17 thoughts on “Bank update”

  1. 4 more notches in the Obama bed post!

    Gotta wonder how long before all the banks are owned by the Government….

    Usually it is not because the banks are insolvent, it is because Oblamo changed the rules so he can have more control over the entire financial system!

    Banks that did not take the bailout money are the main targets. This means almost every local bank is at risk of being taken over, if they do not sell out to the ones that did take taxpayer dollars!

    Numerous Banks here in Albuquerque have already fallen, all were small local or community banks. None of which to my knowledge were on the verge of failing. They just failed to adhere to the new banking rules put in place by our Ludicrous Leader!

    Just wonder when he will get around to the Credit Unions….

    1. You simply have no idea what you are talking about, do you? I don’t believe there is one correct statement in your comment. Do you even know how the FDIC operates? Do you know that the assets of the failed banks are almost always sold by the government immediately to another bank? (First American of Artesia, NM, bought High Desert, for example.) What numerous banks in Albuquerque are you talking about? Name them. Which rules of the FDIC has the president changed?

      For the record, only two New Mexico banks have failed in the past 10 years. High Desert last week and Charter Bank of Santa Fe earlier this year. FDIC: Failed Bank List

      1. Charter Bank Santa Fe Based with numerous branches In Albuquerque for one.

        Yes I am very aware how the fdic works, I have a degree in Business Administration.

        I also know that they changed the amount of surplus a bank must have in assets to be considered liquid. Name one interstate/national Bank that has been taken over by the fdic since obama was elected I doubt you can.

        Most of the banks were forced to sell out to other bigger banks against their will. It was/is an ultimatum “sell or we will take you”! Then we will sell you to the banks we have a stake in and can control.

        The list you supplied only verifies my points. All of them were local small banks not one major bank has been taken or forced to sell out. None of which took a dime of taxpayer funds to prop themselves up.

        How you can be blind to this obvious trend is beyond me.

      2. WaMu is the largest bank (and they were not that large) on the list and they were more than solvent:

        “Washington Mutual Bank also has a subsidiary, Washington Mutual FSB, Park City, Utah. They have combined assets of $307 billion and total deposits of $188 billion.”

        Chase paid a paltry 1.9 billion for that, talk about bargain basement price!

        A sale forced by the FDIC!

        You figure it out….

  2. Charter Bank Santa Fe was a stand alone bank. It’s assets were bought by Charter Bank Albuquerque, a separate institution.

    And for that matter, when a bank closes its branches close. Branches are not separate banks.

    Assets that are bad loans are not too useful, as Washington Mutual well knew.

    All the current board of the FDIC were appointed by President George W. Bush.

  3. Ok now here we go with the Bush bashing again which is irrelevant.

    The last 90 banks being taken, have all happened under the “leadership” of the “anointed one ” Well after he bailed out all the major banks!

    Capitalism is a four letter word to our president, that has been proven time and time again.

    Semantics: Santa Fe/Albuqerque.

    Loans are not considered Assets! they are considered as liabilities. Or, at least they used to be.

    Next….

  4. What did I write that was Bush bashing? He appointed the current FDIC board. That’s a fact.

    Hundreds more banks and savings and loans were closed in the 1980s crisis under Presidents Reagan than Bush I, then in the past 18 months under President Obama.

    The FDIC is an independent agency. The president and his administration have no role in its day-to-day operations. Never have, since it was established in 1933. No account holder has ever lost money in an FDIC account. No tax dollars are used to fund the FDIC. It’s insurance. That’s what the I stands for. Banks pay premiums.

    Charter Bank Santa Fe was closed by the FDIC, including all 8 branches. Its assets were taken over by Beal Financial Corporation of Plano, Texas, dba Charter Bank Albuquerque. The people in Santa Fe and the people in Plano did not think it was semantics.

    The loans in a bank’s portfolio are assets. Liabilities are when you owe something. Banks don’t owe the loans they make. Duh!

    You are welcome to comment here. But please, be informed. Ignorance is so annoying.

    1. Yes and the democrats whom have been in power since ’02 (somehow this fact is overlooked) have not learned from the savings and loans debacle.

      So, the adage rings true:
      Those who do not learn from history are destined to repeat it.

      To believe that a federal agency is not guided by the President is incredible!

      Yes, they claim to be an independent entity. However, they are FEDERALLY mandated and controlled by the Government!

      BTW: Reagan Saved us from the mess Carter created! So, now we will have to elect someone with common sense and patriotism that will fix Oblamos mess.

    1. Once again, you are incorrect. The banks pay the premiums and pass the cost along to their customers. That’s the difference between business and government. It’s insurance. If you don’t want the insurance, don’t put your money in an FDIC insured bank.

      Write whatever ill-informed thing you want. I’m done.

      1. Are not the customers taxpayers?

        The government TAKES your money and wastes it.
        The Banks charge you for services rendered.

        I am at the end of this myself.

        I am a bit taken aback at your name calling and insults but, hey this is your space you are free to do as you wish.

  6. Aha, so telling someone that they have their facts wrong is “name calling and insults.” John works for Fox News!

    1. If the facts are incorrect it is possible to express it without being attacking or mean spirited.

      However the Facts lean to my side on this issue.

      Just because you or anyone else may disagree does not give just cause to pigeonhole someone.

      I am willing to be incorrect when it can be proven that I so far the proof on this issue has been paper thin.

  8. John J say’s, “…now we will have to elect someone with common sense and patriotism.” Are you fucking kidding me?

  9. I’ll get in on this.

    I’d be interested to know what Mr. Franks thinks the FDIC should have done, if not taking over the banks? Should the government have let them collapse?

    Presumably, if the government shouldn’t have stepped in, then that would be the answer, right?

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