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Regulators shut down banks in Nevada and Washington on Friday, marking the 21st and 22nd failures this year of federally insured banks.
The Federal Deposit Insurance Corp. was appointed receiver of Carson River Community Bank, based in Carson City, Nev. and Rainier Pacific Bank in Tacoma, Wash.
Carson River Community Bank had $51.1 million in assets and [...]
Watch your top knot…
Mr Troy estimated that criminals took about $40m from bank accounts this year, primarily targeting the small and mid-sized businesses that are themselves customers of small and mid-sized banks.
Such banks and their clients were less likely than their biggest competitors to have the highest-grade security procedures.
Source/Full Story: FT.com
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November 18, [...]
Federal prosecutors have taken steps to seize four U.S. mosques and a Manhattan skyscraper owned by a nonprofit Muslim organization long suspected of being secretly controlled by the Iranian government.
In what could prove to be one of the biggest counterterrorism seizures in U.S. history, prosecutors filed a civil complaint Thursday in federal court against the [...]
A must-read piece from Mail Online.
A secret court is seizing the assets of thousands of elderly and mentally impaired people and turning control of their lives over to the State – against the wishes of their relatives.
The draconian measures are being imposed by the little-known Court of Protection, set up two years ago to act [...]
Guaranty Bank of Austin, Tex. became the 81st bank failure of 2009 after it was closed by Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corp. as receiver, the federal agency said late Friday. The FDIC said it has entered into a “purchase and assumption agreement” with BBVA Compass of Birmingham, Ala. As [...]
Regulators have shut down Colonial BancGroup Inc. CNB-N , a big lender in real estate development that buckled under the collapse of the market. It was the biggest U.S. bank to fail this year, with about $25-billion in assets.
The Federal Deposit Insurance Corp. was appointed receiver of Montgomery, Ala.-based Colonial. The agency approved the sale [...]
U.S. officials are considering giving CIT Group Inc a temporary loan as part of an aid package to help the lender avoid collapse, a source familiar with regulators’ thinking said on Tuesday.
The temporary loan is one option being considered to give CIT room to strengthen its balance sheet by raising additional capital through debt or [...]
Five U.S. banks with total assets of about $1.04 billion were seized by regulators, pushing this year’s tally of failures to 45 as a recession drives up unemployment and home foreclosures.
Community Bank of West Georgia, in Villa Rica, Georgia; Neighborhood Community Bank of Newnan, Georgia; Horizon Bank of Pine City, Minnesota; MetroPacific Bank of Irvine, [...]
Banks in Georgia, North Carolina and Kansas with total assets of $1.5 billion were closed yesterday, bringing this year’s tally of failures in the U.S. to 40 amid the highest unemployment in a quarter century.
State regulators shut Southern Community bank of Fayetteville, Georgia and Cooperative Bank in Wilmington, North Carolina. The Office of the Comptroller [...]
Bank of Lincolnwood in Lincolnwood, Ill. became the 37th bank of the year to fail and the sixth Illinois bank failure in 2009, according to Federal Deposit Insurance Corp. Friday. Republic Bank of Chicago in Oak Brook, Ill. will assume all the bank’s deposits. As of May 26, Bank of Lincolnwood had total assets of [...]
f General Motors Corp (GM.N) files for bankruptcy, as widely expected, its healthy assets will be quickly sold to a new company owned by the U.S. government, a source familiar with the situation said on Tuesday.
The source, who was not cleared to speak with the media and would not be identified, said the U.S. government [...]
The Treasury Department will unveil the next step in its financial rescue efforts tomorrow, announcing that it intends to create a government body, called the Public Investment Corp., to finance the purchase of as much as $1 trillion in soured loans and toxic assets from ailing banks, according to sources.
The plan calls for the new [...]
The fed is planning moves that would more than double its balance-sheet assets by September to $4.5 trillion from $1.9 trillion. Whether expressing approval or concern over the fed’s intentions, most commentators fail to understand the real magnitude of the projected expansion of the US monetary base because they don’t take into account the amount [...]
The Treasury Department will unveil the next step in its financial rescue efforts tomorrow, announcing that it intends to create a government body, called the Public Investment Corp., to finance the purchase of as much as $1 trillion in soured loans and toxic assets from ailing banks, according to sources.
The plan calls for the new [...]
It has been my contention for years that when it comes to law enforcement, their real mission is not one of protecting and serving the people of a community, but is a mission that involves the protecting and serving of money, of finance, of businesses and their particular assets. The typical example I have used [...]
Source: Reuters
Shareholders of Fortis (FOR.BR) on Wednesday rejected the state-led deals that carved up their stricken financial group, delivering a potentially fatal blow to BNP Paribas’s (BNPP.PA) expansion plans.
Shareholders first voted against the purchase by Netherlands of Fortis’s Dutch assets.
Then, by a wafer-thin majority, they rejected the Belgian state’s acquisition from Fortis of the whole [...]
Source: Reuters
Shareholders of Fortis (FOR.BR) on Wednesday rejected the state-led deals that carved up their stricken financial group, delivering a potentially fatal blow to BNP Paribas’s (BNPP.PA) expansion plans.
Shareholders first voted against the purchase by Netherlands of Fortis’s Dutch assets.
Then, by a wafer-thin majority, they rejected the Belgian state’s acquisition from Fortis of the whole [...]
Source: Reuters
Shareholders of Fortis (FOR.BR) on Wednesday rejected the state-led deals that carved up their stricken financial group, delivering a potentially fatal blow to BNP Paribas’s (BNPP.PA) expansion plans.
Shareholders first voted against the purchase by Netherlands of Fortis’s Dutch assets.
Then, by a wafer-thin majority, they rejected the Belgian state’s acquisition from Fortis of the whole [...]
Source: Reuters
Shareholders of Fortis (FOR.BR) on Wednesday rejected the state-led deals that carved up their stricken financial group, delivering a potentially fatal blow to BNP Paribas’s (BNPP.PA) expansion plans.
Shareholders first voted against the purchase by Netherlands of Fortis’s Dutch assets.
Then, by a wafer-thin majority, they rejected the Belgian state’s acquisition from Fortis of the whole [...]
Source: Reuters
Shareholders of Fortis (FOR.BR) on Wednesday rejected the state-led deals that carved up their stricken financial group, delivering a potentially fatal blow to BNP Paribas’s (BNPP.PA) expansion plans.
Shareholders first voted against the purchase by Netherlands of Fortis’s Dutch assets.
Then, by a wafer-thin majority, they rejected the Belgian state’s acquisition from Fortis of the whole [...]
Source: Bloomberg.com
First Centennial Bank of Redlands, California, was seized by a state regulator, the third U.S. bank to fail this year, as the recession deepens and the slump in the housing industry sends home foreclosures to records.
First Centennial, with $803.3 million in assets and $676.9 million in deposits, was shut by the California Department [...]
Source: rfidwizards.com
By invitation, I recently visited a remote facility in northern Virginia to see a demonstration of NOX – a new Intelligent Perimeter Defense system deployed by the FBI that uses covert Radio-Frequency Identification (RFID) technology to track people and assets without their knowledge.
That’s right, using RFID to track people without their knowledge. This system [...]
Source: Bloomberg.com
Bank of America Corp., the largest U.S. bank by assets, posted its first loss since 1991 and cut the dividend after receiving emergency funds from the government to support the acquisition of Merrill Lynch & Co.
The fourth-quarter loss of $1.79 billion, or 48 cents a share, compared with net income of $268 million, [...]
Source: FT.com
A German sovereign bond auction failed on Wednesday as investors shunned one of the most liquid and safe assets in the world in a warning for governments seeking to raise record amounts of debt to stimulate slowing economies.
The fate of the first eurozone bond auction of 2009 signals trouble ahead as governments around [...]
Source: Telegraph
The long-held assumption that US assets – particularly government bonds – are a safe haven will soon be overturned as investors lose their patience with the world’s biggest economy, according to Willem Buiter.
Professor Buiter, a former Monetary Policy Committee member who is now at the London School of Economics, said this increasing disenchantment [...]
Source: globalresearch.ca
The Federal Reserve has bluntly refused a request by a major US financial news service to disclose the recipients of more than $2 trillion of emergency loans from US taxpayers and to reveal the assets the central bank is accepting as collateral. Their lawyers resorted to the bizarre argument that they did so [...]
Source: Bloomberg.com
The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.
Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed [...]
Source: Reuters
Global miner Rio Tinto, saddled with nearly $40 billion in net debt, said it would cut 13 percent of its workforce, slash capital spending and sell more assets as it battles a collapse in commodity prices.
Rio, which mines a range of metals and minerals from aluminum and copper to gold and diamonds, has [...]
Source: Charlotte Business Journal:
Pilgrim’s Pride Corp., a chicken processor with operations in Union County, has filed for Chapter 11 bankruptcy protection.
The company, based in Pittsburg, Texas, says it does not expect the move to affect its daily operations. A Chapter 11 bankruptcy filing allows companies to protect their assets while they reorganize.
Pligrim’s Pride has been [...]
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Supplies against Swine Flu These are some supplies you should consider acquiring, wherever you can obtain them from, but you should act quickly because I suspect they will be going fast.
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