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Feb 5, 2010

FDIC : Press Release.-Community Development Bank, FSB, Ogema, Minnesota, Assumes All of the Deposits of 1st American State Bank of Minnesota, Hancock, Minnesota


Press Release
Community Development Bank, FSB, Ogema, Minnesota, Assumes All of the Deposits of 1st American State Bank of Minnesota, Hancock, Minnesota


FOR IMMEDIATE RELEASE
February 5, 2010
Media Contact:
LaJuan Williams-Young
Phone: (202) 898-3876
Email: lwilliams-young@fdic.gov

1st American State Bank of Minnesota, Hancock, Minnesota was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Community Development Bank, FSB, Ogema, Minnesota, to assume all of the deposits of 1st American State Bank of Minnesota.
The two branches of 1st American State Bank of Minnesota will reopen on Monday as branches of Community Development Bank, FSB. Depositors of 1st American State Bank of Minnesota will automatically become depositors of Community Development Bank, FSB. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use the former 1st American State Bank of Minnesota branches until they receive notice from Community Development Bank, FSB that it has completed systems changes to allow other Community Development Bank, FSB branches to process their accounts as well.
This evening and over the weekend, depositors of 1st American State Bank of Minnesota can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of December 31, 2009, 1st American State Bank of Minnesota had approximately $18.2 million in total assets and $16.3 million in total deposits. Community Development Bank, FSB did not pay the FDIC a premium to assume all of the deposits of 1st American State Bank of Minnesota. In addition to assuming all of the deposits, Community Development Bank, FSB agreed to purchase essentially all of the failed bank's assets.
The FDIC and Community Development Bank, FSB entered into a loss-share transaction on $11.7 million of 1st American State Bank of Minnesota's assets. Community Development Bank, FSB will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-523-8159. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/1stamerican.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.1 million. Community Development Bank, FSB's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. 1st American State Bank of Minnesota is the 16th FDIC-insured institution to fail in the nation this year, and the third in Minnesota. The last FDIC-insured institution closed in the state was Marshall Bank, N.A., Hallock , January 29, 2010.

NFA bars NY firm Capital FX LLC and its principal



For Immediate Release For More Information Contact:
Larry Dyekman (312) 781-1372, ldyekman@nfa.futures.org
Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org

NFA bars NY firm Capital FX LLC and its principal
February 5, Chicago - National Futures Association (NFA) has accepted Capital FX LLC's (CFX) settlement offer to permanently withdraw from NFA membership. CFX is a Commodity Trading Advisor located in Elizaville, New York. Additionally, NFA ordered Robert W. Pecord, its sole principal and employee, to permanently withdraw from NFA membership. The Decision, issued by NFA's Business Conduct Committee, is based on an NFA Complaint filed in December 2009 and a settlement offer submitted by CFX and Pecord.
The Complaint charged that CFX and Pecord provided false and misleading information to NFA and failed to cooperate with NFA in its investigation of the firm. The Complaint also charged CFX with using an inaccurate disclosure document.
The complete text of the Complaint and Decision can be found on NFA's website (www.nfa.futures.org).
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.

Forbes.com : Intelligent Investing: February 5, 2010



Intelligent Investing with Steve Forbes

Features

Intelligent Investing
Dobbs Wants Glass Steagall
Radio host Lou Dobbs on why investment banks shouldn't be taking deposits.
With Alexandra Zendrian
Intelligent Investing
Children: Expense Or Investment?
Tips on how to make your children your best investment.
With Liz Davidson

Video: Intelligent Investing With Steve Forbes

Intelligent Investing With Steve Forbes
Cleaning Up Wall St.
The Delaware senator wants a level playing field in the markets.

FDIC : Special Alert

Special Alert

SA-16-2010
February 5, 2010

TO: CHIEF EXECUTIVE OFFICER (also of interest to Security Officer)
SUBJECT: Counterfeit Official Checks
Summary: Counterfeit official checks bearing the name Bank of Dade, Trenton, Georgia, are reportedly in circulation.

Bank of Dade, Trenton, Georgia, has contacted the Federal Deposit Insurance Corporation (FDIC) to report that counterfeit official checks bearing the institution's name are in circulation.
The counterfeit items display the routing number 011007092, which is a payable-through account at Bank of New York Mellon, Everett, Massachusetts. The items are nearly identical to authentic official checks; however, they have a light blue brick-patterned background and dark blue borders. Payee name is handwritten.
Authentic official checks have a purple ornate-patterned background and a double black border. An MGI watermark is on the back. The bank's telephone number is displayed in the top-left corner and all check information is computer-generated.
Copies of a counterfeit item and an authentic check (VOID) are attached for your review. Be aware that the appearance of counterfeit items can be modified and that additional variations may be presented.
Any information you have concerning this matter should be brought to the attention of:
Shannon D. Henry
Assistant Vice President of Operations
Bank of Dade
12634 North Main Street
P.O. Box Drawer 9
Trenton, Georgia 30752
Telephone: (706) 657-6842, extension 239
Fax: (706) 657-2265
E-mail: shenry@bankofdade.com
Information about counterfeit items, cyber-fraud incidents and other fraudulent activity may be forwarded to the FDIC's Cyber-Fraud and Financial Crimes Section, 550 17th Street, N.W., Room F-3054, Washington, D.C. 20429, or transmitted electronically to alert@fdic.gov. Questions related to federal deposit insurance or consumer issues should be submitted to the FDIC using an online form that can be accessed at http://www2.fdic.gov/starsmail/index.asp.
For your reference, FDIC Special Alerts may be accessed from the FDIC's website at www.fdic.gov/news/news/SpecialAlert/2010/index.html. To learn how to automatically receive FDIC Special Alerts through e-mail, please visit www.fdic.gov/about/subscriptions/index.html.
Sandra L. Thompson
Director
Division of Supervision and Consumer Protection

Attachment (not available electronically)
NOTE: As a security precaution, the FDIC does not post to its Web site electronic images of fraudulent items or authentic checks that have been counterfeited. This is to avoid attempts by others to use these instruments to facilitate additional fraud. Financial institutions can view images of the fraudulent items and authentic checks (marked as VOID) using the FDIC's free, secure Web site, FDICconnect. (See more information about FDICconnect at http://www.fdic.gov/news/news/financial/2006/fil06032.html.) Printed copies of each Special Alert and its attachment(s) may also be obtained from the FDIC's Public Information Center (telephone: 1-877-275-3342 or 703-562-2200; fax: 703-562-2296; or e-mail: publicinfo@fdic.gov).

Forbes.com: Video Network Reports February 5,2010


Forbes.com Video Network Reports

U.S. Unemployment FallsFebruary 05 2010Slides to 9.7% in Jan and nonfarm payrolls lose 20K, as global stocks fall sharply.Successfactors, Pitney Bowes AnnounceFebruary 05 2010After hours; Con-Way shares fall; Hawaiian Airlines shares fly high.BofA Pays Up: $150MFebruary 04 2010BofA settles with SEC; Mastercard's miss, Visa's gain.Toyota Fesses Up On PriusFebruary 04 2010The carmaker admits to a design error on brakes; ECB is set to comment on Greece.Recovery: Full Speed AheadFebruary 04 2010After hours: Cisco offers bullish forecast, shares rise; Visa tops Wall Street.Job Market Sees Some ReliefFebruary 03 2010Service jobs continue to rise; Pfizer posts a fourth-quarter profit.Global Markets ClimbFebruary 03 2010Europe and Asia get a boost from Wall Street as Greece gets relief from the E.U.Investors Celebrate Rupert MurdochFebruary 03 2010After hours: News Corp and GT Solar Shares soar; Met Life and Verisign fall.


The Economist: :Articles- by Subject Alerts


I.-Articles-by-subject alert: Computing and software  
From Economist.com, Friday February 5th 2010

The following have been newly published on Economist.com:
Government data and transparency
In several countries more official data are being issued in raw form so that anybody can use them. This forces bureaucrats and creative types to interact in new ways ... more



II.-Articles-by-subject alert: Economics, World Bank and World Trade Organisation  
From Economist.com, Friday February 5th 2010

The following have been newly published on Economist.com:
Argentina's reserves and its debts
The president gets her way, again, but at a price ... more

Greece's troubles
The government wins support from Brussels—but its ability to stick to austerity will soon be severely tested ... more

Diversification and economic development
Some developing economies are rich but crude, while others are poor but sophisticated ... more


III.-Articles-by-subject alert: E-commerce, the Internet and mobile e-business  
From Economist.com, Friday February 5th 2010

The following have been newly published on Economist.com:
Government data and transparency
In several countries more official data are being issued in raw form so that anybody can use them. This forces bureaucrats and creative types to interact in new ways ... more


IV.-Articles-by-subject alert: Banking, pensions and financial regulation  
From Economist.com, Friday February 5th 2010

The following have been newly published on Economist.com:
The buzz about longevity risk
Plans are afoot to create a new capital market in longevity risk ... more

Norway's pension fund
A row over the world's second-largest sovereign fund revives an old debate ... more


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Google Alerts: Financial and Forex Info, February 05, 2010

Google Blogs Alert for: financial and forex info

Why Forex is a good alternative in Financial Crisis? | Assam ... By Assam News
The financial world is now going through some turbulent times. Share market is going up and down without any warning. The global economic crisis has affected.
Assam Information Portal - http://www.assams.info/
Online Forex Trading Tips and Tricks | Financial News
http://www. stockswatcher. info is a complete resource guide on online trading of stocks, commodities, futures and forex. Also, check out http://www. monetaryguru. com for wise investments in real estate. Filed under: Commodity Exchange ...
Financial News - http://www.phonienews.com/
A Summary Of Forex Signals For Positive Forex Trading | Finance Review
By Eddie Lamb
Using Forex signals you are likely to be able to collect information that will present you with critical information on exits and entries when you are trading. Many Forex signals are also twenty-four hour information providers and ought ...
Finance Review - http://www.financereview.biz/
Forex Way » Blog Archive » Financial Stock Market Investing By admin
Financial Stock Market Investing. inancial stock market investing returns are often linked to high risks. Of course, in investing, past returns are not a guarantee of future returns. Therefore, it is better to talk about expected risk ...
Forex Way - http://ic4.info/
General Concepts Of Forex Magic Machines | Personal Finance Guide
By Advisor
Or (alternatively) you can use managed forex trading service where other traders will take care of managing the trading process on the forex market. Nowadays we are living in the world where information quickly enhances the quality of ...
Personal Finance Guide - http://personalfinancehowto.com/
Cigna turns 4Q profit as run-off business improves - Financial ...
By info@financialnewsusa.com (David Chin)
DailyFX provides forex news on the economic reports and political events that influence the currency market. Learn currency trading with a free practice account and charts from FXCM. [Read the full article] ...
The News - Financial News USA - http://www.financialnewsusa.com/
Currency Trading Summary | Forex Analysis
The information and data entailed in this website or otherwise made accessible to you on this website are provided to Easy-Forex™ by a third party provider. Such information and/or data are made accessible for informative purposes only and they ... Before deciding to undertake such transactions with Easy-Forex™, and indeed, any other firm offering similar services, a user should carefully evaluate whether his/her financial situation is appropriate for such transactions. ...
www.forexpros.com - http://www.forexpros.com/

Forbes.com: Daily Opinions , February 5, 2010

Daily Opinions

Friday, February 05th, 2010
Latest Stories


Beijing's Ultimate Test

Gordon G. Chang
Can China work with Washington on Iran?
More by Gordon G. Chang Read More

When Suicide Bombers Attack

Melik Kaylan
Examining the tension in Iraq and Afghanistan.
More by Melik Kaylan Read More

Who Cares About The President's Budget?

Bruce Bartlett
How federal financial planning has changed.
More by Bruce Bartlett Read More

Meeting In The Middle

Sally C. Pipes
How Democrats and Republicans can compromise on health care.
More by Sally C. Pipes Read More

How To Stop Iran's Top Leaders

Jamsheed K. Choksy
Sanction and indict them.
More by Jamsheed K. Choksy Read More

Davos Notes On The News

Paul Maidment
Transcript of Notes On The News, Feb. 1, 2010.
More by Paul Maidment Read More

Stop Earmarks Now

Jim DeMint
The president and Congress shouldn't put off fighting the deficit.
More by Jim DeMint Read More

Money Morning:

February 5, 2010
Profit From the First Biofuel Winner - Before it Goes Public
By Kent Moors, Ph.D., Contributing Writer, Money Morning

Weeds are hardly my favorite flora. My hay fever doesn't like them and neither does my lawn. But a flax called camelina - needing little nitrogen and water - may just be the first big winner in renewable biofuels.

It is going to provide investors with a whole new way to play the renewable energy market. And its impact will be, quite literally, up in the air.

Anybody who flies has been feeling the pinch of exploding ticket prices. Having jetted over a quarter of a million miles in the last 18 months, I can attest to the connection between rising fuel prices and ticket hikes. And without a major change in how we source jet fuel, this problem will simply get worse - especially with ridership slowly returning as the crisis bottoms out.

Jet fuel is already imported in greater volume, and the refineries that can provide it reliably worldwide are limited. That's because refining puts jet fuel (which is really high-level kerosene) among the so-called "middle distillates" - along with diesel and low-sulfur heating oil. But prioritizing the need for high-octane gasoline ("light distillates") has taken up more of the available refinery capacity.

They're producing less diesel and jet fuel than the market requires, pushing up the price. And jet biofuel may be an answer.

It's hardly theoretical.

For the names of the energy sector's next giants, read on...


Moors on...
- The New Oil Index is About to Create Even More Opportunity for Investors

- The Top Five Natural Gas Companies to Watch

We're Looking at a “Double” on this Oil Play
The number of oil tankers floating in the Mediterranean and English Channel is up by 71% in the last 2 months. Each ship can hold nearly 1 million barrels, so a jump in price of just $1 means an instant profit of a million dollars per ship. And Goldman Sachs predicts $85 a barrel in the next 90 days.

One small company that refuels all those tankers at sea is making a killing in this oil speculation. It is almost a monopoly, too, and is beautifully positioned to double from today's price. Go here for the full report.

Sponsored content


Price Wars Likely to Spur Smartphone Explosion in 2010
By Don Miller, Associate Editor, Money Morning

Are you one of those holdouts who hasn't yet jumped into the high-tech world of smartphones? Well get ready, because the mobile-phone makers of the world are about to make you an offer that will be very difficult to refuse.

This may be the year when cheap prices finally drag millions of behind-the-curve consumers into the blossoming smartphone market, unleashing unprecedented strains on broadband networks as handset makers wage a price war in the midst of booming demand.

"The smartphone market will become ultra competitive in 2010," analyst Neil Mawston from Strategy Analytics told Reuters.

More than 1 billion mobile devices will access the Internet in the New Year, research firm International Data Corp. (NYSE: IDC) says. That's catching up to the 1.3 billion users that use a PC to go online, and the rate of growth for mobile users is 2.5 times the growth rate for PC use.

New technologies like smartphones generally take some time to gain consumer adoption, but smartphones for some people have become a necessary part of life - not because those functions can't be found elsewhere, but because the devices increase a person's efficiency.

Instead of just a phone with a few widgets like a Web browser and a music player, phones have become remote controls, global positioning devices, newspapers and cookbooks, to cite just a few of the functions they perform.

Continue...


Are their topics you'd like to see better coverage of Money Morning? Editors that you'd like to hear more from?

Send your editorial suggestions attention to "MM Mailbag" here.

All other customer service inquiries can be addressed customerservice@MoneyMapPress.com.
 

One Indicator That's Unquestionably Bullish
By Jason Simpkins, Managing Editor, Money Morning

Many economic indicators are sending mixed signals, but one stalwart is coming through crystal clear.

And it suggests that U.S. stocks are poised for a strong showing in 2010.

The indicator I'm referring to is the oft-overlooked "Super Bowl Indicator," which as has correctly predicted the direction of the Dow Jones Industrial Average in 34 of the past 43 years. That's an enviable 79% success rate. And between 1967 and 1997, the indicator was correct 28 out of 31 times - a stunning 90% success rate.


Here's how it works: If the team that wins has roots that extend back to the original National Football League, the stock market will have a good year. But if the victor was ever a member of the rival American Football League, expect the Dow to get sacked.

Read full article...

The New York Times Business



Business

Toyota Considers Prius Recall for Brake Problem
By HIROKO TABUCHI and NICK BUNKLEY
Officials said no decision had been made yet, but if the

recall does take place, it would affect at least 103,000 new 
Priuses in the United States and 176,000 in Japan.

In California, a Rebuke to Toyota
By MALIA WOLLAN
The California State Assembly adopted a “Buy American”

policy for all future vehicles bought for its fleet.

Cuomo Sues Bank of America, Even as It Settles With S.E.C.
By LOUISE STORY
The attorney general accused the bank and two executives of 

securities fraud. Meanwhile, the bank settled an S.E.C. claim for $150 million.

More Business News

NYT : FGC BOLSA - FGC FINANCIAL MARKETS

My Alerts

ADVERTISEMENT
Alert Name: FGC BOLSA - FGC FINA
February 5, 2010 Compiled: 1:02 AM

BUSINESS / GLOBAL BUSINESS

The biggest Spanish bank said year-end profits were aided by growth in Brazil and Britain as well as its U.S. unit, Sovereign.

BUSINESS / GLOBAL BUSINESS

Negotiations aimed at rescuing the A400M military transport made incremental progress, but EADS is under increasing pressure to resolve the matter.

BUSINESS / GLOBAL BUSINESS

Deutsche Bank reinforced its position as one of the survivors of the global financial crisis Thursday, posting its fourth straight quarterly profit after a record loss a year earlier.

BUSINESS / GLOBAL BUSINESS

Deutsche Bank was profitable for a fourth quarter in a row, and Banco Santander had its second-best year ever.

BUSINESS

Without the regulatory certainty stemming from the health care bill, drug companies face unpleasant surprises like a heavier tax on foreign income.

MIneWeb:Top Stories, February 5, 2010


TOP STORIES | Friday , 05 Feb 2010                                                     

Intelligent gold from a smart company

Once again, Gold Fields sets a tough standard for the gold quarterlies reporting season.    Friday , 05 Feb 2010

Mongolia cancels Tavan Tolgoi auction to retain 100% of world's largest undeveloped coal project

Squeezed in between China and Russia and actively courted by third-party nations and entities, Mongolia is moving to assert its independence over its vast mineral resources.    Friday , 05 Feb 2010

U.S. miners unlikely to repurchase shares, increase dividends until economic recovery well established - S&P

S&P expects U.S. mining credit quality to stabilize, but that recovery in the sector "will be relatively slow and uneven."    Friday , 05 Feb 2010

First Uranium faces grilling

Top analysts describe how First Uranium needs USD 150m cash, just to stand still.    Thursday , 04 Feb 2010

Global miners set to report sharp slide in half year profits

Looking forward investors will be looking for signs from miners that Chinese demand is holding up and that the US is beginning to recover    Thursday , 04 Feb 2010

Nuclear second coming could run out of steam - Expert

A Canadian think tank has challenged the idea that a nuclear renaissance is in full swing stating that new reactor construction is likely to be held back by a variety of issues    Friday , 05 Feb 2010

Rio Tinto names new China head, hopes to improve relations

Ian Bauert, among other things, a fluent Mandarin speaker has been named head of the miner's China business and charged specifically with improving the group's relationship with the superpower    Friday , 05 Feb 2010

Teck sale of Waneta Dam stake approved

The group is selling the stake as part of a bid to reduce its debt load following its acquisition of Fording Canadian Coal Trust    Friday , 05 Feb 2010

Newmont, Kinross Gold a buy - Deutsche Bank

Deutsche Bank favours those gold firms with higher free cash flow    Thursday , 04 Feb 2010

New MSHA program to focus more attention and enforcement during mine

U.S. mine safety watchdog, MSHA has unveiled an enforcement program to help prevent mine fatalities.    Thursday , 04 Feb 2010

Sandvik wins major Pascua Lama gold mine sales contracts

Drills, loading and transportation equipment and crushers are to be delivered to Barrick's huge Pascua Lama gold/silver mine on the Chile/Argentina border by Swedish headquartered Sandvik.    Thursday , 04 Feb 2010

Yesterday's Top Story: Gold to hit $1,350 - $1,400 by late Spring - John Embry

Speaking on the Mineweb Gold Weekly Podcast, Sprott Asset Management's chief investment strategist says while the yellow metal is likely to continue to consolidate over the next few weeks, the next major move will be up.    Wednesday , 03 Feb 2010