Any short term liquidity concerns anyone might have had about it were more than met, with a sledgehammer, by the $500 billion treasury pledge.
I got your 500 right here:
Posted on 07/31/2009 12:37:47 PM PDT by rabscuttle385
NEW YORK (Fortune) -- Guaranty Bank is hardly a household name. But the Austin, Texas-based thrift's looming failure is shaping up as a big headache for bank supervisors -- not to mention a black eye for Carl Icahn and others in the smart money set.
Guaranty (GFG) could be soon seized by the government in what would be the biggest bank failure in a year that has already had 64 of them. Last week, the bank warned investors to expect a federal takeover after regulators forced a writedown of its risky mortgage investments and a bid to raise new capital failed.
Guaranty has $13.4 billion in assets and operates 160 branches in Texas and California -- two of the three best banking markets in the nation, thanks to their size and population growth.
. . . . .
A big tab on Guaranty would be costly to the deposit fund, whose balance was $13 billion at the end of the first quarter. The FDIC has estimated failure costs on cases since then at $11.2 billion.
A spokesman for the FDIC stresses that it has already set aside an additional $22 billion for failure-related costs in 2009, and adds that congressional action this spring gave the agency access to $500 billion in Treasury credit.
(Excerpt) Read more at money.cnn.com ...
I thought they just got $500b
Useful chart. Folks tend to forget 91-92. So it’s not like it’s new ground being plowed.
irresponsible rumors and slander about important American institutions.
_______________________
I don’t consider any American institutions important or credible. I trust no one in our government or any of their sorry ass institutions. If they have their hand in it, it’s 99.9% sure to be corrupt in some way. The past 9 months has changed my way of thinking.
Say what you want, believe what you want. Trust the government that is only there to screw you.
On top of the standard quarterly assessments, the FDIC will collect a very large “special assessment” from all institutions on September 30 that is expected to raise $5.6 billion. They’ll probably do some more before this is all over (another one is coming 2009; it just hasn’t been officially announced).
Member banks will continue contributing at high levels until the fund is replenished.
Those are the facts, but it’s a lot scarier to simply post “the FDIC is going broke”.
rabscuttle385 was emphasizing what was posted and only added “WTH”. Why don’t you read before you attack.
Good grief: take a breath. Shrieking that FDIC is entirely safe and sound because the treasury has pledged an additional $500B with which to buy broken banks is missing the point of what the American people are well and truly scared of, just a lil smidgen, don’t you think?
Ha Ha...
If they’re that far in the hole they need to go belly-up!
Yep was in local paper two weeks ago - my car is financed there. Would I get to not pay :)
Wow!
Well, the only answer, of course, is to PRINT MORE MONEY!
We are in for one helluva fall this Fall.
Guaranty Bank you say? Simply amazing.
But, but...Pres__ent 0bama said that he just saved us from financial disaster this past week due to his stimulus cr@pola! What gives, Wally?
“Let’s see...oh, yeah, when Bill Clinton took office.”
Isn’t it kind of cool that we have all of this data at our fingertips these days?
And isn’t it PATHETIC that the media STILL ignores it?
“Texas didn’t vote for the BamSham.”
But, unfortunately, you’re still going to PAY for it with the rest of us. *SIGH*
Oh - darn.;p
LOL He was a twinkle in President Bush’s eye. Whoops.
I bet if you call the one, he will make an exception for you. ;)
Exactly. That is why you are not a conservative, are not a patriot, and have no sense of proportion or of justice. Because if you had any of the above, your face would burn scarlet to admit such ingraditude.
You simply have nothing to tell us here on Free Republic. You belong in Caracas or Teheran.
They could talk about Obama raising taxes. They could talk about cap and trade and how it isn't justified by anything but smoke and rumor mongering and panic. They could talk about how dumb new middle class entitlements are at such a point in the economic cycle, or for that matter ever.
But they aren't. Notice this please. They only attack things that all decent men want to work. They only attack things that Bush and Obama have in common. They only attack the institutions of *finance* and *capital*. Why? They attack an utterly sound banking system and try to make men panic about it. Why? Because they are not even interested in politics. They are interest solely and entirely in spreading *hatred of the rich* and *disloyalty* to the country.
At bottom, the reason they only compete in screaming doom is they hate modern American civilization for not needing them or listening to them. They are making precisely the immoral mistake the left made over Iraq, screaming against their own country because it didn't put them on power. Nothing more, nothing less.
And I for one will not put up with it or pretend it is compatible with elementary human decency. It isn't, it is obscene. And those engaged in it have no claim to the status of "conservative".
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