Death watch in Spokane
The federal bank regulators have been closing banks on a weekly basis for quite some time, but now they're also more or less identifying future shutdowns in advance. Who will get the carcass of Sterling for Christmas? Will it be Umpqua Bank?
| Posted at 10:22 AM | Permalink |
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Comments (7)
"Jamie is always hanging around the hoop. You know Jamie's saying, 'Let's make friends with these guys before I eat them.'"
http://news.yahoo.com/s/usnews/themanwhocouldsalvagewallstreet;_ylt=AjTHbx.rr440jQ2XBkWLYgFH2ocA;_ylu=X3oDMTE2cW5pdGprBHBvcwM1BHNlYwN5bl9mZWF0dXJlZARzbGsDb2JhbWFzZmF2b3Jp
Has anyone noticed JPM's Jamie Dimon, still belching from his Sheila Bair-assisted consumption of the nation's largest thrift WaMu, camped out at this end of the court?
Or is he more interested in gorging on Wells Fargo (WFC)?
Posted by Gardiner Menefree | October 16, 2009 10:53 AM
The Bank of Umpqua is in good shape. They raised capital through a stock offering and non-performing loans are 1.7% of assets, which is well below the 5.0% threshold when you would start being concerned. About 15% of Oregon banks are at 5% or higher according to the FDIC.
Posted by RW | October 16, 2009 1:17 PM
To the designated winners in taxpayer-subsidized bank consolidation belong the spoils:
http://eresearch.fidelity.com/eresearch/evaluate/news/basicNewsStory.jhtml?symbols=WAMUQ&sb=1&st=1&san=1&sc=1&storyid=200910161302UPI_____BUSITRAK_125222-5876&provider=UPI_____&product=BUSITRAK
Posted by Gardiner Menefree | October 16, 2009 1:58 PM
Try this
http://banktracker.investigativereportingworkshop.org/
Posted by George Anonymuncule Seldes | October 17, 2009 5:32 PM
Or, consider what Elizabeth Warren has to say about what is happening right now:
http://finance.yahoo.com/tech-ticker/article/355983/%22Astonishing%22-That-Big-Banks-Are-Taking-Taxpayer-Money-Writing-the-Rules-Warren-Says;_ylt=Ar2TQyIP_KMiuJ8nttJFrYRl7ot4;_ylu=X3oDMTE2NzNobHRlBHBvcwMyBHNlYwNyZWNlbnRQb3N0cwRzbGsDYXN0b25pc2hpbmd0?tickers=%5EDJI,%5EGSPC,XLY,XLP,XLF,jpm,gs
Posted by Gardiner Menefree | October 17, 2009 8:12 PM
The FDIC can't shut any banks down because the DIF, or Depositor's Insurance Fund, is out of money. Without its own bailout from the Treasury, in the form of a line of credit, FDIC can't perform that function - protecting deposits.
Fun times. But, oh, right, the recession's over.
Posted by Don Smith | October 19, 2009 11:21 AM
Don Smith, although the FDIC's Sheila Bair maintains a very distant relationship with transparency, it would appear from the latest bank seizure that the FDIC will not be impeded from acting as receiver:
http://finance.yahoo.com/news/Calif-bank-becomes-99th-in-US-apf-2368207611.html?x=0&.v=4
Posted by Gardiner Menefree | October 19, 2009 6:11 PM