Continue reading FDIC Shuts Down Banks in Nevada and Washington FDIC Shuts Down Banks in Nevada and Washington originally appeared on DailyFinance on Sat, 27 Feb 2010 10:36:00. Permalink | Tweet this! | Comments
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FDIC Shuts Down Banks in Nevada and Washington
The financial crisis has claimed seven more banks, bringing the total number of casualties this year to 140. The FDIC took over all seven of them: Two large banks in California, and smaller ones in Alabama, Florida, Georgia, Michigan and Illinois. California is among the states most severely impacted by the collapse of the real estate market, which has put pressure on mortgages written by community banks. Continue reading Seven more banks fail, bringing total to 140 Seven more banks fail, bringing total to 140 originally appeared on DailyFinance on Sat, 19 Dec 2009 10:00:00. Filed Under: Economy Permalink | Tweet this! | Comments
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Seven more banks fail, bringing total to 140
Filed under: Economy These days, new banking fees seem to be spreading like the flu virus, with higher charges for overdrafts, stopped payments, ATM withdrawals and bounced checks popping up on each new monthly statement. The rising costs are leading some consumers to consider the once unthinkable: closing their bank accounts altogether. The alternative? Using prepaid debit cards that can be recharged to handle banking needs. While such a move isn’t right for everyone, a number of reports estimate millions of “unbanked” and “underbanked” consumers with limited or no access to bank accounts are already increasingly using prepaid debit cards. Many of the unbanked and underbanked are minorities or people with incomes below $30,000, according to a report released Wednesday by the Federal Deposit Insurance Corporation . Even consumers with bank accounts are using the cards to pay bills, control their own spending or help friends and relatives with spending needs, reports show. Continue reading With bank fees rising, prepaid debit cards could replace checking accounts With bank fees rising, prepaid debit cards could replace checking accounts originally appeared on DailyFinance on Fri, 04 Dec 2009 11:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments
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With bank fees rising, prepaid debit cards could replace checking accounts
Filed under: Economy , Investing I have to hand it to FDIC Chairwoman Sheila Bair — the former UMass economics professor gets it right on key policy issues. She is right about ending the doctrine of too-big-to-fail , and now she is proposing an idea that I’ve been pushing with no effect for years. That idea is to align the interests of the banks that bundle assets and sell them as securities — so-called asset-backed securities — with those of ABS investors. Before getting into the details of her proposal, I should disclose that I am not entirely objective in analyzing it. I worked with the FDIC back in the early 1980s to help build a system to manage the liquidation of the assets the FDIC gets when it helps find partners to absorb failed banks. And I have posted repeatedly about the idea of putting bankers’ pay in escrow as a way to align the interests of those who create investments with those who buy them. Continue reading FDIC Chair Sheila Bair has it right: It’s time to change bankers’ incentives FDIC Chair Sheila Bair has it right: It’s time to change bankers’ incentives originally appeared on DailyFinance on Sun, 22 Nov 2009 14:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments
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FDIC Chair Sheila Bair has it right: It’s time to change bankers’ incentives
Filed under: Economy In a setback on the U.S. trade front, the nation’s trade deficit surged 18.2% to $36.5 billion in September, driven higher by an increase in imports, the U.S. Commerce Department announced Friday. A Bloomberg News survey had expected the gap to total $32 billion in September. The Commerce Department’s revised numbers for August and July show deficits of $30.8 billion and $32 billion, respectively. In September, imports rose 5.8% to $168.4 billion, led by higher oil costs. However, exports also rose, by 2.9% to $132.0 billion, led by increased sales of civilian aircraft and industrial machines. Continue reading September’s U.S. trade deficit jumps to $36.5 billion, but exports also rise September’s U.S. trade deficit jumps to $36.5 billion, but exports also rise originally appeared on DailyFinance on Fri, 13 Nov 2009 09:50:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments
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September’s U.S. trade deficit jumps to $36.5 billion, but exports also rise
Filed under: Company News , Economy , Investing , Goldman Sachs In August, the FDIC reluctantly made it easier for private-equity groups to buy failed banks after the number of problem banks rose to 416 at the end of June. I say reluctantly because the FDIC prefers to sell failed banks to people with a track record in the banking industry. Now there are some new kids on the block creating stiff competition for the the private equity firms — former bank executives working with Wall Street firms to form ” blind pools ” to buy failed banks. That’s good news for everyone but the private-equity firms. Not only will former bankers be more attractive as buyers to the FDIC, the private-equity firms expect the blind pools to drive up prices, making the purchase of failed banks less attractive. Even when the FDIC agreed to make it easier for private-equity firms to buy failed banks, it added a caveat to prevent them from quickly flipping the banks: It required investors to maintain a bank’s minimum capital levels for three years. Continue reading Ex-bankers forming ‘blind pools’ to bid for failed banks Ex-bankers forming ‘blind pools’ to bid for failed banks originally appeared on DailyFinance on Fri, 13 Nov 2009 10:10:00 EST. Please see our terms for use of feeds . Read | Permalink | Email this | Comments
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Filed under: Company News , Earnings , Goldman Sachs , Bank of America Analysts have been warning for months that commercial real estate would be the next financial tsunami. Vacancy rates have hurt landlord receipts. Tenants are able to force lower rents in negotiations due to the rising vacancies. Some tenants are filing bankruptcy or walking away from leases completely. Commercial real estate losses have already started to show up in the financial statements of the largest banks. Some of the 106 banks closed this year under the supervision of the FDIC had tremendous losses on their commercial real estate portfolios. Continue reading Huge commercial real estate lender may file bankruptcy, heighten meltdown fears Huge commercial real estate lender may file bankruptcy, heighten meltdown fears originally appeared on DailyFinance on Sun, 25 Oct 2009 12:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments
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Huge commercial real estate lender may file bankruptcy, heighten meltdown fears
Filed under: Company News , Technology , Economy , People , Delta Air Lines On Wednesday night, Northwest Airlines ( DAL ) Flight 188, an Airbus A-320, overshot its destination by 150 miles before the pilots re-established contact with air traffic controllers, turned the plane around, and landed in Minneapolis. While the National Transportation Safety Board (NTSB) is still investigating the incident, questions have risen about the cause of the overflight and what it says about current airline safety regulations. According to Flight 188’s crew, the incident occurred because they were engaged in a heated argument about airline policy. While the NTSB checks the plane’s flight data recorder for evidence of the alleged fight, speculation has arisen about whether the overflight was actually caused by crew fatigue. Continue reading As airlines cut corners, will pilot fatigue run the industry into the ground? As airlines cut corners, will pilot fatigue run the industry into the ground? originally appeared on DailyFinance on Sat, 24 Oct 2009 12:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments
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As airlines cut corners, will pilot fatigue run the industry into the ground?
Filed under: Economy Lending money to people to build and buy real estate is a risky business that periodically costs taxpayers huge amounts of money. Not only do taxpayers lose as a result of all the tax incentives associated with real estate, but they also pay when the banks that make bad real estate loans go bankrupt. While there are clear benefits to owning real estate, the business of real estate lending costs America so much that I think we ought to let real estate prices drop to a level at which people can afford it without borrowing. Continue reading Should the U.S. ban real estate lending? Should the U.S. ban real estate lending? originally appeared on DailyFinance on Sat, 24 Oct 2009 13:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments
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Should the U.S. ban real estate lending?
Filed under: Company News , Technology , Economy , Earnings , Media , Netflix What does Netflix Inc. ( NFLX ), the company that mastered home delivery of DVDs, have next up its corporate sleeve? Chief Executive Reed Hastings was coy during the company’s third-quarter earnings conference call Thursday. But he did make it clear that Netflix would start streaming video on another device in addition to Microsoft Corp.’s ( MSFT ) Xbox gaming console, a service that began a year ago. Hastings said Netflix intends to partner with a consumer-electronics firm later this year that has a “material installed base,” i.e., a computing system already in use. To some that may mean a link-up using Sony Corp.’s ( SNE ) Playstation 3 or Nintendo Ltd.’s ( NTDOY ) Wii. UBS Analyst Brian Fitzgerald said as much in a note to investors, telling them to expect a fourth-quarter launch of another gaming console. Continue reading Netflix, master of DVD rentals, will expand streaming video business Netflix, master of DVD rentals, will expand streaming video business originally appeared on DailyFinance on Sat, 24 Oct 2009 08:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments
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Netflix, master of DVD rentals, will expand streaming video business
