US bank 'to fail within months'

BBC ^ | 8/19/08

[Santa Fe_Conservative]

The global financial crisis is set to get worse, with a large US bank likely to collapse in the next few months, a former IMF chief economist has warned.

Kenneth Rogoff's comments came as shares in Fannie Mae and Freddie Mac sank on a report that the home lenders would, in effect, be nationalised.

Despite hopes that the US economy had turned the corner, Mr Rogoff claimed it was "not out of the woods".

"I would even go further to say 'the worst is to come'," he said.

"We're not just going to see mid-sized banks go under in the next few months," said Mr Rogoff, who held the IMF role between 2001 and 2004.

"We're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks."

Speaking at a conference in Singapore, Mr Rogoff, now an economics professor at Harvard, forecast that Fannie Mae and Freddie Mac would "probably" not exist in their present form in a few years.

[brytlea]

Hey, I like that idea! ;)
susie

[Bloody Sam Roberts]

Please let it be Bank of America.

Though they are n the top five...I'd bet against it.
Personally, I hope it isn't.

[Palladin]

Chase

[brytlea]

Oh, that’s so Old Mutual!
susie

[LomanBill]

>>The plaintiff? Deutsche Bank National Trust Company.

 

Deutsche Bank was in bed with Argent/Ameriquest.

 

When you sleep with the Godfather of sub-prime, you might wake up with fleas... or a severed horse's head, as the case may be.

 

 

 

[KevinDavis]

It could be UnionBanCal

[Truthsearcher]

I’d guess Washington Mutual.

[HamiltonJay]

Citi’s who I’d like to see fall, this bunch of liars and snakes deserve it like no one else.

[retrokitten]

http://www.freerepublic.com/focus/f-news/2049640/posts

Charlotte bracing for Wachovia job cuts (almost 11,000 - 2nd quarter loss - $8.9 BILLION)

[Palladin]

One of these:

1. Bank of America Corp. Charlotte, N.C. $1,082,243,000
2. J. P. Morgan Chase & Company Columbus, Ohio 1,013,985,000
3. Citigroup New York, N.Y 706,497,000
4. Wachovia Corp. Charlotte, N.C. 472,143,000
5. Wells Fargo & Company Sioux Falls, S.D.) 403,258,000
6. U.S. BC Cincinnati, Ohio 208,867,000
7. Suntrust Banks, Inc. Atlanta, Ga. 177,231,000
8. HSBC North America Inc. Wilmington, Del. 150,679,000
9. Keybank Cleveland, Ohio 88,961,000
10. State Street Corp. Boston, Mass. 87,888,000

[thefactor]

it’s amazing to me that you guys are putting stock in this guys musings. usually when there is a thread about the IMF, freepers dismiss the IMF out of hand. what gives? you guys want to see a big bank fail?

[Slapshot68]

I meant it tongue-in-cheek. I can’t stand BoA.

[Slapshot68]

Bank of Latin America.

[logician2u]

Yeah, I did too. Just in English, though not the best English.

Dear Bank of America customer,

During our regularly scheduled account maintenance and verification procedures, we have detected a slight error in your billing information.

This might be due to either of the following reasons:

1. A recent change in your personal information ( i.e.change of address).
2. Submiting invalid information during the initial sign up process.
3. An inability to accurately verify your selected option of payment due to an internal error within our processors.

Please update and verify your information by clicking the link below:

http://www.bankofamerica.com/Survey/online-secure/BankOfAmerica/

If your account information is not updated within 48 hours then your ability to access your account will become restricted.

Thank You

The Bank of America Billing Deptartment

I didn't see any need to reply, since I don't bank there.

[old and tired]

Thanks. I’ve been out of the loop spending time with grandchildren nearly all summer.

[sarasota]

I read this today: Some thing there is a light at the end of the tunnel. Others think the tunnel will collapse first.

[sarasota]

I read this today: Some think there is a light at the end of the tunnel. Others think the tunnel will collapse first.

[sarasota]

I don’t think Wells Fargo will take the hit.

[KarlInOhio]

Chase

Really? Of the banks in my area I heard that they were the least involved in real estate problems and had the strongest financial position. I think they will be one of the last to go down. I guess that's why they made the select list of one company to pick the bones of Bear Stearns for the good parts left.

[Mr. Jeeves]

It's Wachovia - they are in serious, serious trouble. Washington Mutual won't survive, either, but they aren't as big.

Money center banks like Bank of America are "protected institutions", and the Fed will do whatever it has to to prop them up.