The depletion of funds from the Federal Deposit Insurance Corporation’s deposit insurance fund has left the FDIC with few options, and they consequently decided to rebuild the fund by having banks across the nation pay insurance premiums for the next three years. Those gigantic premiums will be due at the end of December.
With over 500 [...]
All Posts Tagged With: "Timothy Geithner"
FDIC’s Need For Capital Putting Pressure on Community Banks
Troubled Asset Relief Program (TARP) to be Extended by Obama Administration
The use of taxpayer dollars to bail out Wall Street will continue, as Treasury Secretary Timothy Geithner, talking to a watchdog panel on Thursday said the Obama Administration will extend the highly controversial and unpopular bailout program until October 2010, the original period the legislation allowed. The plan was going to be shut down at [...]
December 11th, 2009 | Gary | Comments | Continued
CIT Group (NYSE:CIT) Wins Concessions and Approval for Fast-Track Bankruptcy
In its bid to survive bankruptcy, CIT Group (NYSE: CIT) was granted unusual and unprecedented concessions, while also gaining approval for a fast-track bankruptcy, which is scheduled to be exited in December 2009.
U.S. Bankruptcy Judge Allan Gropper gave his approval for an interim $125 million loan from Bank of America (NYSE: BAC), part of a [...]
Editorial: Former Major Federal Banking Regulator Prof. Bill Black Says Treasury Secretary Timothy Geithner Incompetent in CIT Group (NYSE: CIT) Bailout Deal – Government Also in Full Cover-up Mode
Taxpayers are out of $2.3 billion because of the incompetent and outrageous deal Treasury Secretary Timothy Geithner made with CIT Group (NYSE: CIT) for receiving its bailout funds, according to William Black, professor at the University of Missouri-Kansas City School of Law, and former leading federal banking regulator.
Black stated in an interview: “We put ourselves [...]
Editorial: Is Goldman Sachs (NYSE:GS) Obama’s Personal Financial Farm Team?
The announcement last week that yet another executive from Goldman Sachs (NYSE:GS) was installed in a major financial regulatory position of the Obama administration raised even more red flags on the growing and apparently disturbing relationship directly between the administration and Goldman Sachs.
Adam Storch, vice president in Goldman Sachs’ Business Intelligence Group, is the latest [...]
Next Bank Failure will be No. 100 this Year – FDIC Will Operate in Red through 2012 at Least
The Federal Deposit Insurance Corp. and the government have been dreading the eventual failure of bank No. 100 this year, as the unwanted milestone is a negative psychological barrier which reminds the American people that the recession isn’t close to being over, no matter what the mainstream media lapdogs assert and parrot.
As far as handling [...]
Three More Banks Fail – Bringing Bank Failures to 98 So Far This Year
Three more banks were seized by banking regulators, bringing the number to 98 so far this year. Banks in Minnesota, Michigan and Colorado were the latest casualties.
In Minnesota, Jennings State Bank, a family-owned bank in Spring Grove, Minnesots went under, and had assets worth $56.3 million and deposits of $52.4 million as of July 31. [...]
The FDIC is Out of Money – Now What?
Now that the FDIC has effectively admitted they’ve run out of money in the Deposit Insurance Fund, what does that mean to for the banking system in the U.S., and the consumers and businesses using them?
First we have to understand that the banking system, the FDIC and the Treasury Department are essentially insolvent. If Japan [...]
Statement from G20 on How They’re Going to Strengthen Financial System
Over the last couple of days financial leaders from the G20 countries and Central Bank Governors got together to talk about what they should do going forward in strengthening the global financial system, which has broke down in the midst of the worst economic conditions since the Great Depression.
They do talk about the Basel II [...]
Discover Card just told me that they are not allowing any balance transfers on any accounts right now. 
Does everyone realize that Citibank owns almost all the credit card divisions of gas card companys and dept. stores including ...
I thought the goal was to increase capital, who would want to lend in this environment of 10% unemployment and ...