Sep 20 2008

Another Friday, Another Bank Failure

(9 am. – promoted by ek hornbeck)

In adding to the angst of the shocking capitalistic disaster otherwise known as “George Bush is our President”, last night the FDIC announced the twelfth bank failure of the year.  This time it was Ameribank, Inc of Norfolk, West Virginia. See failed bank list here.

As noted in this diary posted earlier this morning, Congress: “We have never heard language like this” by pfiore8, and in some of the comments therein, this weekend we will be witnessing the doctrine of the transfer of this nation’s wealth in ways that must be making Milton Friedman and Saint Ronnie grin in mummified, shocking glee.  

This diary will provide some links and source material for those who would like to follow this catastrofinancefuck a bit more closely.

More on the bank failure:

According to the  FDIC press release


Ameribank, Inc., was closed today by the Office of the Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named receiver. The FDIC entered into purchase and assumption agreements with Pioneer Community Bank, Inc., Iaeger, West Virginia, and The Citizens Savings Bank, Martins Ferry, Ohio to take over all of the deposits and certain assets of Ameribank, Inc., Northfork, West Virginia.

Ameribank has five branches located in West Virginia and three branches located in Ohio. Pioneer Community Bank, Inc., Iaeger, West Virginia will assume all deposits for the five branches located in West Virginia. The Citizens Savings Bank, Martins Ferry, Ohio will assume all deposits for the three branches located in Ohio.

The entire list of failed banks with associated background may be seen here:

here  

Here’s a site to see how a particular bank is rated

Bank rate safe and sound

Blogs with helpful economic analysis:

The Automatic Earth

Mish’s Global Economic Trend Analysis

The Economic Populist

Calculated Risk

Paul Krugman blog

Naomi Klein

Nouriel Roubini’s Global EconoMonitor

Econbrowser

Traditional Sources

Bloomberg

Reuters Finance

Financial Times

Yahoo Finance

Please share other sources in the comments if you’d like

13 comments

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  1. with this culmination of the 8 year crisis, no make that 30 year crisis, having to take my Mom to the hospital for emergency surgery and having my roof re-done.

    I sure hope everyone here is getting through this ok.

    Best to all, CD

  2. on Bill Moyer’s Journal last night with Kevin Phillips to be both sobering and informative. I highly recommend watching the video at the link (about 20 minutes).

    And, on a lighter note…a little Arlo Guthrie.

  3. “Your play-by-play for the end game of modern banking”

    The Bank Implode-O-Meter

    • pfiore8 on September 20, 2008 at 19:34
    • #

    and i do hope you plan to revive your series. it belongs in importance with Magnifico, ek, and mishima’s news

  5. LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY

    TO PURCHASE MORTGAGE-RELATED ASSETS


    Sec. 6. Maximum Amount of Authorized Purchases.

    The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

    Sec. 7. Funding.

    For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.

    Sec. 8. Review.

    Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

    How very typical, eh? No review. No legal oversight. We are simply supposed to trust these motherfuckers.

    Vomitous.

    • Edger on September 20, 2008 at 20:43
    • #

    “Only when the last tree has died and the last river been poisoned and the last fish been caught will we realise we cannot eat money.”

    –cree aphorism

    “Only when the last bank has died and the last chance been poisoned and the last sucker been caught will they realise they cannot eat money.”

    –upgraded aphorism

  7. …this is a great list of resources, cosmic in fact.  Best wishes to your Mom & roof.    

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