"A takeover would occur even after several U.S. Congressman from the Illinois area, including Reps. Bobby Rush and Danny Davis and Sen. Roland Burris, called the FDIC asking it to hold off on closing the bank for at least a week, said Marilyn Katz, a spokeswoman for the bank."
Oh, great. Interference from congresscritters. Just to make sure the process is fair and transparent.
I'm guessing the esteemed Congressmen and Senators from the great state of Illinois were asking for time so they could find enough mattresses to stuff their money in.
Worked today and tried to keep up with CR posters, feel as if I've been in a war zone and now this!!!!!!!!!
Would love to know how much was looted before Sheila's crew showed up.
I'm guessing the esteemed Congressmen and Senators from the great state of Illinois were asking for time so they could find enough mattresses to stuff their money in.
Ugh, what a scummy country.
Oh well, I'm off to the health club to watch the hotties (who are almost never present on Friday, hmmm, something must happen on Fridays that I don't understand.... Oh well, maybe this time will be different)
Oh well, I'm off to the health club to watch the hotties (who are almost never present on Friday, hmmm, something must happen on Fridays that I don't understand.... Oh well, maybe this time will be different)
I think it might be called dating and/or a social life. So I've been told.
More politicians trying to block closures. Didn't they learn anything from the SnL scandals?
BFF, bring it on! I got a few
Actually I have a few kegs, I believe in being prepared.
Sealy was established as a licensing organization in Chicago in 1882. The company's licensees owned all the Sealy Inc. stock, and leaders of the individual affiliates comprised Sealy's board of directors. Sealy's decentralized organizational structure evolved from the nature of mattress production and distribution
"We have not borrowed a penny from Treasury," FDIC Chairman Sheila Bair reiterated Monday. "I hope we don't have to. If we do, we'll pay it back promptly."
Hee-hee. Always love it when people say "I won't, but if I do..."
Maybe these crooked banks are getting closer to the regulators and their fun money? It is nice that a politician would try to save a mis-managed entity and through themselves in front of the door -- "The lady doth protest too much, methinks."
The reason why so many Illinois banks are BK is that the state prohibited branch banking beginning in 1870 and did not move towards allowing it until 1967. Here's a history of Illinois branch banking:
'Always love it when people say "I won't, but if I do..."'
I heard a Congressman on Cspan the other day say, in reference to a certain informal group on Capital Hill, that there was no such group, and anyway, he wasn't a member of it.
FDIC Satisfaction Survey. Thank you for visiting our site. You may be selected to take part in a survey to let us know what we're doing well and where we need to do better. All results are strictly confidential.
Nearly 650,000 jobs have been saved or created under President Barack Obama's economic stimulus plan, the government said Friday, and the White House declared the nation on track to meet the president's goal of 3.5 million by the end of next year.
New job numbers from businesses, contractors, state and local governments, nonprofit groups and universities were released, showing 640,329 positions credited to the stimulus, according to the independent federal board monitoring the program's progress.
After utilizing my Bank Failure Line of Credit (BFLOC) and withdrawing 300% of the equity out of my fridge I am looking to buy some Bank Failure Default Swaps to hedge my risk that the FDIC doesn’t actually close several banks tonight. Luckily AIG was willing to underwrite a BFDS on favorable terms.
I thought it was Cook County's heritage of ethics and transparency, which simply couldn't stand to have badly functioning institutions of lending around, leading to higher standards so as not to malign the good name of the local business community.
If I may be allowed to speak my mind, and the truth, this is fucking corrupt as hell, because FDIC is not to give notice in advance -- so why do we have this pre-staged activity, where politicians are interfering with due process .... huh, huh> Why are these mafia bastards getting in the way of justice?
Oh, I know, maybe we could change the accounting rules and then cover up the bad debt and then hide any suggestion of reality and say it's for the good of the people -- and then distance the bad guys from all the collusion and corruption -- maybe FDIC can become more and more like DOJ....
Nearly 650,000 jobs have been saved or created under President Barack Obama's economic stimulus plan...
I'm seeing some stimpack projects locally, which does put bread on the table. But projects are not permanent jobs. Most of this stuff is essentially more construction, or transient consumption. In a normal slow economy, when one construction gig ends, you "rest" for a while and go on to the next one before the money runs out. But that's not likely going forward.
LL- the website of one of the local stations (NBC 7/39) already has a story up about FBOP's problems and the fact that they own San Diego National Bank- I presume someone there actually did a little work and read some of these articles that CR is now posting.
I'll swing by again on my way home and see if there is anything worth taking a picture of.
If I may be allowed to speak my mind, and the truth, this is fucking corrupt as hell, because FDIC is not to give notice in advance -- so why do we have this pre-staged activity, where politicians are interfering with due process
How in the hell do the politicians know the hammer is going to fall anyway? They should technically be as surprised as we are.
I agree, this is completely uncool, and heads should roll.
We can only hope some enterprising young journalist decides to take it upon him or herself to dig into the background of these politicians and see what the deal really was.
On the flip side, I assume Sheila is taking copious notes and collecting iron-clad data to give herself a 'get out of jail free' card when she's ultimately set up as a patsy.
Jim, no offense, but differentiating between the FDIC and the Fed, T, and other entities which are just continuing the policies of Paulson is naïve at best.
once again I recommend "Dogs and Demons" as a nice study of what happens when a corrupt political structure blindly shovels money into "construction" as a means of attempting to stimulate a deflationary economy
once again I recommend "Dogs and Demons" as a nice study of what happens when a corrupt political structure blindly shovels money into "construction" as a means of attempting to stimulate a deflationary economy
Here in Canada, we call this phenomenon "Montreal".
If the mafia is gonna control FDIC, then I say all marijuana shall be legal hence forward and we the people shall have an opportunity to be sedated and not care about the fact that Rome is being burned to the ground by our corrupt government!!!
Also see; B y the 1860s, due to the government policy of promoting consumption of state-manufactured vodka, it became the drink of choice for many Russians. In 1863, the government monopoly on vodka production was repealed, causing prices to plummet and making vodka available even to low-income citizens. By 1911, vodka comprised 89% of all alcohol consumed in Russia. This level has fluctuated somewhat during the 20th century, but remained quite high at all times. The most recent estimates put it at 70% (2001).
A takeover would occur even after several U.S. Congressman from the Illinois area, including Reps. Bobby Rush and Danny Davis and Sen. Roland Burris, called the FDIC asking it to hold off on closing the bank for at least a week, said Marilyn Katz, a spokeswoman for the bank.
Hold off on closing, print the lettuce, special orders don’t upset us – all we ask is that you let us have it our way.
Having eaten my skinny cow fake ice cream concoction, I am
going to watch tv, for a while and check in to see if there are
any bank failures. Maybe Sheila set this up to get some congress
critters.
A congressional watchdog group says 17 lawmakers are currently under investigation for allegedly breaking ethical standards. Charges include steering earmarked funds toward associates, tax evasion and receiving preferential mortgage rates.
WTF,
Citizens for Responsibility and Ethics in Washington says 13 of the accused are Democrats and four are Republicans. Those four are Don Young of Alaska, Jerry Lewis and Gary Miller of California and Pennsylvania's Tim Murphy.
The Democratic side features Senators Roland Burris of Illinois, Kent Conrad of North Dakota, Chris Dodd of Connecticut and New Jersey's Robert Menendez. House members being investigated include John Murtha of Pennsylvania, Linda and Loretta Sanchez of California, and House Ways and Means Committee Chairman Charles Rangel of New York. The Politico reports that Rangel has now spent more than $1 million in his defense.
Burris trying to get in bed with Ms Bair... how shocking!
A bank in Florida IIRC hired a political consultant who was somehow connected with the previous administration to help out the bank. It may have bought more time, but the bank was eventually taken over by the FDIC and sold. So It seems to me that this FBOP stuff is nothing new. Why wouldn't a troubled bank call on local politicians for help?
OT - stock up on red ink: Chrysler plans "deep discounts across many models over the next 18 months." Now that C4C is gone what Detroit needs now is a good old fashioned price war.
noob, haven't had a chance to drive by and take pictures of those 3 huge buildings right near the foot of the dumbarton bridge in Fremont that have been empty since being built 10 years ago.
Assuming Shiela holds off. It will be interesting to see what happens when the banks open tomorrow. Substantiated or not, these rumors may trigger a run.
"The SEC alleges that Chen Tang of Fremont, Calif., learned non-public information as the CFO of a private equity fund and from illegal tips by his brother-in-law, who was the CFO of a venture capital fund. Tang and his trading partners, which included his brother and four friends, traded on the inside information through their personal brokerage and retirement accounts, the accounts of their spouses, children and relatives, and the accounts of several privately-offered investment funds that Tang and three of his friends managed.
It's funny how some blogs discussing the Crash blame the UN or WHO for this mess or the CIA...or blame maybe 'mysterious global forces'...really globalization, monetary policy, huge deficit spending, deregulation, speculative attacks are the primary things to look at...and the Madoff meme or 'idiot thesis' that regulators are 'clueless' is coming from a ponzi 'con' man...
noob, globalization has hit a major snag...a global 'devaluation'...but saying it was caused by 'idiots' is as bad as the 'mysterious global forces' theories...
"A takeover would occur even after several U.S. Congressman from the Illinois area, including Reps. Bobby Rush and Danny Davis and Sen. Roland Burris, called the FDIC asking it to hold off on closing the bank for at least a week, said Marilyn Katz, a spokeswoman for the bank."
That's a lot of papers that need to be shred!
And the FDIC is letting it happen!!
Where's the (blanking) Justice Department?
On, never mind...he's an old Chicago Goodfella too! What wuz I thinking?
We have entered a new phase in globalization: the globalization of overinvestment. For a while America was able to find new and innovative uses for the surplus Chinese savings, such as building McMansions and Supertanker SUV's; but even America's capacity for wasting money has been overwhelmed; now we can no longer keep the rest of the world from sinking in a sea of overproduction/under-consumption.
Sooner or later, the media will start interviewing people who post on CR, to try to understand this emerging national obsession called BFF. Why do so many people just sit around waiting for banks to fail on Friday, actually doing shots and betting on how many? And why are frat guys starting to do it, and promote it during rush?
Rajesh,
Yeah...the McMansions, the funky loans, and the really funky securitization...I bet most Ivy League 'Ivory Tower' economists don't even understand securitization & derivatives because the 'shadow' information & numbers on this stuff isn't even available...
Rajesh (homepage, profile) wrote (in reply to...) on Fri, 10/30/2009 - 8:15 pm
We have entered a new phase in globalization: the globalization of overinvestment. For a while America was able to find new and innovative uses for the surplus Chinese savings, such as building McMansions and Supertanker SUV's; but even America's capacity for wasting money has been overwhelmed; now we can no longer keep the rest of the world from sinking in a sea of overproduction/under-consumption.
Malinvestment / gambling / buying-shit-you-don't-need is a rational aggregate response to excessive liquidity. Don't forget education in that mix either.
I have some of my bar patrons in on BFF now as well. We joke about watching for the pizza delivery guys in the parking lot. A good time is had by all...
The closing of $4.7 billion-asset Park National would occur on the same day that Park National Bank Initiatives, the bank's community development unit, received $50 million from Treasury Secretary Timothy Geithner in a ceremony in Chicago to help stimulate investment in low-income communities on such projects as charter schools, health clinics and retail stores.
I have some of my bar patrons in on BFF now as well. We joke about watching for the pizza delivery guys in the parking lot. A good time is had by all...
Somebody is gonna make money on this, and I don't see why it shouldn't be CR. You could have a kinda little lotto terminal that sits right on the bar, that takes BFF bets. Then, the drunk spins the wheel to see how many banks failed. This thing could make money on any day of the week, at any hour.
Clearly, the multiplier is less than 1. Does this mean the USD will appreciate?
I don't understand much about this stuff, but from reading a lot, I subscribe to the Steve Keene view that money is created by new loans, and the reserves and shit that Bernanke is messing with aren't likely to do much. Just an engineer, but this seems like a reasonable theory.
Fed is telling banks on Zero Hedge link above to resolve their own problems and won't be a guarantor of risky CRE exposure (allowed by regulators, govt. policies, and Fed monetary policies). The plug is being pulled (credit & liquidity contraction after the credit and liquidity expansion).
You have some strongly held beliefs. Would you call them dawgma?
I do not consider them "beliefs." There are several controversial things I understand are not classical beliefs and I understand how they can be mistaken for beliefs... JD coined "Dawgma." I expressed my opinion once and have held my tongue since. I find it no more clever than "Obamanation."
perhaps just momentarily - I'm sure GS loaded up on puts yesterday... but the flood will return for at least one more giant wave before the congressional mid-terms.
Regulators are expected to seize Los Angeles-based California National Bank on Friday in what would be the fourth-largest U.S. bank failure this year, the Los Angeles Times reported, citing unnamed sources.
Cal National operates 68 branches across Southern California with more than $7 billion in assets. As of June 30, the lender maintained five times as much foreclosed property on its books and twice as many non-current loans as it had a year earlier, according to the Los Angeles Times.
ank Closing Information
October 30, 2009
These links contain useful information for the customers and vendors of these closed banks.
* North Houston Bank, Houston, TX
* Madisonville State Bank, Madisonville, TX
* Citizens National Bank, Teague, TX
* Park National Bank, Chicago, IL
* Pacific National Bank, San Francisco, CA
* California National Bank, Los Angeles, CA
* San Diego National Bank, San Diego, CA
* Community Bank of Lemont, Lemont, IL
* Bank USA, NA, Phoenix, AZ
the cap-and-trade proposal needs to be changed to just "cap". Forget about traders deciding on Monday how much we'll be paying for electricity on Friday.
Big Local Bank Faces Federal Takeover: Sources |
NBC San Diego
Bank management held a staff meeting on Wednesday and told San Diego National employees that the Federal Deposit Insurance Corporation (FDIC) will take over the company on Friday, according to sources.
North Houston Bank Houston TX 18776 October 30, 2009 October 30, 2009
Madisonville State Bank Madisonville TX 33782 October 30, 2009 October 30, 2009
Citizens National Bank Teague TX 25222 October 30, 2009 October 30, 2009
Park National Bank Chicago IL 11677 October 30, 2009 October 30, 2009
Pacific National Bank San Francisco CA 30006 October 30, 2009 October 30, 2009
California National Bank Los Angeles CA 34659 October 30, 2009 October 30, 2009
San Diego National Bank San Diego CA 23594 October 30, 2009 October 30, 2009
Community Bank of Lemont Lemont IL 35291 October 30, 2009 October 30, 2009
Bank USA, N.A. Phoenix AZ 32218 October 30, 2009 October 30, 2009
The FDIC's Board of Directors issued notices of assessment of cross guaranty liability against Park National Bank and Citizens National Bank. Under statutory authority, the FDIC may assess affiliated banks for losses incurred by the Deposit Insurance Fund (DIF) from the failure of other banks, such as those owned by FBOP Corporation. Congress granted the FDIC authority in 1989 to reduce the cost to the DIF for the resolution of affiliated institutions owned by the same company. The two banks were unable to pay the amounts assessed and were closed by their chartering authorities.
The nine banks involved in today's transaction are: Bank USA, National Association, Phoenix, Arizona; California National Bank, Los Angeles, California; San Diego National Bank, San Diego, California; Pacific National Bank, San Francisco, California; Park National Bank, Chicago, Illinois; Community Bank of Lemont, Lemont, Illinois; North Houston Bank, Houston, Texas; Madisonville State Bank, Madisonville, Texas; and Citizens National Bank, Teague, Texas. As of September 30, 2009, the banks had combined assets of $19.4 billion and deposits of $15.4 billion.
The nine banks had 153 offices, which will reopen as branches of U.S. Bank beginning tomorrow during their normal business hours. Depositors of the nine banks will automatically become depositors of U.S. Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until U.S. Bank can fully integrate the deposit records of the nine failed banks
The FDIC and U.S. Bank entered into a loss-share transaction on approximately $14.4 billion of the combined purchased assets of $18.2 billion. U.S. Bank will share in the losses on the asset pools covered under the loss-share agreement.
The FDIC estimates that the cost of the nine banks to the DIF will be a combined $2.5 billion. U.S. Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. The failure of the nine banks brings the nation's total number this year to 115.
Yeah...it looks like Sweden went through this whole RE bubble sequence...wonder if taxpayers ended up making any money from its 'bank crisis' solution(writedowns)?
Bank Failure: ,Rad Drink
Sobriety Averted
Friday at long last
Edit: not quite a failure yet but I'm anxious to get drinking.
I was cheated! I swear!
Also, it looks like I may need to space the drinks out a bit if Sheila goes postal on a bunch at once.
I sensed we'd be
I could feel its hot breath and the beating of its wings.
Re: Sen. Roland Burris, called the FDIC asking it to hold off on closing the bank for at least a week
Oh pleaze, we need more time to transfer our dope fund and get more cash flow, flowing off shore ... just one week, pleaze!!!
"A takeover would occur even after several U.S. Congressman from the Illinois area, including Reps. Bobby Rush and Danny Davis and Sen. Roland Burris, called the FDIC asking it to hold off on closing the bank for at least a week, said Marilyn Katz, a spokeswoman for the bank."
Oh, great. Interference from congresscritters. Just to make sure the process is fair and transparent.
/snark
I'm guessing the esteemed Congressmen and Senators from the great state of Illinois were asking for time so they could find enough mattresses to stuff their money in.
scone wrote:
I lost my eyebrows!
by CalculatedRisk on 10/30/2009 07:54:00 PM
OMG! Bill has gone east coast on us!
Worked today and tried to keep up with CR posters, feel as if I've been in a war zone and now this!!!!!!!!!
Would love to know how much was looted before Sheila's crew showed up.
I promise to stop by FBOP's San Diego National Bank headquarters on my way home. Will look for white vans, pizza delivery boys.
not to be confused with:
Pacific Continental
Sieze this honkus
Comrade Alexei Mikhailovich wrote:
Ugh, what a scummy country.
Oh well, I'm off to the health club to watch the hotties (who are almost never present on Friday, hmmm, something must happen on Fridays that I don't understand.... Oh well, maybe this time will be different)
Politicians attempting to meddle with the FDIC ... hoocoodanode?
Now I forget how many I voted for--it was a lot--gnometer
is there a way to find out?
We should call him Wilbur. But the lipstick is kinda... funky.
NaRm:
I think it might be called dating and/or a social life. So I've been told.
More politicians trying to block closures. Didn't they learn anything from the SnL scandals?
BFF, bring it on! I got a few
Actually I have a few kegs, I believe in being prepared.
What's up with these congressmen "don't close my local bank"? As we've seen in the past, these banks should have (past tense) been closed.
Comrade Alexei Mikhailovich wrote:
Sealy was established as a licensing organization in Chicago in 1882. The company's licensees owned all the Sealy Inc. stock, and leaders of the individual affiliates comprised Sealy's board of directors. Sealy's decentralized organizational structure evolved from the nature of mattress production and distribution
Hee-hee. Always love it when people say "I won't, but if I do..."
So does this count as one bank (for BFF poll purposes) or eight banks?
Eight, so you better start drinking
It doesn't count at all, yet.
T minus 4 minutes til the release should drop
Since when do we have to actually wait until we have something before we consume it. I'm taking out a BFLOC (Bank Failure Line of Credit)
Hi, Kristina! Welcome to the
!
Our pig has wings?
so does this count as nine at once?
digalert wrote:
Maybe these crooked banks are getting closer to the regulators and their fun money? It is nice that a politician would try to save a mis-managed entity and through themselves in front of the door -- "The lady doth protest too much, methinks."
lawyerliz wrote:
If your gonna play, be nice!
The reason why so many Illinois banks are BK is that the state prohibited branch banking beginning in 1870 and did not move towards allowing it until 1967. Here's a history of Illinois branch banking:
branch banking Illinois - Google Search
'Always love it when people say "I won't, but if I do..."'
I heard a Congressman on Cspan the other day say, in reference to a certain informal group on Capital Hill, that there was no such group, and anyway, he wasn't a member of it.
OT, but check it out ~
mouse over tabs below spinning Earth
Climate Change: NASA's Eyes on the Earth
I guess 6:15 PDT, then
called the FDIC asking it to hold off on closing the bank for at least a week, said Marilyn Katz, a spokeswoman for the bank
Do some people need to finish the looting before the FDIC arrives?
I got this when I visited the failed banks page:
Oops, wrong link. Here's the link to the history of Illinois branch banking:
http://www.chicagofed.org/publications/fedletter/cflmay2007_238.pdf
Reporting live from San Diego National Bank Headquarters- (actually, I'm back at my office, but was just there).
No "run", no lines, no pizza or unmarked vans- BUT TWO SATELLITE TV TRUCKS with two reporters setting up to do live reports from in front of the bank.
So I suspect we may get live TV coverage of a bank closing! NBC 7/39 was one of the crews there. Not sure of the other.
Speaking of Politics....
Nearly 650,000 jobs have been saved or created under President Barack Obama's economic stimulus plan, the government said Friday, and the White House declared the nation on track to meet the president's goal of 3.5 million by the end of next year.
New job numbers from businesses, contractors, state and local governments, nonprofit groups and universities were released, showing 640,329 positions credited to the stimulus, according to the independent federal board monitoring the program's progress.
emphasis added.... LOL.....
The article requested is no longer available.
"called the FDIC asking it to hold off on closing the bank for at least a week, said Marilyn Katz, a spokeswoman for the bank"
ACH wire transfers only take 3 days. So these numb-nuts don't even know how to wire the spoils out of the bank?
After utilizing my Bank Failure Line of Credit (BFLOC) and withdrawing 300% of the equity out of my fridge I am looking to buy some Bank Failure Default Swaps to hedge my risk that the FDIC doesn’t actually close several banks tonight. Luckily AIG was willing to underwrite a BFDS on favorable terms.
I called 8, so if these banks fall tonight, I win!
I thought it was Cook County's heritage of ethics and transparency, which simply couldn't stand to have badly functioning institutions of lending around, leading to higher standards so as not to malign the good name of the local business community.
Bearded Spock wrote:
And yet, simultaneously, you lose!
If I may be allowed to speak my mind, and the truth, this is fucking corrupt as hell, because FDIC is not to give notice in advance -- so why do we have this pre-staged activity, where politicians are interfering with due process .... huh, huh> Why are these mafia bastards getting in the way of justice?
Oh, I know, maybe we could change the accounting rules and then cover up the bad debt and then hide any suggestion of reality and say it's for the good of the people -- and then distance the bad guys from all the collusion and corruption -- maybe FDIC can become more and more like DOJ....
HollywoodHack wrote:
Let me fix that for ya:
Crook County's...
If this had been a raid by the FBI, IRS or USDA would everyone inside the beltway have been alerted?!!!!!!!!
So maybe Sheila doesn't close any banks due to the leak?
And, who tipped off the tv crews?
not everyone - just Rahm's buddies
I need ice cream. Only have diet stuff.
Maybe they read CR.
lawyerliz wrote:
They read CalculatedRisk, of course!
You would guess the folks inside the banks.
josap wrote:
No one at FDIC should be passing any queries about any bank to FDIC officials: log the call on a secure database.
This is shameful for Shiela to allow.
Nearly 650,000 jobs have been saved or created under President Barack Obama's economic stimulus plan...
I'm seeing some stimpack projects locally, which does put bread on the table. But projects are not permanent jobs. Most of this stuff is essentially more construction, or transient consumption. In a normal slow economy, when one construction gig ends, you "rest" for a while and go on to the next one before the money runs out. But that's not likely going forward.
LL- the website of one of the local stations (NBC 7/39) already has a story up about FBOP's problems and the fact that they own San Diego National Bank- I presume someone there actually did a little work and read some of these articles that CR is now posting.
I'll swing by again on my way home and see if there is anything worth taking a picture of.
Doc Holiday wrote:
How in the hell do the politicians know the hammer is going to fall anyway? They should technically be as surprised as we are.
I agree, this is completely uncool, and heads should roll.
We can only hope some enterprising young journalist decides to take it upon him or herself to dig into the background of these politicians and see what the deal really was.
On the flip side, I assume Sheila is taking copious notes and collecting iron-clad data to give herself a 'get out of jail free' card when she's ultimately set up as a patsy.
Looks like a Fail-Safe-Friday, this little misunderstanding notwithstanding.
Jim, no offense, but differentiating between the FDIC and the Fed, T, and other entities which are just continuing the policies of Paulson is naïve at best.
Is Shelia sending a message?
Is she being monitored?
Is there more to this Cook County bank then meets the eye?
What if it's not loot, but paperwork and server backups they want time to get to?
Is this power games on Shelias part?
Stay tuned for more on "As the economy crashes"
Hey Liz,
Have you tried this ice-cream?
Häagen-Dazs® | Products | Five
Really really really good!
@ Bearded Spock - "Mirror, mirror" is one of my favorite episodes!
once again I recommend "Dogs and Demons" as a nice study of what happens when a corrupt political structure blindly shovels money into "construction" as a means of attempting to stimulate a deflationary economy
Thx I like swiss choc aimound the best.
Butter pecan!!!
HollywoodHack wrote:
Here in Canada, we call this phenomenon "Montreal".
2nd best
If the mafia is gonna control FDIC, then I say all marijuana shall be legal hence forward and we the people shall have an opportunity to be sedated and not care about the fact that Rome is being burned to the ground by our corrupt government!!!
Also see; B y the 1860s, due to the government policy of promoting consumption of state-manufactured vodka, it became the drink of choice for many Russians. In 1863, the government monopoly on vodka production was repealed, causing prices to plummet and making vodka available even to low-income citizens. By 1911, vodka comprised 89% of all alcohol consumed in Russia. This level has fluctuated somewhat during the 20th century, but remained quite high at all times. The most recent estimates put it at 70% (2001).
Also see:
:icecream:
scone wrote:
You just liked seeing a young William Shatner in a loose-fitting vest, you dirty girl.
Is she being monitored?- N
We're all being monitored.
Gee, I thought you Canadians were both polite and fairly
honest. Oops.
We are all bearded now.
lawyerliz wrote:
That observation is still valid. Montreal isn't in Canada, it's in Quebec.
Not quite as high-end, but this stuff is so good that it's difficult to stop eating, and I'm not an ice cream fanatic....
Blue Bunny Family Flavors Chunky & Gooey Premium Premium Ice Cream
Bordeaux Cherry Chocolate
Hold off on closing, print the lettuce, special orders don’t upset us – all we ask is that you let us have it our way.
Ok, so where is the freaking failure?
So maybe Sheila doesn't close any banks due to the leak?
If that happens, I'd love to see the lines outside the bank on Monday.
We are all bearded now. - LL
Liz!
Well, this is a
so far.
And, in any event, I'm going to go spend some quality time with my wife...cleaning the house. Enjoy BFF, y'all!
California National Bank expected to be seized tonight | Money & Company | Los Angeles Times
To the agony booth with you, Chairman Bair. Victory was in my grasp!
I coulda had class. I coulda been a contenda instead of a lousy alternate dimension Vulcan in the service of the Terran Empire-which is what I am.
I thought that would get a response.
Who said the Chinese don't know how to do marketing. lol
http://modmyi.com/images/pauldanielash/china_iphone_poster.jpg
What if they gave a bank closing and the FDIC didn't
show up?
Sounds like to me some South Side congressmen have more than a few contributors over the insured limit.
It's getting so you need to set up an appointment weeks in advance so the FDIC can close a bank. Hire more bank closerers.
kcoop,
Please, no bearded lady icons!
Or bearded clams, either.
Wow, the contribution checks practically write themselves.
's for CONgress
Having eaten my skinny cow fake ice cream concoction, I am
going to watch tv, for a while and check in to see if there are
any bank failures. Maybe Sheila set this up to get some congress
critters.
Scone!!
We are are all Brazilians now.
A congressional watchdog group says 17 lawmakers are currently under investigation for allegedly breaking ethical standards. Charges include steering earmarked funds toward associates, tax evasion and receiving preferential mortgage rates.
WTF,
Citizens for Responsibility and Ethics in Washington says 13 of the accused are Democrats and four are Republicans. Those four are Don Young of Alaska, Jerry Lewis and Gary Miller of California and Pennsylvania's Tim Murphy.
The Democratic side features Senators Roland Burris of Illinois, Kent Conrad of North Dakota, Chris Dodd of Connecticut and New Jersey's Robert Menendez. House members being investigated include John Murtha of Pennsylvania, Linda and Loretta Sanchez of California, and House Ways and Means Committee Chairman Charles Rangel of New York. The Politico reports that Rangel has now spent more than $1 million in his defense.
It's 10 minutes to pizza, on the left coast.
A bank in Florida IIRC hired a political consultant who was somehow connected with the previous administration to help out the bank. It may have bought more time, but the bank was eventually taken over by the FDIC and sold. So It seems to me that this FBOP stuff is nothing new. Why wouldn't a troubled bank call on local politicians for help?
So maybe Sheila doesn't close any banks due to the leak?
these political hacks are going to learn the hard way. You don't mess with the She Bear.
She might get pissed and take down Fifth Third Bank or Suntrust just to show who's the boss.
Sheila FBOP--he FBOP--a--we FBOP
I FBOP--you FBOP--a--they FBOP
Be FBOP--be FBOP--a--lu--she FBOP,
Oo--oo--she--do--she FBOP--Sheila close FBOP?
Ahem! Moving right along...
OT - stock up on red ink: Chrysler plans "deep discounts across many models over the next 18 months." Now that C4C is gone what Detroit needs now is a good old fashioned price war.
noob, haven't had a chance to drive by and take pictures of those 3 huge buildings right near the foot of the dumbarton bridge in Fremont that have been empty since being built 10 years ago.
Here they are on zillow
Real Estate & Homes for Sale - Zillow
Real Estate & Homes for Sale - Zillow
Here's the old Sun Campus across the road from those buildings. Someone is trying unsuccesfully so far to turn it into a biotech region.
Real Estate & Homes for Sale - Zillow
Assuming Shiela holds off. It will be interesting to see what happens when the banks open tomorrow. Substantiated or not, these rumors may trigger a run.
Now this is a
!
YouTube - Shrek Dance Party
Doc Holiday, why do you omit Republicans? Is the list too long?
poic -
"The SEC alleges that Chen Tang of Fremont, Calif., learned non-public information as the CFO of a private equity fund and from illegal tips by his brother-in-law, who was the CFO of a venture capital fund. Tang and his trading partners, which included his brother and four friends, traded on the inside information through their personal brokerage and retirement accounts, the accounts of their spouses, children and relatives, and the accounts of several privately-offered investment funds that Tang and three of his friends managed.
Press Release: SEC Charges Former CFO and Six Relatives and Friends in California-Based Insider Trading Ring; 2009-229; Oct. 30, 2009
Oooh! Cal bank FAIL?--
California National Bank expected to be seized tonight | Money & Company | Los Angeles Times
Why isn't "Dirty" Harry Reid on the list? He's prostituted himself for the NAR and NAHB. Not to mention various casinos and Indian tribes.
Somebody in the FBI please put a wiretap on this SOB. Please!
""The SEC alleges that Chen Tang"
Is he part of the Wu Tang Clan?
Aren't these banks calling the wrong guys? Shouldn't they be calling GS?
It's funny how some blogs discussing the Crash blame the UN or WHO for this mess or the CIA...or blame maybe 'mysterious global forces'...really globalization, monetary policy, huge deficit spending, deregulation, speculative attacks are the primary things to look at...and the Madoff meme or 'idiot thesis' that regulators are 'clueless' is coming from a ponzi 'con' man...
noob, globalization has hit a major snag...a global 'devaluation'...but saying it was caused by 'idiots' is as bad as the 'mysterious global forces' theories...
Is Fed Abandoning Bailout Of Commercial Real Estate | zero hedge
"A takeover would occur even after several U.S. Congressman from the Illinois area, including Reps. Bobby Rush and Danny Davis and Sen. Roland Burris, called the FDIC asking it to hold off on closing the bank for at least a week, said Marilyn Katz, a spokeswoman for the bank."
That's a lot of papers that need to be shred!
And the FDIC is letting it happen!!
Where's the (blanking) Justice Department?
On, never mind...he's an old Chicago Goodfella too! What wuz I thinking?
merchants of fear wrote:
We have entered a new phase in globalization: the globalization of overinvestment. For a while America was able to find new and innovative uses for the surplus Chinese savings, such as building McMansions and Supertanker SUV's; but even America's capacity for wasting money has been overwhelmed; now we can no longer keep the rest of the world from sinking in a sea of overproduction/under-consumption.
I wonder if they are serving pizza at the FDIC's ongoing damage control meeting?
They must be steaming...
poic wrote:
Cash Rules Everything Around Me - dollar, dollar bill y'all
YouTube - Wu Tang Clan "C.R.E.A.M."
I would not want Sheila mad at me. Someone is going to be very misserable shortly.
2nd City Hoi Polloiticals need a favor, could you hold off failure for a week?
Sooner or later, the media will start interviewing people who post on CR, to try to understand this emerging national obsession called BFF. Why do so many people just sit around waiting for banks to fail on Friday, actually doing shots and betting on how many? And why are frat guys starting to do it, and promote it during rush?
Rajesh,
Yeah...the McMansions, the funky loans, and the really funky securitization...I bet most Ivy League 'Ivory Tower' economists don't even understand securitization & derivatives because the 'shadow' information & numbers on this stuff isn't even available...
Well, due to my short attention span, I'm signing off.
Rajesh (homepage, profile) wrote (in reply to...) on Fri, 10/30/2009 - 8:15 pm
We have entered a new phase in globalization: the globalization of overinvestment. For a while America was able to find new and innovative uses for the surplus Chinese savings, such as building McMansions and Supertanker SUV's; but even America's capacity for wasting money has been overwhelmed; now we can no longer keep the rest of the world from sinking in a sea of overproduction/under-consumption.
Malinvestment / gambling / buying-shit-you-don't-need is a rational aggregate response to excessive liquidity. Don't forget education in that mix either.
I have some of my bar patrons in on BFF now as well. We joke about watching for the pizza delivery guys in the parking lot. A good time is had by all...
Enough 'available' securitization data to come to any real 'conclusions' anyway...
Buffett’s Berkshire Cuts Moody’s Stake Third Time in 3 Months - Bloomberg.com
Bwwwaaaahhhha
Sell and hold. Didn't catch kindly old pigman Uncle Warren telling everyone to get out yet.
If a bank falls in the woods, did it really fall?
CK - I am still holding out hope for some classy CR swag to show to the public
The extent of the 'credit destruction' and 'liquidity destruction' is not completely transparent with the standard government data being released...
Cripes, I know California is on Mañana time, but for Pete's sake it's almost 6:30 PDT and still no announcement?
Is Sheila trying to out Timmy as the idiot he is?
Or is he just outing himself?
Comrade Kristina wrote:
Somebody is gonna make money on this, and I don't see why it shouldn't be CR. You could have a kinda little lotto terminal that sits right on the bar, that takes BFF bets. Then, the drunk spins the wheel to see how many banks failed. This thing could make money on any day of the week, at any hour.
St. Louis Fed: Series: MULT, M1 Money Multiplier
Clearly, the multiplier is less than 1. Does this mean the USD will appreciate?
I don't understand much about this stuff, but from reading a lot, I subscribe to the Steve Keene view that money is created by new loans, and the reserves and shit that Bernanke is messing with aren't likely to do much. Just an engineer, but this seems like a reasonable theory.
Comrade Alexei Mikhailovich wrote:
And thus we see the futility of calling Dawg-win.
We will serve no failure before it's time.
Fed is telling banks on Zero Hedge link above to resolve their own problems and won't be a guarantor of risky CRE exposure (allowed by regulators, govt. policies, and Fed monetary policies). The plug is being pulled (credit & liquidity contraction after the credit and liquidity expansion).
Now if we could just get some "investors" in this creation...
RD,
You have some strongly held beliefs. Would you call them dawgma?
A classic sequence...
Any one pick 0?
I blew everything I had in daylight savings, and opened a dog polishing store.
nova wrote:
I do not consider them "beliefs." There are several controversial things I understand are not classical beliefs and I understand how they can be mistaken for beliefs... JD coined "Dawgma." I expressed my opinion once and have held my tongue since. I find it no more clever than "Obamanation."
What is the Official Shot of Bank Failure Friday?
I would have to say it's
schlager!
"The plug is being pulled"
perhaps just momentarily - I'm sure GS loaded up on puts yesterday... but the flood will return for at least one more giant wave before the congressional mid-terms.
Rats. JD always is first with the cool word stuff..
Regulators are expected to seize Los Angeles-based California National Bank on Friday in what would be the fourth-largest U.S. bank failure this year, the Los Angeles Times reported, citing unnamed sources.
Cal National operates 68 branches across Southern California with more than $7 billion in assets. As of June 30, the lender maintained five times as much foreclosed property on its books and twice as many non-current loans as it had a year earlier, according to the Los Angeles Times.
Apropos of nothing in particular, I did think of a fairly decent epitaph...
"Expired Worthless"
Maybe we could use it on some banks...
Here we go..
ank Closing Information
October 30, 2009
These links contain useful information for the customers and vendors of these closed banks.
* North Houston Bank, Houston, TX
* Madisonville State Bank, Madisonville, TX
* Citizens National Bank, Teague, TX
* Park National Bank, Chicago, IL
* Pacific National Bank, San Francisco, CA
* California National Bank, Los Angeles, CA
* San Diego National Bank, San Diego, CA
* Community Bank of Lemont, Lemont, IL
* Bank USA, NA, Phoenix, AZ
Just got closed..
According to the FDIC page, there are a boatload of closures on October 30, 2009.
the cap-and-trade proposal needs to be changed to just "cap". Forget about traders deciding on Monday how much we'll be paying for electricity on Friday.
9 Banks go down
Big Local Bank Faces Federal Takeover: Sources |
NBC San Diego
Bank management held a staff meeting on Wednesday and told San Diego National employees that the Federal Deposit Insurance Corporation (FDIC) will take over the company on Friday, according to sources.
Sorry, No links, They didn't get copied..
Obviously from FDIC Site..
Apparently US Bank is tonight's winner..
The GDP* just went up a slice.
*Gross Demolishing of Pizza
North Houston Bank Houston TX 18776 October 30, 2009 October 30, 2009
Madisonville State Bank Madisonville TX 33782 October 30, 2009 October 30, 2009
Citizens National Bank Teague TX 25222 October 30, 2009 October 30, 2009
Park National Bank Chicago IL 11677 October 30, 2009 October 30, 2009
Pacific National Bank San Francisco CA 30006 October 30, 2009 October 30, 2009
California National Bank Los Angeles CA 34659 October 30, 2009 October 30, 2009
San Diego National Bank San Diego CA 23594 October 30, 2009 October 30, 2009
Community Bank of Lemont Lemont IL 35291 October 30, 2009 October 30, 2009
Bank USA, N.A. Phoenix AZ 32218 October 30, 2009 October 30, 2009
The first result from a search on ask.com for FBOP was
Federal Bureau of Prisons
Just caught the list of visitors to the WH from inaugeration to July sometime...Figure you'll recognize any names?
White House Visitor Records Requests | Socrata | Making Data Social
Someone wake CR up (again)
There are There are currently 65 users and 387 guests online waiting to be served
and :
This kind of release isn't fun. Dumping all 9 on us at once?
I tried clicking on home repeatedly, but alas,
wasn't successful.
my nemo
WTF? FDIC is feeling frisky I guess. 3 in TX, 3 in CA, 2 in IL and 1 in AZ for good measure.
Well hot damn, I'm claiming a win, as the only sucker to vote for more than 8.
FDIC: Press Releases - PR-195-2009 10/30/2009
That's the press release for the non-typing inclined.
Today's BFF d'jour consists of a melange of Tex-mess, California nouvelle failures or Chicago deep debt pizza.
merchants of fear wrote:
Isn't it ironic that we took the most convoluted and painful path possible and wound up at the Swedish Solution anyway?
1 currency now -yogi wrote:
Good on yah!
And I'm STILL short GS/JPM.
Interesting tidbit from the press release:
I must have voted 8 then.
Rats.
Congresscritters didn't get their way, hunh?
Yeah, Sheila!!!
Did they just not anounce these as they did them?
No news reports?
Why am I so confused?
Tv reporters reporting?
Where is my
? Can I drink now?
Here's to you, Kristina!
The nine banks involved in today's transaction are: Bank USA, National Association, Phoenix, Arizona; California National Bank, Los Angeles, California; San Diego National Bank, San Diego, California; Pacific National Bank, San Francisco, California; Park National Bank, Chicago, Illinois; Community Bank of Lemont, Lemont, Illinois; North Houston Bank, Houston, Texas; Madisonville State Bank, Madisonville, Texas; and Citizens National Bank, Teague, Texas. As of September 30, 2009, the banks had combined assets of $19.4 billion and deposits of $15.4 billion.
The nine banks had 153 offices, which will reopen as branches of U.S. Bank beginning tomorrow during their normal business hours. Depositors of the nine banks will automatically become depositors of U.S. Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until U.S. Bank can fully integrate the deposit records of the nine failed banks
The FDIC and U.S. Bank entered into a loss-share transaction on approximately $14.4 billion of the combined purchased assets of $18.2 billion. U.S. Bank will share in the losses on the asset pools covered under the loss-share agreement.
FDIC: Press Releases - PR-195-2009 10/30/2009
Swedish solution ~ bank shareholders take a hit...is this the pensions or GS taking the hit?
" No advance notice is given to the public when a financial institution is closed."
However, if your USB and have connections, anything goes....
** YAWN **
yu rang
¿
Nobody voted 9. Closest was 8, including meeee.
Swedish solution should have ABBA as the thread music, right ?
The FDIC estimates that the cost of the nine banks to the DIF will be a combined $2.5 billion. U.S. Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. The failure of the nine banks brings the nation's total number this year to 115.
Welcome no one.
And thanks for the total.
Soooo-eeeeeeeeeeeeee
So, does the person that bid the highest without going over win? I'm on my second White Russian; I figure 9 in one night deserves a celebration.
Yeah...it looks like Sweden went through this whole RE bubble sequence...wonder if taxpayers ended up making any money from its 'bank crisis' solution(writedowns)?
No One wrote:
In sum, TBTF just got a little bigger...
sporkfed wrote:
YouTube - ABBA - Waterloo
I'm really impressed with this video ....LOL!
One for each.
'Have you seen the little piggies
Crawling in the dirt'
I say highest without going under wins.
Creates action...This is a gambling game, ladies and gents.
Comrade Kristina wrote:
Why yes, yes I do.
'Have you seen the bigger piggies
In their starched white shirts.'
lets have a scary halloween haiku BFF contest.
In sum, TBTF just got a little bigger...
I was thinking the same thing. One bank to rule them all...
Nah, yogster. I'm closer to the total than you, that means I win!!
But then we need a pumpkin Icon.
We have Santa already.
And. . . a turkey would be nice!
What about CIT on Sunday?
'They don't care what goes around
In their eyes there's something lacking.'
9 little piggies
Go gently into the night
Good night little pigs....
Vampires and zombies
That is what we have become
These are our banks.
'one more time'
Upgraded music:
YouTube - ABBA - Waterloo [German Language Version]
Halloween Bank Holiday?
A Razorz Bludgeon
2 Octum No-um Dec-um
Wicca Wheel Fortune
Here's to bank death-day
No trick or treat candy here
And no cash either.
I suspect Shiela's simultaneous bank-fail news dump was dons specifically and intentionally to prevent CR haiku.
'I (banks) need a fix 'cause I'm going down.'
rich
you're kidding,right? frat guys?kcoop,please the little guy rolling on the floor laughing .....