Given the fact that the FDIC lost a massive $10.7 billion on the IndyMac transaction, I am re-posting this blurb from July.

I said then, I still believe, the FDIC needs a lot more money or it will be bust. Sheila Bair has already requested $500 billion. See the WSJ article “Bill Seeks to Let FDIC Borrow up to $500 Billion.”

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The global economy is gripped by its worst financial crisis since the Great Depression. People are losing their homes and their jobs, banks are going bankrupt, and stock markets in the U.S. and elsewhere have fallen significantly from recent highs. Yet, I am more optimistic than I have been for some time. [...]

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On the heels of a story about Spanish giant Santander buying Alliance & Leicester in the UK, it comes as good news in the marketplace that another Spanish giant, BBVA (Banco Bilbao Vizcaya Argentaria), is on the prowl as well.
After initially focusing on the Hispanic market in the U.S., Spain’s Banco Bilbao Vizcaya Argentaria SA [...]

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Banco Santander of Spain is using the down market to snap up some UK assets on the cheap. It has announced the acquisition of Alliance & Leicester, the former building society which demutualised in 1997, for £1.3 billion ($2.6 billion)
Despite speculations of other bank mergers in Europe, few have occurred as many European banks [...]

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According to the Irish Independent, the recent fall in Irish bank shares is due to a loss of faith in their bad debt provisions. On Tuesday, Bank of Ireland fell 14%, the largest amount in 20 years.

After last week’s dive in their share prices, the Irish banks are under pressure as never before. [...]

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For a complete list of prior news on writedowns see my Credit Crisis Timeline. Also look at the new list of Bankrupt Global Financial Institutions for information on large global financial institutions that have gone to the wall.
2008 06 30 Florida Sues Countrywide2008 06 30 IndyMac to Trim Operations, Not Shut Down, Perry Says2008 [...]

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For other posts on Fannie and Freddie see ‘GSE ‘ label.
Going forward, Fannie Mae and Freddie Mac are going to be much talked about in the news. Therefore, as a reference, I am providing a list of big Washington Post stories dating back to 2005 below. Fannie, Freddie rise after dive a [...]

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See my list of Bankrupt global financial institutions for past news on IndyMac and other bankrupt financial institutions.
This is a very big deal. It seems that the financial crisis has reached fever pitch now. Given the week we just went through, I would not be surprised to see some more volatility on Monday.
IndyMac Bancorp [...]

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Earlier this morning, I read about the bailout of Roskilde Bank in Denmark through the Sydney Morning Herald.
Roskilde Bank, whose shares performed the worst last year among the Nordic region’s 86 financial companies, became the first Danish lender to be bailed out by the central bank since the subprime crisis started.
The bank found [...]

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I might have egg all over my face quicker than quick about my $150 oil call. It seems the Fannie-Freddie bailout chatter is spooking stock markets, currency markets and the oil market. This is going to be a volatile day.
The dollar dropped to a one-week low against the euro and headed for a [...]