Archive for February, 2009
Thursday, February 12th, 2009
Don't get your hopes up that these congressional hearing will amount to something. It's just a bunch of name calling, hand waving, grand standing and show boating. Isn't it amazing how all of this energy is expended and not one single person goes to jail or loses their money?
Watch as ...
Posted in Bank Bailout Count, BREAKING NEWS! | No Comments »
Wednesday, February 11th, 2009
2009-02-11 Q4 Report:
Credit Suisse sang the same refrain as UBS and others reporting for fiscal full year 2008, namely largest loss ever. For the fourth quarter Credit Sussie swung to net loss from a year-ago profit, hit by major trading losses and 3.19 billion Swiss francs ($2.75 billion) in write-downs ...
Posted in writedowns and distress | No Comments »
Wednesday, February 11th, 2009
The lovely Campbell Brown from CNN called the CEO of Wells Fargo on his hypocrisy...
I'm really touched to see this, but why didn't she criticize Wells Fargo when it cooked its books all through 2008, misleading investors to buy or at minimum not sell their shares? It's only now that ...
Posted in Bank Bailout Count, BREAKING NEWS! | No Comments »
Tuesday, February 10th, 2009
At 2 minutes, 20 seconds into this C-Span video clip, Rep. Paul Kanjorski of Pennsylvania explains how the Federal Reserve told members of Congress about a "tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars." According to Kanjorski, this electronic transfer occured ...
Posted in BREAKING NEWS!, CENTRAL BANKERS | No Comments »
Tuesday, February 10th, 2009
This blog is intended to be a resource for the novice investor, the kind who is unaware that the stock market is a 100% scam.
You can go back and read the posts on this blog and see that this crash is no surprise. You'll also read my rants against ...
Posted in BREAKING NEWS! | No Comments »
Monday, February 9th, 2009
Germany was at war the last time Deutsche Bank absorbed a full-year loss, and that loss was the last in the lifetimes of most of its investors. Since the summer of 2007, the banks frantic paper efforts have kept it ahead of the relentlessly expanding shock wave of the credit burst. ...
Posted in BREAKING NEWS! | 1 Comment »
Friday, February 6th, 2009
The FDIC closed three banks after the market closed today, making County Bank, Merced, CA, the tenth closure this year.
The U.S. Federal Deposit Insurance Corp said on Friday County Bank of Merced, California, was closed by the California Department of Financial Institutions, and FDIC was named as receiver.
The FDIC said ...
Posted in FDIC FAILED BANKS | No Comments »
Friday, February 6th, 2009
The FDIC shut down three banks after the market's final bell today. Among them was Alliance Bank, Culver City, CA, the FDIC's ninth victim in 2009.
The California Department of Financial Institutions shut Culver City-based Alliance Bank, with assets of $1.14 billion and $951 million in deposits.
The FDIC was named the receiver of ...
Posted in FDIC FAILED BANKS | No Comments »
Friday, February 6th, 2009
The FDIC closed three more banks after the market closed today. FirstBank Financial Services Inc based in McDonough, Georgia, was the FDIC's eighth victim in 2009.
FirstBank Financial Services Inc. in Georgia and Alliance Bank in California were seized today by state regulators, bringing this year’s tally of failed banks to eight, as the ...
Posted in FDIC FAILED BANKS | No Comments »
Friday, February 6th, 2009
Anyone who still believes the financial markets need more regulation should watch this continuously until they understand the true nature of our problem. More regulation is a distraction. Congress consistently regulates the wrong things and then looks the other way.
This morning, the House Financial Services Subcommittee on Capital Markets, Insurance, ...
Posted in BREAKING NEWS! | No Comments »
