bank failure

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American Capitalism Is Dead. The Culprit? America
American Capitalism Is Dead. The Culprit? America
ANALYSIS
Oct 10, 2008 10:35 AM CDT

American Capitalism Is Dead. The Culprit? America

(Newser) - As Wall Street banks collapse like a house of cards, American capitalism isn’t just failing in practice; the very idea of unregulated, free-functioning markets has received a serious blow, writes Anthony Faiola in the Washington Post. Once the symbols of American economic might, there's a real possibility that many...

The Crisis Dwarfs $700B
 The Crisis Dwarfs $700B 
Oct 7, 2008 10:18 AM CDT

The Crisis Dwarfs $700B

A US-centric band aid can't quell global markets as confidence plunges

(Newser) - As the financial crisis continues to grow, the $700 billion bailout passed by Congress last week may be too little too late, the Washington Post reports. The plan may not begin relieving banks of toxic assets for another month, and, meanwhile, the crisis has gone global, making $700 billion seem...

Depression, No&mdash;but That Lesson Is Vital
Depression, No—but That Lesson Is Vital
Analysis
Oct 1, 2008 4:20 PM CDT

Depression, No—but That Lesson Is Vital

As credit outlook deteriorates, most important word is 'trust'

(Newser) - Constant references to the Great Depression aren’t alarmist, but the analogy isn't perfect, either, writes David Leonhardt in the New York Times. "The basic mechanics of how the economy might fall into a severe recession look quite similar to those that caused the Depression," he explains. "...

'Nihilist' House GOP Doomed US to Recession
'Nihilist' House GOP Doomed US to Recession
OPINION
Sep 30, 2008 12:00 PM CDT

'Nihilist' House GOP Doomed US to Recession

American leadership is 'scarcer than credit,' writes Brooks

(Newser) - When FDR became president, writes David Brooks, his first priority was to give Americans faith in their leadership, to show that someone was running the show. Now that the US is facing the greatest financial crisis since the Depression, today's political leaders "have failed utterly and catastrophically to project...

Blogger Busted for Bad Bank Rumor
Blogger Busted for Bad Bank Rumor
Sep 28, 2008 8:31 AM CDT

Blogger Busted for Bad Bank Rumor

Hong Kong post urged customers to take their money and run

(Newser) - As worldwide worries mount about the US financial crisis, a Hong Kong blogger has been arrested after allegedly posting internet rumors that a local bank was in trouble, AP reports. He urged depositors to withdraw their funds, police said. He was arrested for computer use with criminal or dishonest intent....

Rumors Spark Wild Run on Asian Bank
Rumors Spark Wild Run on Asian Bank
Sep 25, 2008 6:24 AM CDT

Rumors Spark Wild Run on Asian Bank

Panicked thousands rush to grab savings from Bank of East Asia

(Newser) - Rumors that the Bank of East Asia was in trouble spread like wildfire through Hong Kong yesterday, causing a panicked mob to descend on the bank as thousands withdrew their life savings, the Financial Times reports. Police moved in to keep order as crowds demanded their money. BEA's tycoon chairman...

After Meltdown, 'Safe Will Be the New Sexy': Cramer

'Good, clean, old-fashioned banking' is coming back in US markets

(Newser) - A new era has arrived on Wall Street, with the big investment firms falling, James Cramer writes in New York, and traditional banks with large deposit bases looking like the smartest option all along. “We’ll see a more chaste culture emerge from all of this, on Wall Street,...

Feds Search for WaMu Buyer
 Feds Search for WaMu Buyer 
Sep 17, 2008 1:06 PM CDT

Feds Search for WaMu Buyer

Falling share price stokes worries of a bank run

(Newser) - Washington Mutual, America's largest savings and loan, may be the next big financial institution to fail, the New York Post reports. Fearing a run on the struggling bank, federal regulators placed calls yesterday gauging interest in a WaMu buyout to Wells Fargo, JP Morgan Chase, HSBC, and others, but no...

Feds Seize 2 Failed Banks
 Feds Seize 2 Failed Banks
Jul 26, 2008 6:07 AM CDT

Feds Seize 2 Failed Banks

Western banks sold to Mutual of Omaha

(Newser) - The housing bust and credit crunch have toppled two more banks, Reuters reports. Federal regulators have taken over First National Bank of Nevada and California's First Heritage Bank and sold them to Mutual Bank of Omaha. The undercapitalized institutions were the sixth and seventh to go under in the US...

Failed FDIC-Run Bank Added Fuel to Subprime Fire

Feds seized Ill.-based Superior in 2001, but it continued to write, sell off bad loans

(Newser) - An Illinois bank seized by regulators in 2001 continued to write risky subprime mortgages for months after it was put under the day-to-day supervision of the Federal Deposit Insurance Corporation, the Wall Street Journal reports. Many of the loans—some with interest rates above 12%—have been foreclosed; a Texas...

These Days, Local Banks Look Good
These Days, Local Banks Look Good
OPINION
Jul 19, 2008 10:35 AM CDT

These Days, Local Banks Look Good

Your community banker cares, and may even have good deals

(Newser) - Community banks may seem like quaint relics to those who prefer banking online, but IndyMac's meltdown should have us thinking differently, Ron Lieber writes in the New York Times. Lieber visited a bank in small-town Maryland, and found a friendly, gray-haired manager who gives banking a personal touch. “If...

FBI Begins Fraud Probe of IndyMac Mortgages

Failed bank may have given improper loans to people with bad credit

(Newser) - The FBI is investigating failed bank IndyMac for possible fraud related to its mortgage-lending business, Bloomberg reports. The agency is looking into whether the bank gave improper loans to people with shaky credit. It is working closely with the FDIC, which seized the bank's assets last week. IndyMac specialized in...

IndyMac Failure Exposes Risk for Uninsured $$$
IndyMac Failure Exposes Risk for Uninsured $$$
analysis
Jul 12, 2008 9:29 PM CDT

IndyMac Failure Exposes Risk for Uninsured $$$

Depositors with more than $100K in the bank could be in trouble

(Newser) - IndyMac Bank's failure yesterday was a "wake-up call" to anyone with deposits above the $100,000 FDIC insurance limit, Terry Savage writes in Street.com. Americans have more than $2.6 trillion in uninsured accounts, and 10,000 depositors have more than $1 billion at risk at IndyMac alone....

Lehman Posts $2.8B Loss, Stuns Wall St.

Investors fear that banks, securities firms still in trouble

(Newser) - Lehman Brothers shocked Wall Street today by posting a $2.8 billion quarterly loss, its first in 14 years and far worse than expected, the Wall Street Journal reports. Other downmarket reports added to investor anxiety, sent stocks falling, and boosted fears that banks and securities firms remain troubled. As...

Northern Rock: Post Mortem of a Spectacular Fall

Reckless play on global stage brought 'Northern Wreck' to its knees

(Newser) - The collapse of Northern Rock, Britains third-largest lender, was "the messiest banking crisis in the Western world resulting from the global credit crunch,'' a UK lawmaker tells Bloomberg in a post mortem of the disaster. “They really screwed it up,” said one analyst of the bank’...

Stocks Tumble on Weak Data
Stocks Tumble on Weak Data
MARKETS
Feb 28, 2008 3:56 PM CST

Stocks Tumble on Weak Data

Dow drops 112 points on sluggish growth, rising jobless claims

(Newser) - Stocks fell more than they had in a week today amid reports of sluggish economic growth, rising jobless claims, and fears of failing banks, Bloomberg reports. The Dow fell 112.10 points to 12,582.18, the Nasdaq fell 22.21 points to 2,331.57, and the S&P...

Feds Brace for a Wave of Bank Failures

FDIC hires extra staff to help with boost in 'problem' banks

(Newser) - Federal regulators are gearing up for as many as 100 bank failures in the next year—the most since the savings and loan crisis that saw more than 1,000 S&Ls go belly up in the ’80s and ’90s—as the subprime contagion continues to decimate the...

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