Word: bailouts
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...crash heard last week was the loudest of all. Federal regulators disclosed that they would pledge $4 billion to rescue Dallas-based First RepublicBank (assets: $32.5 billion), the state's largest banking firm. The initial federal commitment is second in size only to the $4.5 billion bailout of Chicago's Continental Illinois...
...size of the bailout is the result of a failed gamble by federal regulators, who last year allowed RepublicBank to take over its crosstown rival, the struggling InterFirst, in the hope that the two institutions could shore each other up. But the combined company, First RepublicBank, lost nearly $2.3 billion in the first half of this year and showed no signs of recovery. Last week's huge commitment, coming on top of earlier Texas rescues, is likely to stir debate over the adequacy of the FDIC's $18 billion insurance fund...
...attempt to start a music- video channel died after just a month on the air, his much publicized bid to take over CBS was an expensive fizzle, and his acquisition of MGM left the Turner Broadcasting System so debt ridden that it was forced to get a bailout from a group of cable companies...
...ever made." Worried First RepublicBank's depositors have pulled some $2 billion out of their accounts this year. If First Republic were to fail, it could cost the FDIC $5 billion to restore the bank's financial health. That would make the rescue more expensive than the $4.5 billion bailout of Continental Illinois...
...only major Texas bank that has not yet shown up at the bailout window is the state's second largest financial institution, Dallas-based M Corp. It lost $258 million last year and, like its competitors, has a host of bad real estate and energy loans. But the bank's executives are convinced that they can solve their problems without turning to Uncle Sam for help...