Saturday, Aug 15, 2009
It's not over yet!
BBC: Biggest US bank Failure this Year
"Colonial BancGroup has become the biggest US bank to collapse this year. Colonial, a property lender based in Montgomery, Alabama, had about $25bn of assets, said the US regulator, the Federal Deposit Insurance Corp (FDIC)".
Posted by alan @ 01:56 PM (800 views) Add Comment
6 Comments
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1. little professor said...
Ah, Bank Failure Friday. Had forgotten about that for a while.
2. little professor said...
Oh, it was fraud. How surprising.
Colonial BancGroup, Inc. announced that, on August 6, 2009, it was informed by the U.S. Department of Justice that it is the target of a federal criminal investigation relating to the Company's mortgage warehouse lending division and related alleged accounting irregularities.
3. Welshie said...
To anyone who reads Denninger's Market Ticker this is not news - he and others have been prognosticating this for a while now.
There are two more bank failures coming soon.....
4. Bear said...
Federal Deposit Insurance Corporation (FDIC) Friday Night Follies. How come these always crash on a weekend?!
5. little professor said...
Bear - they always do the bank closures on a Friday after close of business
6. mark said...
this might explain the failure better and the affect it will have on mortgage costs to the wider economy..
http://money.cnn.com/2009/08/14/news/companies/colonial_bancgroup/index.htm?postversion=2009081500