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Feds Launch 50 Criminal Probes of Failed Banks
By Christopher Weber - Politics DailyDozens of former officials and employees of banks that went belly-up during the height of the Wall Street meltdown are the subjects of criminal investigations by the federal agency that oversees the institutions. The Federal Deposit Insurance Corp. has opened about 50 separate probes as it seeks to punish alleged fraud and other criminal behavior that occurred during the financial crisis that started two years ago, The Wall Street Journal reported. The FDIC declined to name the ex-executives, directors and workers who are being investigated, or the banks for which they worked. "We ...
FDIC Probing 50 Banks, but Still No Fall Guy for Financial Crisis
By Paul Wachter - AOL News(Nov. 17) -- Remember the savings-and-loan crisis? Charles Keating was the high-profile villain and served four years in prison for fraud. Five senators -- the so-called Keating Five, which included John McCain -- were scolded by the Senate Ethics Committee. Enron also produced some easily identifiable bad guys, most notably CEO Jeffrey Skilling and Chairman Ken Lay. Skilling is currently serving a 24-year prison sentence, and he may have been joined by Lay had the ex-chairman not passed away before his sentencing. But what of the most recent financial crisis? Wall Street giants Lehman ...
Feds Escalate Investigations of Foreclosure Practices
By Joseph Schuman - AOL News
(Oct. 25) -- The multiple federal agencies investigating questionable foreclosure practices at the nation's largest mortgage servicers have banded together and plan to announce their preliminary findings in November. The news, announced by Federal Reserve Chairman Ben Bernanke today, came amid nascent signs of stabilization in the housing market, where persistent weakness has continued to undermine the economic recovery. A halt in the wave of foreclosures has threatened to freeze home sales as officials try to verify the ownership of foreclosed homes. "We are looking intensively at the ...
'Problem' Banks Are at a 16-Year High
By Joseph Schuman - AOL News(Feb. 23) -- The number of American banks in trouble soared in 2009 to the worst level in 16 years, and though the banking industry showed signs of recovering, the Federal Deposit Insurance Corp. said Tuesday that tough times lie ahead. By the end of 2009, 702 institutions were operationally and financially weak enough to be classified by the FDIC as problem institutions whose viability was in question, up from 552 problem banks at the end of September and just 252 troubled lenders at the end of 2008. Assets at the troubled banks totaled $402.8 billion, up from just $159 billion a year ...
More Banks Fail in Five States
By Christopher Weber - Politics DailyFederal regulators have shut down more banks in Georgia, Michigan, Minnesota, Missouri and California. The closures Friday bring the number of bank failures this year to 120, the most in a year since 1992 at the height of the savings-and-loan crisis. Last year 25 banks failed, and three were shut down in 2007. This year Georgia has seen 21 banks go under, more than any other state. California and Illinois have also experienced a number of closures. Here are the banks taken over by the Federal Deposit Insurance Corp. on Friday, according to the Associated Press: -- United Commercial Bank ...
Chaos Theory - Brother, Can You Spare a Trillion?
By Robert and Donna Trussell - Politics Daily...
Number of Problem Banks Grows While FDIC Insurance Fund Dwindles
By David Knowles - Politics DailyThe Federal Deposit Insurance Fund, which insures the bulk of deposits in American banks, is now at a 16-year low, having declined 20 percent in the second quarter of 2009. So says an F.D.I.C. accounting report released Thursday. Bank failures have continued at a rapid pace this year -- 81 so far -- as years of deregulated lending practices and risky investment strategies come home to roost. In part, credit remains hard to obtain because of how easily it was offered before last fall's financial crash. Just how many more banks will fail this year is a question that remains to be answered. But ...
Schwarzenegger to California Taxpayers: IOU
By Dylan and Ethan Ris - Politics DailyWay back in 2008, when banks like IndyMac and Washington Mutual were going under, Californians panicked, fearing that they'd never be able to recover the money they'd entrusted to these financial institutions.Well it turns out that fear was misdirected. The FDIC bailed out the banks, but now Californians face another money hoarder that's far less likely to pay up...The State of California...State officials on Tuesday braced for the possibility of delaying tax refunds to millions of Californians, along with student grants and payments to vendors, as the latest round of budget negotiations ...
Obama Cribs Bailout Idea From House GOP
By Mark Impomeni - Politics DailySen. Barack Obama today proposed a specific idea to help solve the financial bailout impasse gripping Washington. Obama came out behind a plan to more than double the limit on deposits insured by the Federal Deposit Insurance Corporation (FDIC) from the current $100,000 to $250,000. The idea is to bolster confidence in bank customers that their savings are safe and to prevent future bank runs like the one that hit Washington Mutual last week just before it collapsed. It is an idea that has potential to win some more votes for the beleaguered bailout package that failed its first test in the ...
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