Bank’s failure stings CNN’s Lou Dobbs and state senator [ouch]

The Atlanta Business Chronicle ^ | 2008-09-05 | Joe Rauch

[rabscuttle385]

The failure of Alpharetta’s Integrity Bank has likely wiped out the investments of some notable Atlantans, including CNN anchor Lou Dobbs and a legislator that serves on the state Senate’s bank committee.

[rabscuttle385]

Justice is served.

[rabscuttle385]

More Friday night bank failure madness ping!

[xcamel]

Schumerizing?

[IllumiNaughtyByNature]

Isn’t there a communications hub in that area? Wonder if it affected any of them?

[Bobalu]

Lou Dobbs is the sanest person on CNN. I hope he was not hit too hard.

[NonValueAdded]

well, anything above the FDIC limit was toast once Obama gets in so Lou isn’t the victim, Obama is.

[Steely Tom]

Never, never invest your money in an institution that has the word “integrity” in it’s name.

[NRA2BFree]

Justice is served.

How do you figure? A lot of hard working Americans could lose money, and that's not justice. It's very sad.

[dan1123]

Lou Dobbs is the sanest person on CNN.

I thought that was Glenn Beck...

[Bobalu]

I stand corrected...you are right

[Defiant]

Didn't that bank get announced a week ago?

Hope Dobbs didn't have over $100k in the bank. You'd think a business reporter would know that.

[Roccus]

One would be rather foolish to keep more than $100K in just one bank these days.

[woofer]

Hope Dobbs didn't have over $100k in the bank. You'd think a business reporter would know that.

I think they're talking about his ownership of some of the bank's stock.

Hint ; "investment"

[george76]

All depositors of Integrity Bank, including those with deposits in excess of the FDIC’s $100,000 insurance limit, will automatically become depositors of Regions Bank for the full amount of their deposits, the FDIC said in a statement.

Depositors will continue to have uninterrupted access to their deposits and will remain insured by Regions Bank.

“There is no need for customers to change their banking relationship to retain their deposit insurance,”

http://money.cnn.com/2008/08/29/news/economy/integrity_bank/index.htm

[harpu]

"One would be rather foolish to keep more than $100K in just one bank these days."

Exactly!

[VOA]

Schumerizing?

This time...probably not.

There was a modest article about Integrity (guffaw) Bank in
The Wall Street Journal about a week ago.

The management of the bank sunk most of the banks money into one
real estate company.
Having failed the diversification test...the bank went belly up
along with the real estate company.

It was unclear if the real top honchos at the bank knew about this
criminal (my word) portfolio arrangement.
One guy who probably did is "no longer with the company".
And the Feds said the bank was doing all it could to cooperate,
but too much damage had already been done and the Feds would have
to close the bank and hand it over to another bank.

The scariest thing...the article had a graph of Integrity Bancshares
(sp?)...it was spiking up maybe a year ago before descending to
MUCH lower prices (a 90% drop?). Sorry, I can't remember the
exact percentage loss...but the price chart was UGLY.

[Defiant]

Well, investment can be mutual funds, a 401k and a bunch of things. If he was an investor in the bank itself, then that is also not so good for a guy who prognosticates on TV.

[FReepaholic]

...I thought that was Glenn Beck...

Glenn Beck is nowhere near sane. He's right on the money with his views but he ain't sane.

[Glenn]

Glenn Beck is nowhere near sane.

That's his charm.

[MarkL]

Justice is served.

Really, in what way? Right off the bat, that sounds a lot like nothing more than class envy and hatred. Secondly, if that institution was insured by the FDIC, that means that every customer of that bank will be getting their money back, up to the insured limit... But try to remember where the FDIC gets its money... From tax payers. So if you think that skinning more and more from the tax payers is "justice," then you've got one warped sense of justice.

Mark