Sunday Reading – Bank Failures, Foreclosures, Bankruptcies, and Profits From Death
Bank failures, air traffic, profits from death, foreclosures, and more items from the web and the news wires. Also this weeks schedule of events.
Citadel Broadcasting files for bankruptcy
Busy (and very expensive) weekend for bank failures.
- First Federal Bank of California (cost to the FDIC: $146.3 million + $5.3 billion in loss-share agreements)
- Imperial Capital Bank (cost to the FDIC: $619.2 million + $2.5 billion loss-share agreements)
- Independent Bankers’ Bank of Illinois (cost to the FDIC: $68.4 million)
- New South Federal Savings Bank (cost to the FDIC: $212.3 million + $1.2 billion in loss-share agreements)
- Citizens State Bank (cost to the FDIC: $76.6 million)
- Peoples First Community Bank (cost to the FDIC: $556.7 million + $1.4 billion in loss-share agreements)
- RockBridge Commercial Bank (cost to the FDIC: $124.2 million)
And while we are talking about costs to the FDIC, consider just how bad the FDIC is at estimating the ‘real’ cost – FDIC estimated Colonial Bank cost would be $2.8 billion, but the real cost has risen to $5.8 billion.
2010 forecasts from the Market Oracle
$36 /hour to $13 /hour. White-collars turn blue
Global air passenger traffic drops by largest amount in aviation history
Obama’s “Home Affordable Modification Program” – Huge Failure
Foreclosure backlog is huge
Goldman Sachs ditches attempts to profit from death
Fewer states add jobs – Green shoot is dying (RT note: watch for the surge in layoffs in retail sectors in January and February)
AIG – cough up the e-mails
Washington for Sale – Bill Moyer video link , Robert Kuttner and Matt Taibbi guests.
Iceland – Sovereign rating at risk yet again over internal financial battles. One more rating cut and Iceland will be classified as junk.
Greece admits that sovereign rating may be cut by Moody’s
Things are big in Oklahoma – like their record setting deficit
United Kingdom – Property is a black hole, more bank losses.
(IQ) Earlier on Sunday, Iraq halted crude oil exports from its northern oil fields to the Ceyhan port near Turkey – Press (Update)
- The move came after it was reported that a main pipeline in northern Iraq was attacked.
- The attack occurred at around 8:30 p.m.on Saturday (1730 GMT)
- According to one estimate, the pipeline’s capacity is equal to about 450K bpd (approximately 23% of Iraq’s exports) (wire report)
Events for the week of December 21 to 25:
Monday:
08:30 - Nov Chicago Fed Index (last -1.08)
Tuesday:
Have you heard of KIVA.org? Microcredit loans available to people usually available in countries that are relatively poor. Now you can make a micro credit loan to a needy American.