Premier League.

C

You gotta problem wid dat, punk?

all of a sudden, they upped the ante

Alt-Premier American?

Interesting: First Press Release that FDIC also put out in Spanish.

RATM wrote:

Is the FDIC just going to dish out money to make banks whole?

That's the whole purpose of the economy. Someday, Lord Blankface will press a little button, and the obedience chip will go off in our heads. And we'll all be very, very happy.

*was the "least costly" resolution for the FDIC's *

okay then, CR are we sure its not the same management?

To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, a newly-chartered national institution, to assume all of the deposits of Premier American Bank.

I guess this means they can continue to use the old stationery.

Barley wrote:

are we sure its not the same management?

Hey, there is absolutely nothing wrong with bailing out a failed bank and then turning it over to the same management. Just ask Geithner and Bernanke, the two most trusted names in the finance cabal.

Err, I can't say I ever heard of it.

"Isn't that some kind of reverse leveraged buyout?"

I like it when you talk kinky

Ken's the best/

Looks just like my catz--a tuxedo cat.

scone wrote:
That's the whole purpose of the economy. Someday, Lord Blankface will press a little button, and the obedience chip will go off in our heads. And we'll all be very, very happy.
Yes, once they override that pesky free-will and conscious volition, we will be much more efficient market servants.

but no raccoons eating the trash. it's no depression, yet.

From their web site:

Premier American Bank - Truly Committed to SERVING YOUR NEEDS!
At Premier American Bank, we PRIDE ourselves on giving you the unique and personal banking experience that you DESERVE. We KNOW what it's like to balance your financial needs with a REAL LIFE... because at Premier American Bank, we are PEOPLE just like YOU!

Tonight on Pay Per View

vs

what's with this week? is the going to crash the market to show big O who's boss?

Terry wrote:

We KNOW what it's like to balance your financial needs with a REAL LIFE

Well, sort of....

Hey, any chance that KD runs a bank on the side?

volker the viking --

The Intrade market is open 24/7 as far as I know. What you see there is a live bid/ask quote.

You can even buy or sell it yourself, if you are in a legal jurisdiction that permits such things...

LL - From their management, looks like they focused on either the Hispanic or Cuban communities.

Comrade Elmer Fudd wrote:

is the Vampire Squid from Hell going to crash the market to show big O who's boss?

Bingo. Power struggle within and without. Lord Blankface descends to his cave, where legions of squid prepare to wriggle across the world...

Oh no, now the middle is being ignored, and the Republicans are being set to take the blame for all the failures of the administration- the Party of No is being set up big time. No to BB- causes market crash- No to healthcare causes needless suffering, No to banking reforms feeds the fatcat bankers, No to GSE reform causes more housing crash.

Is that enough? This crisis is going to hang the republicans, because they are going to be tagged with Bushie Blame.

Obama gave the Republicans the rope- dangled bipartisan in front of them and let them trash his agenda.
The tricky pol thing is to then give them the blame, which they are taking with a proud badge, while the tea party bunch disorganizes the party further.

This is basically a Republican disaster, being spun right now as a triumph.

The return to the Roosevelt style economy is now well under way, and the assault on banks provides the tell.

When the new national savings bank of Fannie and Freddie opens for business, I remind you I told you so.

Someday this war's gonna end...

Terry wrote:

From their management, looks like they focused on either the Hispanic or Cuban communities.

Hmmmmm.....any chance they're in Miami?

CR wrote :
*
There were 140 bank failures in 2009, 25 in 2008 and 3 in 2007, so that makes 171 for this cycle. *

doesnt that make 173?

2010 (5) + 2009 (140) + 2008 (25) + 2007 (3) ?

or have I completely lost my mind? or is this the "3 that were really 1" effect?

josap wrote:

If you have a 401k or a pension fund or mutual funds or ..... it is going to get ugly.

Why?

You wait until someone is calling for radical reform, before proposing the moderate reform you wanted all along

Comrade Elmer Fudd wrote:

what's with this week? is the going to crash the market to show big O who's boss?

Looks like they are giving it a try.
This may be the war Ciz AllenM may be talking about.

lawyerliz wrote:

Cinco, ever hear of stocks going waaaay down?

Yes; so? Mine stuff's all in short-term bonds. How does that affect me?

Cinco-X wrote:

Mine stuff's all in short-term bonds. How does that affect me?

Ahem.

They're not as short-term as you think.

Cinco-X wrote:

Why?

In a war between TBTF and Obama the will take down the market. Thus trashing the stock holdings in those things. will then blame the loses on Obama and any regulations they don't want.

The war may be between Obama and TBTF, but J6P is the battle field.

"The Federal Deposit Insurance Corporation (FDIC) today announced it will open a temporary satellite office in suburban Chicago, to manage receiverships and to liquidate assets from failed financial institutions primarily located in Midwestern states"

January 19th, 2010

Someday, Lord Blankface will press a little button, and the obedience chip will go off in our heads. And we'll all be very, very happy.

Think that's a fancy?

Comrade Elmer Fudd:

is the Vampire Squid from Hell going to crash the market to show big O who's boss?

That seems like a bit of a risky move on the 's part. If J6P becomes aware that the is ACTUALLY too big, O' might really be able to pull it off.

What kind of bonds? Muni, corp, tres?

CA -yield 13.68%

Comrade Elmer Fudd wrote:

what's with this week? is the going to crash the market to show big O who's boss?

If GS can crash it, there are many others who could restore it or even cause a new bubble. GS is not that powerful

Blackhalo wrote:

If J6P becomes aware that the is ACTUALLY too big, O' might really be able to pull it off.

More and more of J6Ps have that clue. And they are angry. I think the has underestimated what can happen when peole have had enough.

On the buyers of Premier:

"Are you a former banking executive looking to return to the industry? Well, now's your chance to hook up with one of the many blind pools being raised to invest in the sector.

Take, for instance, the $370 million pool Deutsche Bank AG raised for Bond Street Holdings LLC in early November. It aims to invest in troubled banks and become a bank holding company that will then be managed by a trio of executives with long résumés in banking: Dan Healy, the former CFO of Melville, N.Y.-based North Fork Bank; Les Lieberman, an old Drexel Burnham Lambert hand; and former New York state superintendant of banks Vincent Tese.

Healy, 66, will be CEO of Bond Street. At North Fork from 1992 through 2006, he worked on 16 acquisitions, including that by Capital One Financial Corp., under CEO John Kanas (pictured at left), who also recently resurfaced as an acquirer (along with WL Ross & Co. LLC, Blackstone Group LP, Carlyle Investment Management LLC and Centerbridge Capital Partners LP) of Coral Gables, Fla.-based BankUnited Financial Corp. Healy left North Fork after the Capital One deal and became a senior adviser to U.K. private equity firm Permira Advisors LLP in 2008. He also serves on the board of Keefe, Bruyette & Woods Inc., an investment bank that focuses on financial services.

Joining him at Bond Street Holdings is Lieberman, the former executive managing director of Indosuez Capital, the investment banking arm of Banque Indosuez. In addition to spending time at Drexel, Lieberman is also an alum of Kidder, Peabody & Co. Now an executive managing director at Chicago private equity firm Sterling Partners LLC, he will act as executive chairman of Bond Street. Rounding out the trio is Tese, 66, a member of Bear Stearns Cos.' board from 1994 until the firm's fire sale in 2008. He's also a former commissioner of the Port Authority of New York and New Jersey and a former CEO of the New York State Urban Development Corp. "

Scene Four, Das Rheingold, Loge:

They hasten to their end,
though they think themselves strong and enduring.
I am almost ashamed
to share their doings;
my fancy lures me
to transform myself
back into flickering flames.
To burn them
who once tamed me,
rather than foolishly end
with the blind,
even though they be the most godlike gods,
does not seem stupid to me.
I'll think it over:
who knows what I will do?

EHP, the Obama/Volcker spin seems to imply two banks - the domestic savings one for the plebes and the one for the elite.

GS investments
GS bank
BAC investments
BAC bank
JPM investments
JPM bank

Obviously, companies like C and BAC would deemphasize the investment half, while something like GS would emphasize it. Once the execs figure out that this is a (a) retirement package with nice deffered comp for the senior peopleand (b) a chance to create whole new bonuses and options and a new board, with the M&A guys also getting paid, they might decide to actually go with it and not kill it in the senate (which, of course, the could do with one tip of one tentacle).

What did Bernanke do?

1. Ignored the risks before it was too late.
2. Gave away a lot of $$$$$ (directly or indirectly) to shore up the banks
   a) Approved Quantitative Easing (already thought out previously);
   b) approved buying of MBS;
   c) "worked with Treasury" on crafting bailouts (giving $ away);
   d) kept silent about mark-to-fantasy; and
   e) tacitly approved the banks strategy of "repairing their balance sheets" by gouging their clients

Other than being a handmaiden to Wall Street, where's the special genius that make him irreplaceable?

greenchutes
Instead of selling equity shares to banks, shadow banking will have to borrow with loans that can be fixed to whatever benchmark. Thus the shadow banking is in a weaker negotiating position, and a captive borrower.

EvilHenryPaulson wrote:

If GS can crash it, there are many others who could restore it or even cause a new bubble. GS is not that powerful

It's not in their self-interest to cause a crash, but it is very much in their self-interest to create the perception that they could cause a crash any time they want to. If Lord Blankface gets that idea into the minds of the government peeps, it's all over. There is a possibility of a titanic struggle for power here.

Or:

WOTAN:

The sun's eye sheds
its evening beams;
in its glorious gleam
the castle shines in splendour.
In the radiance of the morning
it glittered proudly
but stood before me tenantless,
grand and inviting.
From morn to eve,
in care and anxiety,
not lightly it was won!
Night draws on;
from its envy
it now offers shelter.

Das Rheingold,
-- Richard Wagner

it's a river in Egypt that is holding things up for now.

nemo

Sorry to be on topic

some people have all the nerve

We are on the march back to a more controlled financial sector, which I will not mourn, because it has become apparent that these changes are necessary.

You have to listen to what Volcker wants, and the only way to get it is to bifurcate the banking system from wall street again. Banks will be utterly terrified by the mere possibility that a national mortgage bank run by the feds is next- like I said, put a 4% rate out on the street and Ma and Pa will FLOOD it will deposits. At that point, add checking and a local branch, and you can effectively gut 50% of the banks in America, with a government guarantee.

The games of Wall Street are small potatoes to the low interest environment. That creates yet another huge thirst for safe yield. That thirst shall be met through direct investing in federal structures- running wall street out of a huge source of funds to be skimmed.

They are screwed, blued, and tattooed, should this play out like I think.
I did put some of my money where my mouth is too- bought some dead Fannie Preferred.

Someday this war's gonna end...

Anonymous Bosch wrote:

Sorry to be on topic, but, with all the failed RE and CRE in Florida, why aren't banks there dropping like flies?

AB,
Not only have FL banks gone down, but banks from GA and AL that participated in that bubble have gone down as well. Look at the list of GA banks that have been taken over.

See the link in
Comment by pravin404 from thread 'Bank Failure #5 in 2010: Premier American Bank, Miami, Florida'
47 banks from FL and GA alone.

Blackhalo wrote:
And yet they're packing heat, and have called out the bomb sniffing dogs?

Seems ... theatrical. /

pavel.chichikov wrote:
Those who have touched the Ring of Power will never stop until they have won what they're seeking. There is no retreat.
"Once you start down the dark path, forever will it dominate your destiny"
- Star Wars VI: Return of the Jedi

Somebody was looking for a recent M3 estimate. It is quite telling and rather scary:

Some key statistics 

I'm sorry, but the polls just don't bear out the left's obsession with the health care bill. I personally have no issue with national health care(though the current bill is a piece of crap). I hate that our companies are hobbled by having to pay for health care and I've seen examples of working health care systems in other countries. But poll after poll after poll have shown that pushing the health care bill has been an epic fail for the Democrats and the general public just isn't buying.

I'm a pretty pro-immigration guy, but I know that pushing amnesty right now is idiotic and would run into massive public opposition.

It's important in politics to read what the mood of the country is and not just project that everyone should feel the same way about an issue you do.

I don't understand some of the new graphics: "Yap stone", "The Dude Abides", and "Ruby slippers" (I understand the reference, but why was the graphic added)?

Prediction market has Bernanke confirmation at 70% or so.

This is because of a widespread feeling that Democrats in the Senate will rally round Bernanke.

They will, if it can be done in a bi-partisan looking way. But if it lines up as Dems for, Republicans against, then the Dems will be screwed. And their popular support will slide even more because Bernanke is hated in the heartland.

So, keep your eyes on how Republican Senators feel about Bernanke and whether they are united. They're driving his bus right now.

rich wrote:

keep your eyes on how Republican Senators feel about Bernanke

most are keeping mum

it all depends on the timing

then, when the first begin to turn, a rush for the exits

rich your take on the dollar if BB gets kicked out

RE wrote:

Tea partiers think that they are part of a popular movement when in fact, they will themselves be considered fat cats.

Fat cats? I'd call teabaggers "useful idiots" in the classic Leninist sense.

Oxtail wrote:

I'm sorry, but the polls just don't bear out the left's obsession with the health care bill.

I think you are wrong. The NYT captured the issue quite well with this paragraph:

Poll Finds Wide Support for Idea Of Government-Run Health Plan - NY Times

Yet the survey also revealed considerable unease about the impact of heightened government involvement, on both the economy and the quality of the respondents’ own medical care. While 85 percent of respondents said the health care system needed to be fundamentally changed or completely rebuilt, 77 percent said they were very or somewhat satisfied with the quality of their own care.

What we have observed was a well executed strategy to obfuscate and just as in 1993, it worked. However, the real issue is a very popular one.

JP wrote:

Doing the same thing and expecting different results is one definition of insanity.

That's funny. I do this quite frequently with dice, cards, and coins while playing a number of different games. And I enjoy it! If that's insanity, then I don't want to be sane.

PR-15-2010 Sunflower Bank, National Association, Salina, Kansas, Assumes All of the Deposits of Bank of Leeton, Leeton, Missouri

RayOnTheFarm wrote:
Leeton, Missouri
and now, Leeton Misery...

PAUL VOLCKER: Those are two big corrections we have to make. We
wont have the same, I dont think, confidence in financial engineering.
Institutions have learned something. And some of these deficiencies are
now pretty clear. It`s hard to change that, because people want to make
money and rely upon this kind of fancy manipulation.

Straight from Charlie Rose in September.

Go back and listen again.

Yeah, broad support for the idea of government-run health plan. What's the support for the specific plan they're currently working on in congress?

Just like there's always a huge amount of support for the idea of streamlining the tax code. Just don't take away the deductions I like!

Bank Failure #6: Bank of Leeton, Leeton, Missouri

Reid supports BB.

pavel.chichikov wrote:

Even if they do live in Arizona.

Political views in Arizona have always been a little on the 'special' side (in the little yellow bus sense of the word).

'Systemic impact'
How will stability ever be brought back to the economy with TBTF spillover effects?
TBTF money will be able to actually be political speech and influence regs or no regs... Maybe TBTF won't be able to be regulated.

Citizen AllenM
Where does he talk about a national mortgage bank, or busting up any banks?
He loves banks. He is a banker, albeit of an older generation. He just doesn't want hedge funds inside of them. He would rather they make loans to the hedge funds. He doesn't like the idea of TBTF. He doesn't like the idea of not bailing out the banking sector, which takes a new federally capitalized replacement banking system off the table. He may have seen the light with regards to what most financial innovation is, but he is not addressing the important parts like honest accounting or pay structures.
You are projecting your desires onto Volcker.
I'm ok with Volcker myself, but don't expect him to bring a full measure of reform.

Oxtail wrote:

Yeah, broad support for the idea of government-run health plan.

It is not broad support for the idea! It is broad support for what health care delivers. I pay approx. $11,000 a year for 2 people. Kaiser at that so nothing fancy. Would you like to demonstrate how many J6Ps can actually afford such a plan.

If you are unemployed it is even worse. Ever paid COBRA out of your own pocket?