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US bank 'to fail within months'
BBC ^ | 8/19/08

Posted on 08/19/2008 10:10:59 AM PDT by 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.

(Excerpt) Read more at news.bbc.co.uk ...


TOPICS: Business/Economy
KEYWORDS: bank; bankfailure; banking; bankofamerica; banks; credit; death; econmy; fanniemae; fdic; freddiemac; globaleconomy; globalism; govwatch; wachovia
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To: chaos_5

Hey, I like that idea! ;)
susie


21 posted on 08/19/2008 10:24:49 AM PDT by brytlea (Obama--Jimmy Carter's Second Term)
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To: Slapshot68
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.

22 posted on 08/19/2008 10:24:54 AM PDT by Bloody Sam Roberts (Conservatives say, 'Seeing is believing.' - - - Liberals say, 'Believing is seeing'.)
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To: Santa Fe_Conservative

Chase


23 posted on 08/19/2008 10:25:26 AM PDT by Palladin (Glenn Beck on Obama: "Who the hell does he think he is?")
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To: BunnySlippers

Oh, that’s so Old Mutual!
susie


24 posted on 08/19/2008 10:25:55 AM PDT by brytlea (Obama--Jimmy Carter's Second Term)
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To: Dr. Bogus Pachysandra
>>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.
 
 
 

25 posted on 08/19/2008 10:26:01 AM PDT by LomanBill (A bird flies because the right wing opposes the left.)
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To: BunnySlippers; All
It could be UnionBanCal
26 posted on 08/19/2008 10:26:28 AM PDT by KevinDavis (If Obama can't handle a town hall debate, then he can't handle the job of being President.)
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To: Bloody Sam Roberts

I’d guess Washington Mutual.


27 posted on 08/19/2008 10:26:35 AM PDT by Truthsearcher
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To: Slapshot68

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


28 posted on 08/19/2008 10:27:34 AM PDT by HamiltonJay
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To: old and tired

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

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


29 posted on 08/19/2008 10:28:11 AM PDT by retrokitten ("That could be any mayor!" - Mayor Quimby)
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To: Santa Fe_Conservative

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


30 posted on 08/19/2008 10:28:37 AM PDT by Palladin (Glenn Beck on Obama: "Who the hell does he think he is?")
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To: Santa Fe_Conservative

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?


31 posted on 08/19/2008 10:28:41 AM PDT by thefactor (contributing nothing of value to threads since 2001...)
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To: rlmorel

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


32 posted on 08/19/2008 10:28:52 AM PDT by Slapshot68
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To: wastedyears

Bank of Latin America.


33 posted on 08/19/2008 10:29:24 AM PDT by Slapshot68
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To: wastedyears
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.

34 posted on 08/19/2008 10:31:32 AM PDT by logician2u
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To: retrokitten

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


35 posted on 08/19/2008 10:32:00 AM PDT by old and tired
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To: Santa Fe_Conservative

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


36 posted on 08/19/2008 10:32:02 AM PDT by sarasota
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To: Santa Fe_Conservative

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


37 posted on 08/19/2008 10:32:19 AM PDT by sarasota
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To: Palladin

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


38 posted on 08/19/2008 10:33:20 AM PDT by sarasota
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To: Palladin
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.

39 posted on 08/19/2008 10:33:37 AM PDT by KarlInOhio (Whale oil: the renewable biofuel for the 21st century.)
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To: Santa Fe_Conservative
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.

40 posted on 08/19/2008 10:34:26 AM PDT by Mr. Jeeves ("One man's 'magic' is another man's engineering. 'Supernatural' is a null word." -- Robert Heinlein)
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