Looks like DSL, as well as BKUNA are good candidates for a FDIC Friday on 12 September: http://biz.yahoo.com/prnews/080905/laf054.html?.v=101 http://biz.yahoo.com/e/080905/dsl8-k.html http://www.marketwatch.com/News/Story/Story.aspx?guid={69F17523-9EBA-4238-B398-80C6E37A6E15}&siteid=yhoof2
I checked the failed bank list @ around 6:30 and I was deeply disappointed that no bank failed. This must have been a late entry.
I see 11 gone this year. Integrity Bank....hahahahahaha. That hit me after about 5 seconds. "Integrity Bank, which opened for business in November of 2000, specialized in real-estate lending in the Atlanta area with a self-described "faith-based culture." Through the early part of the decade, when the housing market was booming, Integrity Bank grew into a billion-dollar, publicly traded company. But when the real estate market started faltering, the bank found itself in trouble. The bank fired its chief executive in August 2007, nabbed a turnaround expert in September, only to voluntarily delist from the Nasdaq market in March of this year." "Integrity Bancshares, which sold for more than $14 a share in January 2007, closed today at 4 cents in over-the-counter trading. " (8/29)
Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Office of Thrift Supervision -------------------------------------------------------------------------------- For Immediate Release September 7, 2008 The Federal Banking Agencies React to Takeover of Fannie Mae and Freddie Mac The federal banking agencies have been assessing the exposures of banks and thrifts to Fannie Mae and Freddie Mac. The agencies believe that, while many institutions hold common or preferred shares of these two government-sponsored enterprises, a limited number of smaller institutions have holdings that are significant compared to their capital. The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision are prepared to work with these institutions to develop capital-restoration plans pursuant to the capital regulations and the prompt corrective action provisions of the Federal Deposit Insurance Corporation Improvement Act. All institutions are reminded that investments in preferred stock and common stock with readily determinable fair value should be reported as available-for-sale equity security holdings, and that any net unrealized losses on these securities are deducted from regulatory capital. # # # Media Contacts: FDIC Andrew Gray (202) 898-7192 FDIC-PR-78-2008
I think DSL and BKUNA will be "FDIC Friday" events before WM. These two are too small to save, just like IMB / IDMC. WM is an interesting situation. Too big to fail? Or too small to save?
I think WM can last. they are the largest savings and loan of the country. 2,600 offices, they are also not on the FDIC trouble list. they are very big, there is no way the fed and fdic will want a national multistate bank run so they might force feed into WFC putting WM bad assets on a Fed LLC
Yeah, all those foolish shorts are WRONG! Plus it's a fact that they are not on the FDIC watch list, like IndyMac.
The shorts are right(heck I'm short) but I dont think there is any chance of fdic takeover. they will either nationalize or probably give to another bank. the stock ain't worth much