Thanks!!! I only hope that you or somebody else here made profit from such info! If I see something in the future, I will report again! (I myself - I am a "metals" guy...gold, silver, lead, blued steel - held physically! The recession has ended...now we are beginning the depression :eek: ) -gastropod
i wish i had the whole story b4 right when BAC broke out above the .89s yesterdays... http://atlanta.bizjournals.com/atlanta/stories/2009/08/10/daily105.html?ana=yfcpc good work gastro, keep it up! ty!
I missed it, originally the link was posted here on ET and I remember reading the article but never put 2 and 2 together. Updated: Tuesday, 04 Aug 2009, 12:05 AM EDT Published : Monday, 03 Aug 2009, 12:07 PM EDT ORANGE COUNTY, Fla. (WOFL FOX 35) - - Agents with the Federal Bureau of Investigations Washington, DC field office raided a building in downtown Orlando Monday. FBI and local law enforcement surrounded Colonial Bank at the corner of East Pine Street and Orange Ave. just before noon. The FBI is working with the Office of the Special Inspector General for the Troubled Asset Relief Program, or TARP, which was established by the Emergency Economic Stabilization Act of 2008 to stimulate the economy and encourage lending among financial institutions. Agents served search warrants and pulled out documents bringing them out a side entrance and placing them in to a Ryder truck. Customers like Wendy Mitchell and Gina Ritzel said they had never seen anything like it. âI've been banking here for twenty years. We've both have been working in the building for twenty years,â said Mitchell. âWe were concerned with all the police. It was kind of scary," added Ritzel. A spokeswoman with the FBI would not give details about their investigation. They would not say if anyone has been arrested or charged with criminal activity in this matter. "Not a good sign when the âfederalesâ come after you,â said FOX News financial analyst, Gary Kaltbaum. âColonial's had big problems and there've been questions about it being a growing concern." Colonial Bank issued the following statement: "Colonial Bank's South Pine Street location in Orlando received a search warrant this morning from the federal government. The bank is cooperating. Colonial Bank continues to operate business as usual in all locations. The search warrant has no impact on our day-to-day retail and commercial banking operations." Colonial Bank has $26 billion in assets and operates in five states. It is the fourth largest bank in Florida with thirty-five branches. "They were trying to get $550 million from the government,â said Kaultbaum, âbut in order to do that, they needed to show the government they could raise the money in the private market from another company." That company was the Taylor, Bean and Whitaker Mortgage Corporation, of Ocala. The FBI raided their Marion County offices on Monday as well. Kaltbaum said that company was set to invest $300 million in Colonial bank, but the deal recently fell through. Colonial and Whitaker Mortgage Corporation terminated a deal on Friday. "TARP has not given them money. It was conditional on them being able to raise capital," Kaultbaum said. Kaltbaum believes the bank will most likely be taken over by another financial institution and said customers should not worry about their assets. âThe government will take it over and accounts get protected up to $100,000." That was good news to customers like Ritzel. "Itâs not like I have $100,000 in there right now, but with the economy, it's still pretty scary. You don't know who you can trust." Colonial Bank continued to be open for business, even as the raid took place on Monday. The bankâs stock closed at 49 cents a share on Monday, down 12 cents, or roughly 20 percent, from the previous session. http://www.elitetrader.com/vb/showthread.php?s=&postid=2526823&highlight=colonial+bank#post2526823