Post Tagged with: "FDIC"
FDIC-Insured Institutions Earned $35.3 Billion in The Third Quarter of 2011
Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported an aggregate profit of $35.3 billion in the third quarter of 2011, an $11.5 billion improvement from the $23.8 billion in net income the industry reported in the third quarter of 2010. This is the ninth consecutive quarter that earnings registered a year-over-year increase
Bill Black on potential Bank of America derivatives losses
In the video below, Bill Black discusses the issues he raised in a recent post about Bank of America’s accounting activities. At issue is the effect of its shift of assets from the holding company to its FDIC-insured subsidiary. In total, Bank of America owns derivatives with a notional value of $75 trillion. The Federal Reserve authorised this accounting manoeuvre despite FDIC objections
Two Billion Dollars Lost because the FDIC Ignored United Commercial Bank’s Frauds
The good news is that we finally have the second group of indictments of senior bank officers. The prosecution involves officers of United Commercial Bank (UCB), a roughly $10 billion San Francisco bank that originally specialized in lending to Chinese-Americans and became primarily a commercial real estate (CRE) lender. The indictment deals only with the cover up phase of UCB’s senior officers’ frauds. I will show in future posts that the reported facts on UCB’s loans were consistent with accounting control fraud. The UCB case is so rich in lessons that it will take a series of articles to capture what the case reveals about the degradation of regulation and prosecution of elite accounting control frauds
Bank Earnings Rise over 600% in 3rd Quarter!
by Annaly Capital Management The title of this piece is strange but true. The FDIC released its Quarterly Banking Profile for the 3rd quarter of 2010 this morning, trumpeting $14.5 billion in profits (up from only $2 billion in the year ago period, prompting our headline). Two quotes from the release caught our attention. The
The U.S. Banking Crisis Has a Long Way to Go
The banking has not reached the halfway point, maybe not even the midpoint of the first quarter. The FDIC has recorded 307 bank failures. The total could reach 1,800 – 3,
FDIC Loses $25 Billion in One Year
by Alex Daley With talk of quantitative easing round 2 (or QE2 for short), the potential government bailouts of Fannie Mae and Freddie Mac, and mounting problems with state finances, government pension funds, and funding for social programs all coming to a boil ahead of this election season, one thing seems to be abundantly clear:
Tracking Bank Failures in the United States
Since the beginning of 2008, 291 banks and thrifts have failed in the United States. Georgia leads the way with 37. Source: Interactive Bank Failure Map – WSJ.com
Hiding Bank Losses
In a recent post on the money multiplier, a reader Luis Enrique asked about bank lending and capital constraints. Anecdotally, much of the reduction in credit is supply-constrained as well as demand-constrained. That means it’s a matter of banks not lending; it’s not just about firms and individuals not borrowing. Banks are capital-constrained even if
May’s FDIC cease and desist and other administrative orders
Below is a partial list of May 2010 FDIC enforcement decisions and orders. I have only included cease-and-desist orders, prompt corrective action notices and termination of insurance orders as these are the signs of banking system distress. FINAL ORDERS ISSUED PURSUANT TO SECTION 8(b), 12 U.S.C. § 1818(b) (Cease-and-Desist) Butte Community Bank, Chico, CA; FDIC-10-097b;
Bair: Financial Reform Bill Will End Too Big To Fail
In this video from the Wall Street Journal, Sheila Bar talks to the Journal’s David Wessel explaining her view that the financial reform bill due to be passed by Congress will end too big to fail. Also see the associated WSJ article, "Bair Says Bill Will End ‘Too Big to Fail’"
April’s FDIC cease and desist and other administrative orders
Below is a partial list of April FDIC enforcement decisions and orders. I have only included cease-and-desist orders, prompt corrective action notices and termination of insurance orders as these are the signs of banking system distress