, Bonnie and Clyde style, long before the FDIC rode in on the sunset express.
You do understand "gross" vs. "net," right?
Man, I get tired of everyone always skipping over the main news on these bank failures. So here it is.
The big news on today's failure is with the SF Bank that was closed.
That's the only one which received TARP money. $300 Million of it. So that's $300 Million of our tax payer money down the drain. No doubt a good chunk went to Banker Bonuses.
But there's more. In June, they were about $300 Million in the red. It's curious that this is about the same as the TARP money.
Now, most people think that a Bank which is in bad shape gets TARP money. Not at all. What TARP money means is that the Treasury thinks that it's going to get its money back.
It's the Banks which APPLY for TARP and are REJECTED which are the real losers. And we've seen some of them closed already.
The upshot here is that the Treasury bet big, and lost here. A $300 Million bet.
And NOBODY in the media is publishing that little bit of news.
Most popular on MarketWatch:
California bank failure to cost FDIC $1.4 billion
Thanks for posting that. That's the first near-MSM mention of the $300 Million loss that I've seen.
Even this good example just has a brief mention of it though, and doesn't mention TARP at all.
I noticed Business Week actually has one of the few articles I've seen about what's really going on with some of these failed Banks!
Here's the link: Georgia Bank Failures Explained
http://www.businessweek.com/investing/wall_street_news_blog/archives/200...
And no banks in central europe collapsed this week. Whats wrong with these central european banks? didnt they hire any Harvard MBA's?
Heh. The last I heard, China was doing some serious hiring of Harvard MBA's.
The cool thing here is that China has a tendency to shoot the crooks it doesn't like.
I wish our top export to the rest of the world was Harvard MBA's and Wall Street finance types. That would be the best thing the U.S. could do to help itself.
They are getting pretty sneaky dribbling them out over the course of the evening. First it was one small bank, then three more...then, oh, BTW one huge one........"nothing to see here, move along"
Its because the banks are in different time zones. They have to wait until the bank closes, so they appear to be spread out. But look at the locations compared to the times, and you will note the East-to-West pattern.
The last one closed last night was in CA, and it was 0901pm central when it went up, which is 0501pm western.
While that might be true, your timezone differences are way off.
There's a 2 hour difference between Pacific time and Central. And a 3 hour difference between Pacific and Eastern time.
9 p.m. Central would be 7 p.m. Pacific.
True, my mistake, typo if you will, and corrected. Hmmm, apparently I cannot correct it now. :-(
Thanks for catching that. I know the difference is two hours.
GEEZE, what a bone head I am at times. 8>)
You're welcome. And no worries, mate. We all make mistakes. The main thing is that it doesn't detract from your original point, which was key.
Comerica Bank Statement for my small business checking account added a surcharge of $0.20/$1000 to my "free forever" checking account. When I asked them they confirmed this would be monthly to cover the new FDIC rates. Failure Friday is gonna be a multi-year thread...
United Commercial Bank's CEO was Tom Wu. Tom Wu? Wasnt he the late-night pitch man for real estate millions? Remember: "Heh! Iam Tom Wu and I made a million dollaR! and you can too with my real estate system!". I thought he went to jail. Now Thomas Wu's san Francisco Bank specialized in home loans exclusively to Mandarin speaking Chinese. Can you say massive fraud? Apparently Thomas Wu's sole credential is having attended cogito University in Hong Kong. That should qualify him to loan billions. The American Way?
I looked at a picture in a newspaper article and it is not the same Tom Wu of infomercial fame. That Tom Wu is retired from real estate seminars and is playing on the World Poker Tour.
Here are a couple of articles about the Thomas Wu of UCB:
http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2009/01/19/tidbits2.html
Pet peeve: When people don’t take responsibility. Everyone makes mistakes but when one doesn’t take responsibility, it really frustrates me.
http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2009/09/07/daily9.html
“We’ve been doing construction lending for 20 years, but we’ve never experienced anything like what we have in the last 12 months. It’s unprecedented,” Wu told the San Francisco Business Times in May.
Yes, the Tommy Wu is the not same as the former infomercial Tommy Vu...
Having been there before (as employed there before), it's amazing how the truth finally comes out. Tommy was a lousy CEO with limited strategic vision.
He even use to use the corporate email servers to hock selling his personal belongings like furniture.
Right, not the same Tommy since the infomercial guy is TOMMY VU (note spelling---http://en.wikipedia.org/wiki/Tom_Vu).
But this Tommy Wu is not the greatest CEO and it's amazing it took this long to catch his shady dealings.
He loved hocking his personal belongings via the internal email servers.