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FRIDAY, NOVEMBER 27, 2009
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NEWS ABOUT: bank failure

bank failure stories: 41 news summaries

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ANALYSIS

How Iceland Went From Codfish to Meltdown

Country built a huge financial bubble based on a vulnerable currency

Dec 27, 08 11:18 AM CST
(Newser) - How did a chilly nation of cod fishermen play a key role in the world's crumbling financial markets? Seeking to avoid the boom-and-bust of fish catch, Iceland started by privatizing banks in the mid-1990s. It built a colossal banking system on a puny currency and attracted international deposits with high... More »

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Iceland • credit crisis • banking • bank failure • krona • financial crisis • financial meltdown

 Feds OK 
 Massive $20B 
 Citigroup Bailout 



Taxpayers will also back $300 billion in shaky debt

Nov 24, 08 3:49 AM CST
(Newser) - The US will bail out Citigroup with $20 billion in fresh capital and a guarantee to mop up $306 billion in toxic assets, the Wall Street Journal reports. The deal, announced late last night, marks a turning point in the financial crisis: In addition to injecting nearly $300 billion into... More »

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Citigroup • bank • Citibank • bailout • bank failure • rescue package • financial crisis

Analysis

We Should Offer Banks a Choice on Exec Pay

Either let US set limits, or make firms set aside cash: economist

Nov 4, 08 10:33 AM CST
(Newser) - Regardless of who wins today’s election, one issue from this campaign will continue to burn hot with investors, Andrew Ross Sorkin writes in the New York Times. Both candidates have blamed executive pay for the financial collapse, as execs are rewarded for risk-taking while rarely penalized for failure.... More »

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Barack Obama • John McCain • executive compensation • subprime crisis • bank failure • financial crisis

OPINION

'Circle of Pain' Snags Emerging Markets, Too

Krugman: Russia et al. not immune after all to crisis' vicious cycle

Oct 27, 08 12:41 PM CDT
(Newser) - Only a few weeks ago, it seemed the main fronts of the financial crisis were the Western banking system and mortgage market. But now the crisis has spread to emerging markets like Russia and Brazil. As Paul Krugman writes in the New York Times, the mantra of “decoupling”—... More »

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Russia • globalization • debt • mortgage debt • emerging markets • bank failure • financial crisis • decoupling

ANALYSIS

American Capitalism Is Dead. The Culprit? America


Oct 10, 08 10:35 AM CDT
(Newser) - As Wall Street banks collapse like a house of cards, American capitalism isn’t just failing in practice; the very idea of unregulated, free-functioning markets has received a serious blow, writes Anthony Faiola in the Washington Post. Once the symbols of American economic might, there's a real possibility that many... More »

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capitalism • Freddie Mac • Fannie Mae • AIG • developing countries • emerging markets • bailout • bank failure • banks • financial crisis

 The Crisis Dwarfs $700B 

A US-centric band aid can't quell global markets as confidence plunges

Oct 7, 08 10:18 AM CDT
(Newser) - As the financial crisis continues to grow, the $700 billion bailout passed by Congress last week may be too little too late, the Washington Post reports. The plan may not begin relieving banks of toxic assets for another month, and, meanwhile, the crisis has gone global, making $700 billion seem... More »

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Ben Bernanke • World Bank • Europe • Henry Paulson • Chinese economy • bailout • bank failure • economy • financial crisis

Analysis

Depression, No—but That Lesson Is Vital

As credit outlook deteriorates, most important word is 'trust'

Oct 1, 08 4:20 PM CDT
(Newser) - Constant references to the Great Depression aren’t alarmist, but the analogy isn't perfect, either, writes David Leonhardt in the New York Times. "The basic mechanics of how the economy might fall into a severe recession look quite similar to those that caused the Depression," he... More »

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credit market • financial sector • subprime crisis • bank failure • economy • Great Depression • financial crisis

OPINION

'Nihilist' House GOP Doomed US to Recession

American leadership
is 'scarcer than credit,' writes Brooks

Sep 30, 08 12:00 PM CDT
(Newser) - When FDR became president, writes David Brooks, his first priority was to give Americans faith in their leadership, to show that someone was running the show. Now that the US is facing the greatest financial crisis since the Depression, today's political leaders "have failed utterly and catastrophically to project... More »

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Republican Party • credit market • leadership • House Republicans • bailout • bank failure • Great Depression • financial crisis

Blogger Busted for Bad Bank Rumor

Hong Kong post urged customers to take their money and run

Sep 28, 08 8:31 AM CDT
(Newser) - As worldwide worries mount about the US financial crisis, a Hong Kong blogger has been arrested after allegedly posting internet rumors that a local bank was in trouble, AP reports. He urged depositors to withdraw their funds, police said. He was arrested for computer use with criminal or dishonest intent.... More »

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Internet • Hong Kong • message boards • arrest • bank failure • financial crisis

Rumors Spark Wild Run on Asian Bank

Panicked thousands rush to grab savings from Bank of East Asia

Sep 25, 08 6:24 AM CDT
(Newser) - Rumors that the Bank of East Asia was in trouble spread like wildfire through Hong Kong yesterday, causing a panicked mob to descend on the bank as thousands withdrew their life savings, the Financial Times reports. Police moved in to keep order as crowds demanded their money. BEA's tycoon chairman... More »

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China • Hong Kong • bank • banking • bank failure • financial crisis

OPINION

After Meltdown, 'Safe Will Be the New Sexy': Cramer

'Good, clean, old-fashioned banking' is coming back in US markets

Sep 22, 08 11:06 AM CDT
(Newser) - A new era has arrived on Wall Street, with the big investment firms falling, James Cramer writes in New York, and traditional banks with large deposit bases looking like the smartest option all along. “We’ll see a more chaste culture emerge from all of this, on Wall Street,... More »

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Wall Street • Bear Stearns • Merrill Lynch • Lehman Brothers • Jim Cramer • bank failure • American International Group • economy • Hudson City Bancorp • financial crisis

 Feds Search for WaMu Buyer 

Falling share price stokes worries of a bank run

Sep 17, 08 1:06 PM CDT
(Newser) - Washington Mutual, America's largest savings and loan, may be the next big financial institution to fail, the New York Post reports. Fearing a run on the struggling bank, federal regulators placed calls yesterday gauging interest in a WaMu buyout to Wells Fargo, JP Morgan Chase, HSBC, and others, but no... More »

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Wells Fargo • credit crisis • Washington Mutual • mortgage backed securities • Standard and Poor • savings • bank failure • JPMorgan Chase

 Feds Seize 2 Failed Banks

Western banks sold to Mutual of Omaha

Jul 26, 08 6:07 AM CDT
(Newser) - The housing bust and credit crunch have toppled two more banks, Reuters reports. Federal regulators have taken over First National Bank of Nevada and California's First Heritage Bank and sold them to Mutual Bank of Omaha. The undercapitalized institutions were the sixth and seventh to go under in the US... More »

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bank • banking • FDIC • bank failure

Failed FDIC-Run Bank
Added Fuel to Subprime Fire

Feds seized Ill.-based Superior in 2001, but it continued to write, sell off bad loans

Jul 21, 08 9:21 AM CDT
(Newser) - An Illinois bank seized by regulators in 2001 continued to write risky subprime mortgages for months after it was put under the day-to-day supervision of the Federal Deposit Insurance Corporation, the Wall Street Journal reports. Many of the loans—some with interest rates above 12%—have been foreclosed; a Texas... More »

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foreclosure • IndyMac • FDIC • subprime crisis • bank failure • Superior Bank • financial crisis

OPINION

These Days, Local Banks Look Good

Your community banker cares, and may even have good deals

Jul 19, 08 10:35 AM CDT
(Newser) - Community banks may seem like quaint relics to those who prefer banking online, but IndyMac's meltdown should have us thinking differently, Ron Lieber writes in the New York Times. Lieber visited a bank in small-town Maryland, and found a friendly, gray-haired manager who gives banking a personal touch. “If... More »

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money • bank • home loans • savings • bank failure • local bank • community

FBI Begins Fraud Probe
of IndyMac Mortgages

Failed bank may have given improper loans to people with bad credit

Jul 16, 08 7:11 PM CDT
(Newser) - The FBI is investigating failed bank IndyMac for possible fraud related to its mortgage-lending business, Bloomberg reports. The agency is looking into whether the bank gave improper loans to people with shaky credit. It is working closely with the FDIC, which seized the bank's assets last week. IndyMac specialized in... More »

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housing market • IndyMac • bank fraud • FDIC • bank failure

analysis

IndyMac Failure Exposes Risk for Uninsured $$$

Depositors with more than $100K in the bank could be in trouble

Jul 12, 08 9:29 PM CDT
(Newser) - IndyMac Bank's failure yesterday was a "wake-up call" to anyone with deposits above the $100,000 FDIC insurance limit, Terry Savage writes in Street.com. Americans have more than $2.6 trillion in uninsured accounts, and 10,000 depositors have more than $1 billion at risk at IndyMac alone.... More »

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insurance • bank • IndyMac • FDIC • bank failure

Lehman Posts $2.8B Loss, Stuns Wall St.

Investors fear that banks, securities firms still in trouble

Jun 9, 08 11:00 AM CDT
(Newser) - Lehman Brothers shocked Wall Street today by posting a $2.8 billion quarterly loss, its first in 14 years and far worse than expected, the Wall Street Journal reports. Other downmarket reports added to investor anxiety, sent stocks falling, and boosted fears that banks and securities firms remain troubled. As... More »

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Wall Street • Bear Stearns • Lehman Brothers • credit crisis • subprime crisis • bank failure • financial crisis

Northern Rock: Post Mortem of a Spectacular Fall

Reckless play on global stage brought 'Northern Wreck' to its knees

Mar 20, 08 1:49 PM CDT
(Newser) - The collapse of Northern Rock, Britains third-largest lender, was "the messiest banking crisis in the Western world resulting from the global credit crunch,'' a UK lawmaker tells Bloomberg in a post mortem of the disaster. “They really screwed it up,” said one analyst of the bank’... More »

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CDO • credit crisis • Northern Rock • Bank of England • Adam Applegarth • subprime crisis • bank failure • financial crisis

MARKETS

Stocks Tumble on Weak Data

Dow drops 112 points on sluggish growth,  rising jobless claims

Feb 28, 08 3:56 PM CST
(Newser) - Stocks fell more than they had in a week today amid reports of sluggish economic growth, rising jobless claims, and fears of failing banks, Bloomberg reports. The Dow fell 112.10 points to 12,582.18, the Nasdaq fell 22.21 points to 2,331.57, and the S&P... More »

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inflation • Ben Bernanke • Federal Reserve • Dow Jones • unemployment • Nasdaq • GDP • interest rate • S&P 500 • bank failure

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