Hell, if this guy can predict any bank failures with accuracy, why doesn't he name the bank? Hell, any loudmouthed fucktard can make wild-assed predictions about anything...like some Nostradumbass of the 21st century...

Even I can predict some leftard will be along shortly to "correct" me...

^^^ Because when that one guy did it Repubs blamed him for causing a run on the bank and its ultimate collapse. Damned if you do, Damned if you dont.

Well, Damn, Doem...

Just one?

WaMu and B of A

B of A supposedly reduced their exposure to Sub-prime before it popped and feel that they are in a good position. WaMu not so much

B of A now has Countrywide, though.

You know what that could mean.

I for one predict a million bubbles like this in the future. Tech, comoddities, mortages ect. Fact is the amount of investment money out there is growing exponentially and I dont think financial institutions really know what to do with it all. Right now it seems like the game is investing in a bubble and pulling the money out before it pops.

B of A now has Countrywide, though.

You know what that could mean.

Posted by TedBaxter at 2008-08-19 11:45 PM | Reply

Probably means nothing: Countrywide originates mortgages, but then sells the paper on the secondary markets. They don't hold it; they want to money back to write a new mortgage.

Besides, BofA acquired Countrywide AFTER much the the damage was done, so they got it cheap

Lehman Bros is going DOWN! Or is it Citi of America?

Hmm, wait a second. If BoA goes down... ugh, if they go down, I suspect my credit rating tanks completely.

No, serious question time, since I have an LoC with BoA with an outstanding balance. What happens to that line if BoA "dies"? Someone else picks, it simply ceases to exist, what?

If you think BAC is going down Ted then you know jack shit about the banking industry. Nada gringo...

WaMu cap one fifth third key corp regions finanace WACHOVIA now those are all much closer to the "coals"

Lehman is a brokerage and is not the type of financial institution of which this guy is talking.

Wamu capitalization is like 5 billion, bac has market cap of 130 billion. NOT very likely they are going to burn through 130 billion anytime soon.

While we are on the topic, the US went through A long period of little or no takeovers. So now some are going to go down, so fuckin what???? If the fdic undereservd for that then they blew it. I saw that a while back they cut back on their charges to banks based on their basil ratings, and other measures. I KNEW that was stupid because one day bank failures would come back to more historical levels, if not to exceed them.

So know the fdic and the Comptroller of Currency needs to be more vigilant. Charge more for deposit insurance and watch closer more wayward banks. I don't invision a late 80's early 90's debacle...but it could happen if some extra extraneous events(s) occur....

What happens to that line if BoA "dies"? Someone else picks, it simply ceases to exist, what?

Posted by LetUsReason

If the bank fails and the government takes it over, your LOC should continue under the federal ownership.

I have had clients that have had a difficult time renewing their lines, so right before the lines were set to expire they borrowed up to the balance and deposited the money in another bank. That way if the bank did not renew the line they at least had a temporary bridge source of funds. It also worked to give the bank incentive to renew the line since the entire balance was outstanding.

And I suppose the bank is paying the CEO $50+mil a year for that good work like the freddie and fannie are. When will the people in charge be held responsible for their actions?

When will the people in charge be held responsible for their actions?

As soon as the criminals in the current administration are. Meaining never.

Laws and responsibility are for suckers.

What good is it to predict the failure of banks when you aren't going to name the bank? Either way you could accelerate the process for a bank that might not have totally failed, since you'll get a bunch of people with less than $100K in the bank pulling their cash out even though they're insured. I guess I'm just wondering what the point of these remarks are.

As soon as the criminals in the current administration are. Meaining never.

Posted by 726

I guess you think this administration is worse than the last. Think again buddy.

LBJ was leading the biggest bunch of thugs.

When will the people in charge be held responsible for their actions?

Never, they have golden parachutes written into their contract guaranteeing they won't ever be held responsible.

And if the stockholders don't want to give a golden parachute? Then the good 'ol boys club board of directors says they "can't attract top tallent" and put some idiot in charge until the stockholders cave.

But come on, you're complaining about a $50 million salary? John McCain said that a measly $4.9 million was middle class. Surely the CEO of a major bank deserves to make 10x more than the peons, right? For his 'tallent'?

Snipe,

No, not really, worse than every other one combined. In terms of deficits; failed, wasteful, unnecessary wars (plural now with Georgia); K street corruption; indifference to human suffering; incompetence at handling emergencies.

There has never been anything like Shrub and his puppetmaster Cheney.

WaMu deserves to fail after the silliest name-change in corporate history.

and the no shit sherlock prediction award goes to...

I predict it will rain.

I predict some days will be better than others.

I predict that someone important to you will come back into your life.

I predict you will receive an expected check.

I predict that your generosity will pay off ten fold.

I predict that a large natural catastrophic event of Biblical proportions is about to happen.

I predict I will wear loafers tomorrow instead of sneakers....

oh yeah, and I predict some really big bank will fold as part of the continuing fallout from Alan Greenspan raising the rates 17 times and never giving the market a chance to react to the rate hikes...

No, not really, worse than every other one combined. In terms of deficits; failed, wasteful, unnecessary wars (plural now with Georgia); K street corruption; indifference to human suffering; incompetence at handling emergencies.

There has never been anything like Shrub and his puppetmaster Cheney.

Posted by nutcase

I guess you think that 9/11/01 didn't have anything to do with that either.

Damn, I forgot, Bush caused that one too.

No, serious question time, since I have an LoC with BoA with an outstanding balance. What happens to that line if BoA "dies"? Someone else picks, it simply ceases to exist, what?

Posted by LetUsReason

The credit lines or mortgages you have outstanding are an asset to the bank that holds them.

Someone will buy those assets, from the failed bank, at pennies on the dollar and your end will see no difference. I think. I'm sure there are others on here that know more about it.

My mortgage has been sold several times and I swear, with my hand up, that i do not know who owns it now. There was some place set-up where we send our payment. that's all i know.

Once we were gonna re-finance it so we could add an addition and I said, 'fuck it' after trying to figure out who to call to get a straight answer. Plus the one person I did get to talk to only wanted to talk about adjustable rates and i wasn't interested in that at all. This was before the collapse.

The credit lines or mortgages you have outstanding are an asset to the bank that holds them.

Someone will buy those assets, from the failed bank, at pennies on the dollar and your end will see no difference. I think. I'm sure there are others on here that know more about it.

My mortgage has been sold several times and I swear, with my hand up, that i do not know who owns it now. There was some place set-up where we send our payment. that's all i know.

Once we were gonna re-finance it so we could add an addition and I said, 'fuck it' after trying to figure out who to call to get a straight answer. Plus the one person I did get to talk to only wanted to talk about adjustable rates and i wasn't interested in that at all. This was before the collapse.

Posted by Lipzoidial at 2008-08-20 01:04 PM

Ask them to send you a bill (not a statement)of the actual accounting, and a copy of the contract binding both parties, and see what happens.

The Fave

My guess is that they won't be able to produce either.

Memo from Shrub,

Just wait until after the election. There can be no more failures until after the election. Cook the books, print money like there's no tommorrow, lie, cheat, steal, but no more failures until after the election.

Then we'll blame the the Democrats, heh, heh, heh.

I did not see anything from danni the economist here yet.

I was talking to a friend at a large finance company. He said Citi is about to lay off nearly 50% of employees, so I would bet it's them.

The name is not as important to me as a trend that is accelerating. A big bank would probably wipe out FDIC's funds. Guess who FDIC executives will be running to crying for money? Yep. They'll in line behind Fannie and Freddie. Washington knows they can count on all those those kind and generous taxpayers to come to the rescue.