FDIC TGI Failure F... er... T

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Thu, 07/02/2009 - 16:56 | 4225 Anonymous
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The First State Bank of Winchester, Winchester, IL also failed

Thu, 07/02/2009 - 17:00 | 4228 phaesed
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Perfect way to celebrate independence day!

Thu, 07/02/2009 - 17:06 | 4235 jswede
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the largest community bank to date is on the brink - $14.4bil Guaranty Bank out of Austin, HQ in Dallas --- this one will be costly


Thu, 07/02/2009 - 17:16 | 4239 Anonymous
Anonymous's picture

More Icahn goodness. Let's get him on CNBC more often.

"Since its spinout from Temple Inland, Icahn and Rowling have invested heavily in Guaranty. In July, the duo invested an additional $600 million in the company and they now control 37 percent of Guaranty’s stock."

Thu, 07/02/2009 - 17:13 | 4238 Veteran
Veteran's picture

Yo TD,

slightly off subject but whatever happened with that jack off who got caught calling TARP/PPIP a sham and then denied saying it? Seems especially relevant now that return of the son of PPIP might be starting up soon?


Fri, 07/03/2009 - 03:32 | 4358 binge-trader (not verified)
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unfortunately we are currently suffering an abundance of jack offs so it's hard to distinguish precisely which one you mean.

Fri, 07/03/2009 - 04:30 | 4360 Thaisleeze (not verified)
Thaisleeze's picture

The guy who wrote the original story was Ambrose Evans-Pritchard of the Daily Telegraph(UK). I have been looking for a follow up there and at Nakedcapitalism too who pumped the story but nothing so far.

Sat, 07/04/2009 - 11:56 | 4507 Veteran
Veteran's picture

Thanks for the heads up.  I haven't found anything either.  Curious

Thu, 07/02/2009 - 17:43 | 4248 economessed
economessed's picture

Hey Chair Bair, what's in your wallet?

Thu, 07/02/2009 - 21:01 | 4308 randolfude (not verified)
randolfude's picture

throw the cooks out...
whay cant we get one of those big selloff days? maybe -500 points on the DJIA? And no rebound either.

Thu, 07/02/2009 - 17:46 | 4250 Anonymous
Anonymous's picture

There's now a third Rock River Bank of IL

Thu, 07/02/2009 - 18:21 | 4262 Anonymous
Anonymous's picture

Bank Closing Information - July 2, 2009

Millennium State Bank of Texas, Dallas, TX
The First National Bank of Danville, Danville, IL
The Elizabeth State Bank, Elizabeth, IL
Rock River Bank, Oregon, IL
The First State Bank of Winchester, Winchester, IL
The John Warner Bank, Clinton, IL

Thu, 07/02/2009 - 20:58 | 4305 randolfude (not verified)
randolfude's picture

There is no trigger for recovery - new technology, new markets, demographics, new ideas. Green is just a boondoggle and BRICs can only do so much. JPM and GS etc are just trying to create another bubble - it suits their ends not yours.

good articles ot.com

why cant we get one of those big selloff days? maybe -500 points on the DJIA? And no rebound either.

Thu, 07/02/2009 - 18:27 | 4263 Miles Kendig
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AAAaannd the hits just keep on rollin'

Thu, 07/02/2009 - 18:55 | 4268 My cognitive di...
My cognitive dissonance's picture

Hemorrhaging green shoots.

Thu, 07/02/2009 - 21:09 | 4311 crazyjerrygarcialover (not verified)
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Amazing! At 6:30 pm EDT, the headline was two Illinois banks. Fast forward only two hours and the body count is up to 7 (6 Illinois, 1 Texas). Never seen green shoot up so fast!

Fri, 07/03/2009 - 09:31 | 4374 crazyjerrygarcialover (not verified)
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I find it curious that at approximately 6-6:30 pm (when more folks might still be reading) the headline number was 2 Illinois banks. But two hours later (when perhaps many fewer people are reading due to holiday weekend beginning) the number has "blossomed" to 7 and includes a Texas bank. It's only paranoia if it's not true.

Thu, 07/02/2009 - 23:10 | 4333 jswede
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man these failures seem so concentrated... FL, CA, TX, IL, GA... Im sure I'm missing a few but where is OHIO, NEVADA, where is MICHIGAN? I know FDIC are understaffed and way behind where they need to be, but could it be that in these states there just are not enough strong banks to take over the assets??...

could this be why they are trying to fast track the new bill for P.E. takeovers? (ie the latest is that PE must hold the banks for at least 3 years)...

just thinking out loud but IL is not worse than MI, OH, NV.... yet IL has all these failures that other, nearby local IL banks are taking over... could it be that there just are not enough large enough, strong enough, local banks to take over the failures in OH, MI, NV?

Fri, 07/03/2009 - 09:28 | 4372 crazyjerrygarcialover (not verified)
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At a birthday party last weekend, I heard a rumor that the FDIC has been very rapidly ramping up hiring of new employees/regulators. It's a rumor that I have not verified but it came from somebody in the hedge fund sector. If true, it begs the question why are they so suddenly ramping up their ranks. I am forced to the conclusion that it confirms that the huge wave of bank failures will soon be upon us.

Thu, 07/02/2009 - 23:28 | 4334 Anonymous
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timing is everything. people are pre-occupied with the weekend plans, if FDIC could fit 70 today, they would.
: )

Thu, 07/02/2009 - 23:30 | 4336 Anonymous
Anonymous's picture

When I worked on a gig supporting FDIC RQMNTS in Mclean, VA during the early spring of 08 (read: PwC) the contractor was about (handed to em)to become the defacto bank personnel on Sunday's...and then on Monday's everything was going to projected as normal. The unofficial figure I heard was: expect 800 banks to go under.... I'm just saying.

Thu, 07/02/2009 - 23:52 | 4343 agrotera
agrotera's picture

Can someone please help me with something?

Is it not wrong that all last fall paulson and bernake were telling the public one thing, yet telling tarp recipients something else? All we the people heard was that tarp was to make sure liquidity didnt dry up so lending would flow--but the USBancorp CEO told a lunch crowd in Feb (reported by twincities.com) that treasury told him(and other tarp recipients) that he was to tell the public that the money was for lending, but that he should know that it wasn't for lending, it was to enable them to buy smaller banks so they could do their duty and be a part of the darwinian cleansing necessary at this time. Not a quote, but all the key points. Isn't that backwards? Shouldn't paulson and bernake, if they were truly acting as fiduciaries for our country (and not self-dealing) shouldn't they have, in September, taken the time that they used for lobbying for TARP to level with the country and ask for the powers to unwind the 2 remaining investment banks and apparently failed bank (no names but we all know the single digit name i am talking about)so that the cleaner nosed entities could have purchased the pieces of these entities at a discount and benefited for keeping clean, instead of given the golden last dollar of the US coffers to ensure that these monster machines that enrich the federal reserve could keep standing?

i have made a broken record of the twincities article, but it just hasn't penetrated the vampire squid hold that all these lies seem to have on our public psyche. I just read last night someone who said that getting rid of a bad statistic is as hard as killing a vampire--great that M Taibbi used the vampire theme--so perfect.

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