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28 Sep 09

Editorial - The F.D.I.C. and the Banks - NYTimes.com

  • The worst alternative — no surprise — is the one big banks like best. A 1991 law allows the F.D.I.C. to borrow from select banks, though the agency has never done so. With piles of cash that they are not lending to consumers, the big banks would be more than happy to lend it to the government.
27 Aug 09

FT.com / Companies / Banks - US ‘problem’ bank list hits 15-year high

  • That relatively low figure suggests that after hitting large institutions which traded complex securities, the financial crisis and the recession are taking a toll on smaller banks that lend to businesses and consumers.

F.D.I.C. Says Banking Industry Lost $3.7 Billion in Quarter - NYTimes.com

  • The agency reported that the banking industry lost $3.7 billion in the second quarter amid a surge in bad loans made to home builders, commercial real estate developers, and small and midsize businesses.
  • Its deposit insurance fund dropped 20 percent, to $10.4 billion, in the second quarter, its lowest level in nearly 16 years.
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17 Aug 09

FDIC Poised to Split Banks to Lure Buyers - WSJ.com

  • is poised to start breaking failed financial institutions into good and bad pieces in an effort to drum up more interest from prospective buyers.


    The strategy, which is likely to begin soon, is aimed at selling the most distressed hunks of failed banks to private-equity firms and other types of investors who may be more willing than traditional banks to take a flier on bad assets. The traditional banks could then bid on the deposits, branches and other bits of the failed institution that are appealing.

  • Regulators have seized 64 banks this year as the credit crisis continues to wreak havoc on small institutions that have been hit hard by the collapse in housing prices and deteriorating commercial real estate. Although the banks are technically seized by other regulators, it is the FDIC's job to dispose of the assets in a cost-effective manner.
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15 Jul 09

FT.com / Companies / Banks - Citi close to secret deal with regulator

  • The FDIC is known to be frustrated with the slow pace of Citi’s “toxic” assets sales, its losses and the lack of commercial banking experience at the top.
  • An agreement would strengthen the FDIC’s position in its dealings with Citi and its demands for detailed financial information as it deliberates over whether to include it on its list of “problem banks”.
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13 Jun 09

Sheila Bair Is on Your Side

  • Throughout, her
    nemesis has been Timothy Geithner, former head of the New York Federal
    Reserve Bank and now secretary of the treasury.
  • The most glaring example of this conflict has been the battle over the
    management of Citigroup, the "too big to fail" banking conglomerate that
    became the largest in the world thanks to changes in the law advocated
    by Clinton Treasury Secretary Robert Rubin. Rubin then left the
    government to become chairman of the executive committee at Citigroup, a
    post he occupied as it made risky bets on derivatives and incurred
    record losses. Citigroup was saved from oblivion by a plan engineered by
    Geithner, whom Rubin had successfully pushed for the top job at the New
    York Fed.
    • N.B. - on 2009-06-13
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