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Motion: "This house believes that the world would be safer if Iran's nuclear facilities were bombed."
Jan 13, 2010
Press ReleaseThe Independent Bankersbank, Irving, Texas, Purchases the Deposits and Certain Assets of Independent Bankers' Bank Bridge Bank, Springfield, Illinois
|FOR IMMEDIATE RELEASE |
January 8, 2010
Greg Hernandez (202) 898-6984
Cell: (202) 340-4922
The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for the assets and deposits of the recently created Independent Bankers' Bank Bridge Bank, National Association (IBBBB). The bridge bank was created by the FDIC on December 18, 2009, to take over the operations of Independent Bankers' Bank, Springfield, Illinois, when the bank was closed by the Illinois Department of Financial and Professional Regulation—Division of Banking.
TIB—The Independent BankersBank, Irving, Texas, will assume the deposits and purchase some of the assets of IBBBB. In a separate transaction, Empire Advisory Group, Inc., Springfield, Illinois, a financial services firm, will purchase the corporate trust department of the failed bank.
TIB will provide correspondent banking services to IBBBB's client banks.
As of December 31, 2009, IBBBB had approximately $269.3 million in total assets and $285.3 million in total deposits.
TIB will purchase approximately $111.8 million of IBBBB's assets and pay a premium of 0.32 percent to assume all of the deposits. Empire Advisory Group, Inc. will pay $119,000 for IBBBB's corporate trust department relating to client banks. The FDIC will dispose of the remaining assets at a later date.
Customers who would like more information about today's transaction also can visit the FDIC's Web site at: http://www.fdic.gov/bank/individual/failed/ibb.html.
# # #Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,099 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-6-2010
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January 13, 2010
Shareholders - Not Obama - Should Be Curbing Wall Street Bonuses
By Martin Hutchinson, Contributing Editor, Money Morning
Wall Street bonuses are back in the news again, as the Obama administration scores cheap political points by bashing bankers.
Wall Street's investment-banking houses correctly claim that they are paying out a much-lower-than-usual percentage of their profits in the form of bonuses - in some cases, less than 50%.
So what's the problem?
After all, Wall Street earned the money legitimately (aided and abetted by foolishly lax monetary policy, which will come back to bite us). So these firms should have the right to pay out lots of those profits as bonuses - so long as shareholders don't object.
The problem is that shareholders ought to be objecting - and objecting loudly.
You see, the money that Wall Street is using to pay those big bonuses rightfully belongs to the shareholders.
For more on how Wall Street should be run...
|Hutchinson on... |
- With His Rebuke of Kraft, Buffett Reminds Wall Street That Shareholders Come First
- A Note to Bernanke: Sorry Ben, More Bureaucracy Isn't the Answer
This man predicts stock prices...to the penny
"No one can predict the market." Right? Wrong! Over the past four months, Keith Fitz-Gerald has proven he can predict stock prices with stunning accuracy. Turns out, conventional analysts can't predict the market because their methods miss about 85% of the data driving prices-they treat it as "noise." Keith spent ten years and gobs of his own money developing a strategy that captures ALL price data. Result? He has a perfect win record: 14 picks. 14 wins. Zero losses. He explains it all here.
Wall Street Scrambles its "Contango Convoy" to Capitalize on Higher Oil Demand
By Don Miller, Associate Editor, Money Morning
A 26-mile-long line of idled oil tankers, enough to blockade the English Channel, are firing up their engines and jockeying for position in a race to cash in on the bone-chilling deep-freeze plaguing the North America, Europe, and Asia.
The supertankers, each of which can hold over 2 million barrels of oil, are steaming "all ahead full" to deliver their stores of crude, heating oil and other distillates to the United States.
Their clients - which include several huge Wall Street investment firms - are eager to unwind what's become known as the oil storage trade.
Since late 2008, Goldman Sachs Group Inc. (NYSE: GS), JPMorgan Chase & Co. (NYSE: JPM) and Morgan Stanley (NYSE: MS) and other investors have been accumulating oil and putting it in storage on huge tanker ships.
The tankers were then docked at locations around the world, mostly in the Gulf of Mexico and in Europe, according to a Bloomberg News report, and waited for demand, and oil prices, to go up.
Read full article...
Obama Bank Tax No Reason to Flee Financials
By Jason Simpkins, Managing Editor, Money Morning
U.S. President Barack Obama plans to implement a tax on financial institutions to offset taxpayer losses stemming from the Troubled Asset Relief Program (TARP) and help reduce the deficit. But Obama's new bank tax is no reason to turn bearish on financials, which staged an impressive comeback last year.
At a time when many financial companies are gearing up to announce fourth-quarter and full-year earnings, as well as details regarding employee compensation and bonus payments for 2009, the government is considering charging banks fees to recover as much as $120 billion in lost taxpayer money.
While most of the big banks have started paying back their TARP investments, the government has yet to recoup large swathes of money that went to American International Group Inc. (NYSE: AIG), General Motors Corp., and Chrysler LLC. Last month, the Treasury estimated that the net cost of TARP to taxpayers would be $41.4 billion.
However, a person familiar with the matter told The Wall Street Journal that it's unlikely the new tax will apply to auto companies or AIG, all of which are still struggling. Taxing these companies would make little sense, anyway, because the government owns such large stakes in each company that it would, in effect, be taxing itself.
The details of the new tax will be contained in the fiscal 2011 budget that the president will submit to Congress next month. What banks will be charged, how much those banks will have to pay, and when will they be required to pay are all questions that have so far been left unanswered.