Calamitous day sees banks, credit unions seized
Three banks, two corporate credit unions taken over by regulators in evening
By John Letzing, MarketWatch
Last update: 8:06 p.m. EDT March 20, 2009SAN FRANCISCO (MarketWatch) -- The pace of the ongoing credit crisis quickened significantly Friday when regulators seized three banks and placed two large corporate credit unions into conservatorship, citing a need to "stabilize the corporate credit union system."
Banks in Colorado, Georgia and Kansas were closed by regulators, bringing the number of bank failures this year to 20, while the National Credit Union Administration Board seized corporate credit unions in California and Kansas that have a combined $57 billion in assets. Corporate credit unions are chartered to act as a sort of clearinghouse for the credit unions that serve consumers.
The Federal Deposit Insurance Corporation said that Stockbridge, Ga.-based FirstCity Bank was closed by regulators, adding that it will mail checks to FirstCity's insured depositors Monday morning.
Bureau of Mines / Minerals yearbook metals and minerals (except fuels) 1964
Bureau of Mines Minerals Yearbook Archive (1932-1993)
Under: Metals and Minerals
market goin to 00.00 on that note.
this miller is a genius:
Top 10 US stock Holdings
Amazon.com, Inc. -55.54%
AES Corporation Utilities -63.44%
Citigroup, Inc. Financial Services -73.85%
Yahoo, Inc. Media -50.56%
Eastman Kodak Company Consumer Goods -65.30%
Aetna, Inc. Healthcare -64.97%
eBay, Inc. Consumer Services -60.05%
J.P. Morgan Chase & Co. Financial Services -32.25%
UnitedHealth Group, Inc. Healthcare -65.06%
Sears Holdings Corporation Consumer Services -64.63%
yikes,take another viager
Mr.Jim dismissed the greenback as a “flawed currency” that would continue to deteriorate for two to three decades, adding that he would seek to use the dollar’s recent rally as an opportunity to get out of the currency completely.
“I do not want to own any US dollars. Also, I would not urge you to buy US dollars. (The) dollar is going to lose its status as world reserve currency,” said Rogers.
“I am trying and want to buy some gold. However, whether this is the low in the gold, I have no idea, but if gold goes lower, I will add some more. Gold is something I do not plan to sell. Gold is something I will gift to my children,” concluded Rogers.
September 15, 2008
I cant think of any time in the last 15 years Rogers was bullish on the USD.
HAP seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of The RogersTM—Van Eck Hard Assets Producers Index, which was developed in concert with international investor Jim Rogers and is viewed by many as the definitive global benchmark for commodity equities. HAP provides “one-stop shopping” for the global hard assets industry...
Gold is the USA's watchdog.
The cards are on the table: devalue or default
the fed is choosing the former.
Mr. Edmund S.W. Tse - Sr. Vice Chairman
AKA: Head Muckety Muck (MBA)
Pay $ 7.66M
Born: c. 1938
Birthplace: Hong Kong
Race or Ethnicity: Asian
Nationality: Hong Kong
way to go kid, you ran this into the ground
No sellers - only buyers...limit up
USDA cuts estimates for corn, soybean harvests.
That news, along with a weak u s dollar makes for a powerful move up.
No buyers - only sellers
Published: 21 Mar 08 - 0:00
The world’s largest gold producer, Barrick Gold, will invest a record $10-billion in new mines during the next five to seven years amid record gold prices, CEO Gregory Wilkins estimates.
Barrick is developing projects in countries including Tanzania and Argentina and is studying the viability of others in South Africa and the US.
Wilkins expects borrowing costs to decline and may wait as long as nine months to sell bonds and refinance debt.
“We know the treasury rate is coming down, and that’s a good reason to wait,’’ Wilkins said in an interview. “Credit spreads will come down with people getting more confident, so I think the debt-financing market will look better six to nine months from now.”
Barrick will borrow to refinance a loan it used to buy a stake in Nevada’s Cortez mine for $1,7-billion and to pay for its share of the $2,7-billion development of the Pueblo Viejo project, in the Dominican Republic, Wilkins said. The company may seek a bank loan using the project as collateral to pay for part of its development, he said.
“We’ll tap into the credit markets, and they’re completely available to us,’’ Wilkins said from the com- pany’s Toronto headquarters.
Defaults tied to subprime mortgages have soared since July, roiling credit markets and causing debt spreads to widen on investor concerns that companies wouldn’t be able to repay debt. Moody’s Investors Service rates Barrick Baa1, the third-lowest investment-grade ranking, with a stable outlook.
The extra yield investors demanded for investment-grade debt compared with similar-maturity Treasury notes widened 20 basis points reantly, to 272 basis points, matching the highest spread since at least 1997, according to Merrill Lynch & Company.
“We’re told that there is still a lot of depth in the investment-grade market,’’ Wilkins said. “The high-yield market has shut down – there’s nothing there – but for investment grade, there’s as much money as you can manage.’’
Wilkins said he has no plans to sell new shares to finance the company’s investments.
A Strong Community Reinvestment Act
In 1993, at the request of President Clinton, the banking regulators reformed the regulation implementing the 1977 Community Reinvestment Act to focus on performance, not paperwork. From 1993 to 1999, banks and thrifts subject to CRA made a staggering $800 billion in home mortgage, small business, and community development loans to low- and moderate-income borrowers and communities. CRA-covered lenders dramatically increased the proportion of their lending to these communities. From 1993-2000, the number of home mortgage loans to African Americans increased by 58%, to Hispanics by 62%, and to low and moderate-income borrowers by 38%. Though this law has been on the books since the 1970s, over 90% of all loans under the Community Reinvestment Act came during the 8 years of the Clinton-Gore Administration.