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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: KarlInOhio; Palladin

It aint going to be Chase. They are the only money center bank to emerge from the subprime crisis unscathed. Jaime Dimon has been the only bank CEO, IMHO, that has actually done his job at risk management.


41 posted on 08/19/2008 10:35:10 AM PDT by Clemenza (No Comment)
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To: Santa Fe_Conservative

Wamu is iffy, Wachovia is likely to survive with a much lower stock price, but Lehman is going down.


42 posted on 08/19/2008 10:35:56 AM PDT by Defiant (The Obamessiah creed: There was a pedophile named Mohammed, and Obama is his messenger.)
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To: KevinDavis; Slapshot68; All

You should close all of your accounts at Bank of America. I just did. While the may have nice people in some of their local branches, the organization is rotten at the top— more interest in adversely influencing public policy than in serving their customers. I wouldn’t be surprised to see the Chi-Coms buy it. Although the government of Mexico should.


43 posted on 08/19/2008 10:36:09 AM PDT by Vigilanteman (Are there any men left in Washington? Or, are there only cowards? Ahmad Shah Massoud)
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To: Palladin

What are the numbers to the right of those banks?


44 posted on 08/19/2008 10:37:25 AM PDT by r9etb
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To: thefactor

“you guys want to see a big bank fail?”

No, but have you seen the numbers on some of these banks? I think WaMu is dead man walking.


45 posted on 08/19/2008 10:37:28 AM PDT by Truthsearcher
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BANCO DE AMERIKA - Please!!


46 posted on 08/19/2008 10:38:08 AM PDT by mouse1 (I'VE BEEN CALLED A REDNECK BIGOT AND I'M PROUD OF IT!!)
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To: Clemenza

I agree with you.

If Chase goes down, then the entire worldwide financial system will have already collapsed by then.

My pick for bank that fails first is Regions. Ticker RF.


47 posted on 08/19/2008 10:40:07 AM PDT by adm5 (Roger That. - MA2 Michael A. Monsoor, USN - Medal of Honor Recipient Posthumously)
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To: r9etb

You made me go back and look. ;)

Those are the assets as of Dec.31, 2005.

I imagine that has changed a lot recently.

I’ll try to find up-to-date figures.


48 posted on 08/19/2008 10:41:16 AM PDT by Palladin (Glenn Beck on Obama: "Who the hell does he think he is?")
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To: Truthsearcher
No, but have you seen the numbers on some of these banks? I think WaMu is dead man walking.

I hope not. I just got a great credit card deal from them. "Let us give you money for a while. If you return the same amount by January 2010 we'll be happy." Lending money at 0% for a year and a half? What could go wrong with that business model?

49 posted on 08/19/2008 10:41:23 AM PDT by KarlInOhio (Whale oil: the renewable biofuel for the 21st century.)
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To: r9etb; All

Here is the up-to-date (May) information:

(BTW, the assets are stated in MILLIONS of dollars)

United States’ Largest Banks
(in millions of U.S. dollars)
Rank Name (city, state) Consolidated
assets
1. Citigroup (New York, N.Y.) $2,199,848
2. Bank of America Corp. (Charlotte, N.C.) 1,743,478
3. J. P. Morgan Chase & Company (Columbus, Ohio) 1,642,862
4. Wachovia Corp. (Charlotte, N.C.) 808,575
5. Taunus Corp. (New York, N.Y.) 750,323
6. Wells Fargo & Company (San Fransisco, Calif.) 595,221
7. HSBC North America Inc. (Prospect Heights, Ill.) 493,010
8. U.S. Bancorp (Minneapolis, Minn.) 241,781
9. Bank of the New York Mellon Corp. (New York, N.Y.) 205,151
10. Suntrust, Inc. (Atlanta, Ga.) 178,986
11. Citizens Financial Group, Inc. (Providence, R.I.) 161,759
12. National City Bank (Cleveland, Ohio) 155,046
13. State Street Corp. (Boston, MA) 154,478
14. Capital One Financial Corp. (McLean, Va.) 150,608
15. Regions Financial Corp. (Birmingham, Ala.) 144,251
16. PNC Financial Services Group, Inc. (Pittsburg, Pa.) 140,026
17. BB&T Corp. (Winston-Salem, N.C.) $136,417
18. TD Bank North, INC. (Portland, Maine) 118,171
19. Fifth Third Bankcorp (Cincinatti, Ohio) 111,396
20. Keycorp (Cleveland, Ohio) 101,596
21. Northern Trust Corp. (Chicago, Ill.) 77,480
22. Bancwest Corp. (Honolulu, Hawaii) 74,808
23. Harris Financial Corp. (Wilmington, Del.) 69,172
24. Comerica Incorporated (Dallas, Tex.) 67,167
25. M&T Bank Corp. (Buffalo, N.Y.) 66,085
26. Marshall & Ilsley Corp. (Milwaukee, Wis.) 63,432
27. BBVA USA Bancshares, Inc. (The Woodlands, Tex.) 59,953
28. Unionbancal Corporation (San Fransisco, Calif.) 57,933
29. Huntington Bancshares, Inc. (Columbus, Ohio) 55,985
30. Zions Bancorporation (Salt Lake City, Utah) 53,597

NOTE: As of May 30, 2008.
Source: Federal Reserve System, National Information Center.

Information Please® Database, © 2007 Pearson Education, Inc. All rights reserved.


50 posted on 08/19/2008 10:45:38 AM PDT by Palladin (Glenn Beck on Obama: "Who the hell does he think he is?")
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To: old and tired
Wachovia recently let go their CEO and CFO. Also, I believe I read something earlier this year that Wachovia asked Goldman Sachs to help them find a buyer. I would google for past news articles.
51 posted on 08/19/2008 10:53:04 AM PDT by 4catsinmaryland
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To: Ron Jeremy

Wachovia is in the running, to be sure, but I think I’d be looking at HSBC first. They have a far larger credit risk based on their derivative and swap holdings.


52 posted on 08/19/2008 10:54:54 AM PDT by NVDave
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To: Palladin
I'll like to see J.P. Morgan Chase go, I noticed almost all my Credit card junk mail comes from them, or Bank of America. Anybody that hands out credit cards so easily to anybody deserves to go under.
53 posted on 08/19/2008 10:55:45 AM PDT by ReformedBeckite
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To: Santa Fe_Conservative

I don’t have to worry, my bank is a small regional bank and most of my $$ is in a Credit Union.


54 posted on 08/19/2008 10:56:14 AM PDT by MaineConservative (Charlie Summers -- an Iraqi Vet and businessman for Maine's CD-1)
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To: logician2u

That sorta looks like a scam to me.


55 posted on 08/19/2008 10:59:01 AM PDT by Aria (Obama: Potluck for President! "I serve as a blank screen on which people..project their own views")
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To: Slapshot68

Check out post #6...

http://www.freerepublic.com/focus/f-news/2058365/posts


56 posted on 08/19/2008 10:59:22 AM PDT by Santa Fe_Conservative (The RINOs think that they have won but we shall see who has the last laugh in '08...)
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To: LomanBill

Thanks! Great links. This home is in Sagamore Hills. $250,000 easy. A minority woman from Cleveland moved in, sort of. No furniture. Abandoned the home and mortgage two weeks later. SCAM!


57 posted on 08/19/2008 10:59:27 AM PDT by Dr. Bogus Pachysandra ("Don't touch that thing")
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To: Understated

“You can’t trust anyone in the investment business anymore because they ALWAYS have a finger in the pie.”

Ummm.....can i trust you??????? (giggling)


58 posted on 08/19/2008 11:01:39 AM PDT by DeLaine
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To: logician2u; All

Scam, I get the same type of email from other banks..


59 posted on 08/19/2008 11:02:13 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: Ron Jeremy

Yep. My money is on Wachovia. Their disasterously timed acquisitions of Golden West Financial for 25 billion in 2006 and A.G. Edwards for 6.8 billion in 2007 left them massively under capitalized to handle the mortgage meltdown.
They are in big trouble.


60 posted on 08/19/2008 11:02:20 AM PDT by Proud_USA_Republican (We're going to take things away from you on behalf of the common good. - Hillary Clinton)
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