FDIC's insurance fund's failing?!
Four words: Sealy Savings and Loan.
Another round of TARP investments
The Treasury Department said Tuesday it completed investments in 28 U.S. banks, including 21 that had not previously appeared on BailoutSleuth’s running tally of institutions getting taxpayer capital.
The deals were worth $394.9 million, lifting the total amount that the government has invested through its stock-purchase program to nearly $196.8 billion.
All but a handful of the banks on this week’s list are privately held. The Treasury Department’s stock purchases are part of the broader $700 billion Troubled Asset Relief Program.
Lakeland Financial Corp., of Warsaw, Ind., got the biggest capital injection — $56 million. Its subsidiary, Lake City Bank, serves 12 counties in northern Indiana. The company reported profits of $19.7 million for 2008, up 2.6 percent from 2007.
one more;
Is the FDIC sellling loans to flippers?
The Federal Deposit Insurance Corp. said last week that it sold $1.45 billion in real-estate loans through partnership deals with two private bidders, unloading some of the assets of a failed Nevada bank.
One of the winning bidders was a generically named entity called Diversified Business Strategies. The press release provided no additional information, but BailoutSleuth found that Diversified Business Strategies was a limited liability company formed in May 2007 by a Salt Lake City lawyer and two real estate agents.
BailoutSleuth has been trying to get more information from the FDIC about how Diversified Business Strategies won the bidding, what it presented as its bona fides and whether it disclosed it would be selling the loans. The FDIC has not responded to our queries, nor have the other participants in the deals.
We will provide more information on this deal as we uncover it.