Word: elye
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Banking-industry consultant Bert Ely says he was never a big fan of TARP. But now that it is in place, he thinks there are benefits to keeping it going. The biggest could be to encourage stronger banks to buy up failing financial firms that continue to be a strain...
For now, the Federal Reserve says the stress tests were a one-time thing and it has no plans to do them again. One problem with regularly repeating the tests is that they are expensive and time-consuming. The current one took 150 bank examiners six weeks to complete. Bert...
"IndyMac was a one-trick pony," says Bert Ely, a banking consultant. "Citigroup has a whole stable of horses you have to deal with." Nonetheless, IndyMac does provide an example in which nationalization worked, suggesting that at least some of the fears critics have of nationalization may be unfounded.
Selling failed banks is never a profitable business. But recently, as the credit crunch has gotten crunchier, the cost of cotton-balling kaput countinghouses has gotten a lot costlier. The FDIC had an average loss (based on deposits) of nearly 30% for the 23 bank deals it did in 2008...
"It's not just the FDIC's fault," says Bert Ely, CEO of Ely & Co. "But it and other regulators are not moving fast enough to close problem banks and limit losses."