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It's Official - BBVA Gets Guaranty
Fresh from the FDIC
And, especially for the new purchasers, here is a question and answer guide En Español.
The highly incredulous cost to the FDIC: $3 billion.
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I think FDIC *must* have tapped that $100bn line of credit with Treasury. They had only $13bn at the end of Q1.
http://www.lewrockwell.com/sardi/sardi116.html
Apparently, they're not required to report that?
The FDIC is out of money and I doubt the 100bn credit line will help that much in the near future.
Wasn't it 500?
I remember reading Market when just out of college in the late. One of the said that there wasn't a in the world
Wow, that right there is the most incoherent post I've ever read. It's brilliant. It's mind-bending. It's like the equivalent of an M.C. Escher painting. But instead of a painting, it's two sentences. I'm committing that one to memory. "One of the said that there wasn't a in the world." That is awesome.
What's funny is that I've noticed a steady proliferation of posts like this one on Fridays, after the market closes. I suppose the drinking starts pretty much before the bell even stops ringing; the ringing kinda fades into the sound of ice hitting glasses. Though the best posts are the ones on Saturday nights; where a lot of guys come home after a night of getting all shitty and then log on to Zero Hedge (?) and start posting really "deep thoughts" on the state of the market and the economy. Posts that make sense only to the guys doing the posting. I always check them out on Sunday mornings. Makes for a great read. You can almost picture it - coming home alone from a club or clubs in Chelsea, after a long evening spent trying to initiate conversations with pretty, young, vapid girls about how the whole recovery is a sham, and trying to explain to them that they better learn how to farm and how GS ("You've NEVER heard of Goldman Sachs?!!!) is robbing the entire country and how "It's all gonna come crashing down. It's all one big castle made of sand..."), and after blowing $200 buying her and her friends drinks, she says she's outside to smoke a cigarette and she instead she fucks off in a cab to the next club and he's left standing there listing and finally gets in a cab himself and tries to start the same conversation with the cab driver and he probably does the few remaining bumps of coke he has in his pocket, and he gets home and he's all pissed and drunk and mad at the world, and what does he do? He logs onto ZH and begins to put his thoughts down. What comes out, of course, is incoherent babble. The same incoherent babble he regularly posts during the week when he's presumably sober, only now he literally makes NO sense. Like the post above. But I love 'em. You GOTTA love 'em.
Check it out for yourself on Sunday. And note the time on some of the posts. Remember, the clubs close @ 2 a.m. in NYC on Sundays, as opposed to the rest of the week, where they close at 4.
very very good
Freaking Hillarious!
New forum for drinking fools started here:
http://www.zerohedge.com/forum/drinkig-pst-weakend-bablngs
You know what's even funnier is that after you do land the whopper of your life, who pretends to understand what you're saying. Get married and have kids, who pretend to understand what you're saying. Work your standard 16/6 for 26 years, with people who pretend to understand what you're saying. You pretend to understand those kind of comments!
Perhaps it was James Joyce working up a head of steam.
After some shrewd investigation into the matter I have deciphered the 'meaning' of the controversial comment.
In blog entry, http://www.zerohedge.com/article/long-term-budget-deficit-revised-now-2-... ...poster ducky had commented (partial quote):
"I remember reading Market Wizards when just out of college in the late 80's. One of the fund managers said that there wasn't a country in the world he would lend money to for 30 yrs and that's why he'd never buy anything over a 10 yr bond.
I always loved that quote. Words to live by."
goldbugg agreed with this and in the same minute decided to repost the comment in under this entry while selectively removing some words. Probably no cocaine or generous amounts of booze involved but rather an expert attempt at a proper mindtwisting.
PS A unacquinted reader could easily mistake ZH for insane asylum/comedy club rather than the best place for honest discourse of topics related to finance, politics, philosophy and life. I lol'd for a solid 5 minutes when I saw this thread.
It's bot. It takes a previous post (you can see the full post it was taken from as someone has posted on this thread) and then adds a spam link for some kind of a financial news aggregator. Then it programatically defeats the CAPTCHA. The spam link is missing from this post, maybe ZH are starting to filter it...
goldbugg: Please tell me that English is not your first language, and that you just started learning it last month.
We give money to the S Koreans and China (via Sheila and Timmy) to play in PPIPland and now back garbage for the Spaniards too. Such a lovely meltdown we are living in....
comprendo!!
If BBVA Compass is Compass Bank, then it's not looking so hot itself:
http://banktracker.investigativereportingworkshop.org/banks/alabama/birm...
And for a shpshot as of 3/31/09 of the 400 hundred largest (assets) banks see:
http://www.msnbc.msn.com/id/29619236/
Some gruesome numbers in there, and the rate of change since 12/31/07 is heartbreaking, but not surprising.
Hey TD, the first link at "FDIC" is also en espanol...
Here's the English version
http://www.fdic.gov/news/news/press/2009/pr09150.html
Or just click ingles at the top left of the page.
I'm so glad I bank at Citi. Don't have to worry about this shit...lol
Wait till chinese buys it and demands FDIC loss-sharing at 95% loss for loss up to 5 billion, 99% loss for any loss exceeding 5 billion.
Woo Hoo, this is great news, stock inching up AH and will really ramp at the open on Monday. You can't keep this market down!!!
Happy I loaded up before the close. BUY BUY BUY!
viva los bancos muchachos!
Was that 3 billion in dollars or euros?
We can print them either way.
I don't know how Guaranty took more losses then Colonial bank. Colonial was twice as big as Guaranty and the impact was 1 billion dollar less then Guaranty.
It's because Colonial was so well managed.
Wait until you see the cost on Corus relative to its assets. Over 70% of its loans are nonperforming, massive exposure to condo developers in south Florida.
I don't want to steal from you thunder or anything Tyler, I think it's awsome that M$M finds you interesting enough to dig up dirt on, but in their defense, it looks like it was either dirt on you(all), or this;
"Oh my god I just gave birth to a cow"
http://www.youtube.com/watch?v=yJDrRhYj20M
19th bank failure in Alabama and we still here right wing rhetoric about getting rid of California? What a bunch of crackpots. California would love to secede, jeez, we would get to keep all those fed taxes that are used to feed other states.
If BBVA Compass is Compass Bank, then it's not looking so hot itself:
http://banktracker.investigativereportingworkshop.org/banks/alabama/birm...
And for a snapshot as of 3/31/09 of the 400 hundred largest (assets) banks see:
http://www.msnbc.msn.com/id/29619236/
Some gruesome numbers in there, and the rate of change since 12/31/07 is heartbreaking, but not surprising.
If BBVA Compass is Compass Bank, then it's not looking so hot itself:
http://banktracker.investigativereportingworkshop.org/banks/alabama/birm...
And for a snapshot as of 3/31/09 of the 400 hundred largest (assets) banks see:
http://www.msnbc.msn.com/id/29619236/
Some gruesome numbers in there, and the rate of change since 12/31/07 is heartbreaking, but not surprising.
Hey chico.... We don't need no stinking badges....
Don't know if this was listed elsewhere:
(in silence)
Guaranty Bank of Austin; your subject on this post
Capital South Bank of Birmingham
First Coweta Bank of Newnan
ebank of Atlanta
http://www.fdic.gov/bank/individual/failed/banklist.html
do they have an RSS feed for that?
I don't know. I googled it and found a couple sites that may help.
http://bankfailurefriday.com/wordpress/?feed=rss2
http://www.5z5.com/Feeds/?e77b127d96e09e9f
Someone else may be of more help, since I don't use RSS feeds, yet.
Yep, old news. Sorry for the reminder.
I find the furor over TD hilarious, disturbing, and affirming. All at once.
When you commit to poking the hornets nest this is a natural proposition. The thang is how the opposition is choosing to do what they are doing. In this respect the "action" is so predictable as to occasion more chatter that a Friday options round-up. Now, that's entertainment.
Does the FDIC punish the CEO, top officers, and Board of Directors of the banks it seizes? Or, are the fate of those responsible for the failed bank left to the bank that takes over the failed bank? The FDIC should be making sure that those responsible for the bank failure never work in a regulated bank again. As part of every bank seizure, the FDIC should prohibit the CEO, top officers, and Board of Directors of the failed bank from ever working in a regulated bank. This is not just punishment, it is prevention, insuring that at least known perpetrators of bank failure are not allowed to do it again.
get my money right.
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It is interesting that the stock market continues to rally with all these banks just coming apart. If one extends this reasoning, the market will finally top out on the day that the last bank fails. So that should happen in 2011.
As the stock markets only real purpose is to separate investors from their money, I have recommended to clients to take a good deal of their money invested in bank stocks, off the table and to tighten stop losses. There are 10 more days for the Fed to goose this market. I am hoping to see FAZ hit $5 before all this ends.
He who takes his money and runs away, lives to invest another day.
why are there only 10 more days for the Fed to goose the market?
When all this goes bad and paper gains turn to real losses, will Spain claim that the galleons loaded with New World gold succumbed to a storm?
Like before?
Ha, ha, ha. How many galleons of Spanish gold went down? And still?
The sinking of HMS Sussex had helped to create the most bitterly disputed tract of land in Europe — and the effects were felt for more than two centuries.
What happens when you get in a hurry, and try to do too much too soon. And in the wrong season.
i have a better idea. instead of taking all yr money out of bank stocks,
take all yr money out of the banks entirely...
let's see what happens to them, then..
if enough of us do it, watch them crater.
any of you tired of yr vote and yr voice not counting?
enough's enough.
I've thought of the same thing myself more than once lately jimbo. The tricky part is figuring out where/how am i supposed to keep it safe? The mattress just doesn't cut it, 'yaknow?
Great line in Quentin tarantinos's new movie. Brad Pitt: "..so now we are into killin' new york sheister bankers..." Sheister bankers stealing 25 trillion; the real enemies.
this is great, obama is on track to reducing the projected deficit, not by fewer bank failures, but by not paying for them. much. finally keeping his promises I see.
Chiney buy or we junk chiney equity market.
Sincerely,
Lloyd and Ben
I guess whoever it is that's continuing to gun the market into the stratosphere probably figures that if China could rally 100% of its lows, than 50-60% doesn't really seem like that big a deal. I'd really like someone to explain to me the trickery that went into those home buy numbers today. I literally don't know ONE person who's even THINKING of buying yet. Not. A. One. Everyone I know is waiting to see how much lower they go. Because how many times, over the past two years, have we heard that the recession is over?
Only 10% of those sales represent 'normal' sales. Over two thirds are foreclosures or the equivalent of stop-loss executions.
http://online.wsj.com/article/SB125081143925447971.html?mod=googlenews_wsj
Buy-side people only see buyers when they see an increase in volume. But what I see here are sellers. Most of these sales are not being initiated by choice.
Prices are going much, much lower.
Hey man are y the tax driver ? lol
If the situation is bad, why are they giving money easily and even with no interest, such as the case of credit cards? Below is an example of places where one can see companies "begging" for debtors to take their money. A move down must be around the corner!
http://www.ira-site.com/creditcards
I guess if Bernanke et al 'saved the world', then 'the world' evidently did not include all of these banks (Meredith Whitney said on Friday that 300 banks would eventually fail), which they will be surprise to hear (as was Lehmann probably).
How contemptible is Bernanke? Don't answer that.
Regarding 'quantitative easing', here is what I would like to know: if the Fed can just create this money to buy government debt by, say, crediting some treasury account, why do the taxpayers have to pay interest on that? Why doesn't the treasury just credit its own account and print the money, thereby saving the taxpayers all of that interest?
Thomas Edison once asked the same question:
http://www.michaeljournal.org/appenD.htm
"It is absurd to say that our country can issue $30 million in bonds and not $30 million in currency. Both are promises to pay. But one fattens the usurers and the other helps the people."
I've never heard a good answer.
The problem with our country issuing it's own currency would be that it would cut out the fed from the equation, and that equates to cutting off profits to the banksters, which would reduce the fat checks to our government employees. So you know once you let the wolves in, they're not getting out, and they've been in for close to a hundred years now.
Now you'd think eventually this little thing conscience would kick in for some of these people. And as I just wrote this, I'm finding out why this is not the case. You see, it looks like they are looking at the word conscience a little differently from most of us - con-science, or the science of conning people (now we know what Bernanke has his phd in cause it sure isn't economics!). Once you realize this, everything starts to make sense!
Walking the dog at night, you come up to an obvious emergency situation (offical looking vehicles with blue light flashing, people scampering about carrying bags or pushing machines). You ask what's going on? Comes the reply, "Spurious Conscience". "Apparently the victim's TV malfunctioned." "The Victim then picked up a book, dusted it off, and started to read." "Don't worry, I think we got it in time." "We've taken The Victim into custody to ensure an objectiv...(the gentlemen is tackled and a scuffle ensues.) Fearing you may have been contaminated, you rush home to the safety of the TV and with a rapid flick of the thumb, you surf FOX, CNN, MSNBC, ABC in mind numbing succession. Outside you barely notice the automatic weapons fire, the thud of helicopters blades, and napalm exploding. You repeat to yourself "Never get off the boat. Don't get off the boat. Don't get off the boat.
Strange how is the world of finance operating?
Ft alphaville
Are the Spanish Banks hidding their losses
http://ftalphaville.ft.com/blog/2009/08/21/68016/are-spanish-banks-hidin...
Strange how is the world of finance operating?
Ft alphaville
Are the Spanish Banks hidding their losses
http://ftalphaville.ft.com/blog/2009/08/21/68016/are-spanish-banks-hidin...
The Bush Clan +friends have a long history with Guaranty Bank and Spanish banking - has anyone flushed out details on their connection to this move?
The Bush Clan +friends have a long history with Guaranty Bank and Spanish banking - has anyone flushed out details on their connection to this move?
They better save some of that 500 billion for when Citigroup commons goes back towards $1.
A lot of ugly gaps 'down-under' need to be filled unless it is koff koff different this time .. that is we destroy the dollar.
Would think that comes after a single digit PE, which historically can happen with high real rates in a deflationary environment.