Consequently, the DIF (Deposit Insurance Fund) took a serious hit: more than $7 billion losses today.
CF Bancorp, Port Huron, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...
As of December 31, 2009, CF Bancorp had approximately $1.65 billion in total assets and $1.43 billion in total deposits....
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $615.3 million.
Eurobank, San Juan, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...
As of December 31, 2009, Eurobank had approximately $2.56 billion in total assets and $1.97 billion in total deposits. ...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $743.9 million
R-G Premier Bank of Puerto Rico, Hato Rey, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...
As of December 31, 2009, R-G Premier Bank of Puerto Rico had approximately $5.92 billion in total assets and $4.25 billion in total deposits. ...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.23 billion
Westernbank Puerto Rico, Mayaguez, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...
As of December 31, 2009, Westernbank Puerto Rico had approximately $11.94 billion in total assets and $8.62 billion in total deposits...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.31 billion
Frontier Bank, Everett, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...
As of December 31, 2009, Frontier Bank had approximately $3.50 billion in total assets and $3.13 billion in total deposits. ...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.37 billion.
3 comments:
Great post, Pej...did anyone else notice that as of Dec 31 all banks appeared to be in great shape with assets exceeding liabilities by 30% (Eurobank), 39% (R-G), and 39% (Westernbank)? But assuming their liabilities didn't change, just four months later their assets had fallen in value by 68%, 68%, and 77% respectively? Obviously their marks were totally fraudulent if not criminal.
[first comment deleted was a duplicate]
Thanks Anonymous. Indeed, mark to fantasy is used to prop up zombie banks (changing the way you mark your assets doesn't make you more (in)solvent than you were before) and make the higher management cash in a lot of money on supposedly great profits.
The truth is, the banks due to fractional reserve banking are by definition insolvent, and that when the collaterals against which they have lent decline in value, and the entities who have borrowed become unable to repay, collapse is all but inevitable.
It's time to remember Secretary Paulson and Bernanke's statements: "Our financial system is safe and sound".
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