Jeff Binkley -> All wrote:



 JB> Bank failures continue and this Administration is mute on the topic.
 JB> All Obama talks about is attacking the banking industry.

 JB> ===========================================

 JB> http://apnews.myway.com/article/20100123/D9DD6LEG0.html

 JB> Banks shut in Fla., Mo., NM, Ore., Wash.

 JB> Jan 22, 10:19 PM (ET)

 JB> By MARCY GORDON


 JB> WASHINGTON (AP) - Regulators shut down banks Friday in Florida,
 JB> Missouri, New Mexico, Oregon and Washington, bringing to nine the number
 JB> of bank failures so far in 2010, following 140 closures last year in the
 JB> toughest economic environment since the Great Depression.

 JB> The Federal Deposit Insurance Corp. took over the five banks: Charter
 JB> Bank, based in Santa Fe, N.M., with $1.2 billion in assets and $851.5
 JB> million in deposits; Miami-based Premier American Bank, with $350.9
 JB> million in assets and $326.3 million in deposits; Bank of Leeton in
 JB> Leeton, Mo., with $20.1 million in assets and $20.4 million in deposits;
 JB> Columbia River Bank, based in The Dalles, Ore., with $1.1 billion in
 JB> assets and $1 billion in deposits; and Seattle-based Evergreen Bank,
 JB> with $488.5 million in assets and $439.4 million in deposits.

I notice this doesn't mention the first bank to fail this year, Horizon
Bank of Bellingham, Washington. The FDIC had Washington Federal, a savings
bank, take them over. Over half of Horizon's assets were worthless.

 JB> Beal Financial Corp., based in Plano, Texas, agreed to assume the
 JB> deposits and assets of Charter Bank. In addition, the FDIC and Beal
 JB> Financial agreed to share losses on $805.5 million of the failed bank's
 JB> loans and other assets.

 JB> Columbia State Bank, based in Tacoma, Wash., agreed to buy the deposits
 JB> and assets of Columbia River Bank. The FDIC and Columbia State Bank
 JB> agreed to share losses on $697.4 million of its loans and other assets.

Columbia State Bank was started by a former vice president of Puget Sound
National Bank when Key Bank bought them out. I can't remember his name at
the moment, but he's got a real good head for business.

[big snip]

 JB> This week, President Barack Obama called for limits on the size and
 JB> investments of big Wall Street banks to help stave off a fresh economic
 JB> meltdown. Obama's proposal, which would need Congress' approval to take
 JB> effect, includes barring banks that take deposits from also trading
 JB> securities for their own profit. It also would separate commercial banks
 JB> from investment banks, a line that was blurred a decade ago by
 JB> legislation reversing Depression-era restraints.

Interestingly, those "evil" investment banks contributed millions
to his presidential campaign.

Ed

-- 
"Truth does not become more true by virtue of the fact that the
entire world agrees with it, nor less so even if the whole world
disagrees with it." --Jewish philosopher Maimonides (1135-1204)

Blogs: http://edsramblings.wordpress.com | http://woodcaringnsuch.wordpress.com
http://edsscrollsawbits.blogspot.com

Facebook: http://wwwfacebook.com/ed.hulett | Twitter: http://www.twitter.com/yaesu

Linux User #416016
Linux Machine #385030

--- Thunderbird 2.0.0.23 (X11/20090817)