Word: nationalism
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...That could translate into a lot of money. In the past six months, the nation's largest banks have raised just over $225 billion using government guarantees, according to Thomson Reuters. Had the banks had to raise that money on their own it would have been much more expensive. Morgan Stanley, another bank that has reportedly been looking to pay back TARP funds, has raised $23 billion in FDIC-backed debt since the program began in November. Hintz estimates the government's help is allowing Morgan Stanley to lower its borrowing costs by 5½ percentage points. That would have...
...same imprecise, flawed meanings from person to person. From there we make some pretty hard-core decisions. If we hadn't so consistently been talking about the potential for financial "collapse" or economic "free fall" late last year, maybe money wouldn't have flowed as quickly to the nation's banks. (See 25 people to blame for the financial crisis...
...Bank analysts and industry watchers say the financial crisis, which has so far been mostly focused on the nation's largest banks, is entering a new phase. Around the country, dozens of banks are nearing insolvency or soon will be. On May 21, BankUnited, based in Coral Gables, Fla., became the 34th bank to fail this year. It is the largest bank bust in 2009. BankUnited had 85 branches and $8.6 billion in deposits. (See pictures of the dangers of printing money...
...same problems that individual homeowners began facing two years ago. With vacancies in malls and office buildings around the country on the rise, more and more developers will be unable to pay their mortgages. And as those loans go bust, so too will more and more of our nation's smaller banks...
...dark cloud over regional banks is bad news for the FDIC, which provides deposit insurance, now to the level of $250,000 per account, at banks across the nation. At the end of last year, the FDIC had only $19 billion left to cover future failures. That's the lowest the FDIC's insurance fund has been in more than 15 years. As a result, on Friday the FDIC decided to raise the fee it charges large banks for deposit insurance. Also, President Obama recently agreed to allow the FDIC to borrow as much as $100 billion, up from...