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2010-04-24 Home Front: Politix

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Posted by Steve White 2010-04-24 00:00|| || Front Page|| [11127 views ] Top

#1 Very minor point Steve - the FDIC always seizes and closes banks on Fridays. It gives them the weekend to clean up and prepare the new owner to reopen the following Monday.

Unlike so much of what the government does, these are actually very precise and well run operations, with extreme confidentaility, extensive preparation and coordination, and severe professionalism.

It prevents last minute looting by staff/owners, and smoothes the transition for innocent customers.

All that said, Lexi and crew knew this was coming years ago, and successfully paid themselves huge "dividends", which is essentially the case Kirk will make. It will be interesting to see if US Atty Fitzgerald gets in the act with fraud charges - since the family basically gutted the place "during these challenging times" rather than fold up honorably.

Posted by Halliburton - Mysterious Conspiracy Division 2010-04-24 05:57|| 2010-04-24 05:57|| Front Page Top

#2 More interestingly the bank was closed immeditely AFTER the Obama administration announced that the stink was on Giannoulias and the president would NOT be going to Illinois to support the campaign of his hoops shooting pal.

Broadway Bank in Chicago, whose wealth helped finance Giannouliass successful 2006 bid for state treasurer, has been operating since January under a consent agreement with the Federal Deposit Insurance Corp. because of commercial real- estate loan losses. Bad loans included money to such figures as convicted prostitution ring operator Michael "Jaws" Giorango. Loans were also made to convicted influence peddler Antoin "Tony" Rezko, who also was a fund-raiser for Obama.

More Tony, sing more! Tell us about Barry's first sweatheart town home loan from Broadway Bank.

Posted by Besoeker 2010-04-24 08:13|| 2010-04-24 08:13|| Front Page Top

#3 However, this Fridaw was an all Illinois shut down with 7 Illini institutions biting the dust. Be interesting to know what went on at the other 6 that will be covered by the Giannoulias/Broadway announcement.

Posted by Nimble Spemble 2010-04-24 08:38|| 2010-04-24 08:38|| Front Page Top

#4 We've had a few "all Illinois" days. The FDIC seems to rotate its shutdown crews around the country and it makes sense to concentrate resources. There have been a few "all Georgia" and "all Nevada" weekends. I doubt there's politics involved there, or even in the other Illinois banks, but the POTUS will be thoroughly tied into this and the soon to start Blago trial.

Posted by Halliburton - Mysterious Conspiracy Division 2010-04-24 09:08|| 2010-04-24 09:08|| Front Page Top

#5 http://www.fdic.gov/bank/individual/failed/banklist.html

This is a useful list of the failed banks, which is updated about every Friday. I've bookmarked it, and actually refer to it more often than you'd think.

Posted by Anonymoose 2010-04-24 12:03|| 2010-04-24 12:03|| Front Page Top

#6 Hal, thanks for the correction. Duly noted.

Posted by Steve White 2010-04-24 12:12|| 2010-04-24 12:12|| Front Page Top

#7 I believe the State of Georgia have established the unenviable record for first and second mortgage related, failed banks. We've probably set national sales records for Cadillac Escalades as well.

Could there be possibly be a connection?

Posted by Besoeker 2010-04-24 12:22|| 2010-04-24 12:22|| Front Page Top

#8 Besoeker, very good estimating. Since the current spate of bank closings began in 2007, Georgia is the champ with 38 banks. In Georgia's defence, it should be noted that it was historically a unit bank state without branching, so it probably still has lots of little banks with low barriers to entry. California has 26 closures, Florida and Illinois 25, Minnesota 11 and then it drops to single digits.

Someone else can do Escalade sales.

Posted by Nimble Spemble 2010-04-24 14:03|| 2010-04-24 14:03|| Front Page Top

#9 When Barry finally leaves office (if he ever does) I'll buy a new car or two. Never owned one before, but it will probably be a Toyota...since the government seems to feel they need weekly whippings....... they go right, I go left. They go up, I go down.

Posted by Besoeker 2010-04-24 14:30|| 2010-04-24 14:30|| Front Page Top

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