[jlw61]

$this->bbcode_second_pass_quote('seahorse2', 'I')nterestingly, for what its worth, this person also said that the savings and loan crisis will pale in comparison to what's getting ready to happen, not this weekend, but what is developing.

[Denny]

When you say "closing" do you mean for the holiday weekend, or some long term thing?

[seahorse2]

I really hate being the guy that sounds the alarm if nothing happens, but I saw the effects of several people here lose money and their businesses when ANB shut down and it leaves a big impression on you. Further, if I could divulge the source, which I cannot, you would be alarmed also. The only question is whether the teams were moving in to close someone today or moving into position to close in the near future. At any rate, if you live in this area, take no personal risk with your money or business.

[seahorse2]

Hi Denny,

The information is the FDIC will shut the banks down like the did ANB - meaning, closed permanently.

[ColossalContrarian]

Do you think the reason for doing this COB Friday is to minimize the impact it could have on the stock market or is that just a coincidence that they're moving in on the eve of a three day weekend?

[seahorse]

My understanding is the FDIC historically closes troubled banks on Fridays after COB to allow the FDIC to get the troubled bank's deposits (checking accounts, savings accounts etc) of the closed bank sold and transferred over the weekend to another bank and have those accounts up and running by the next business day, usually a Monday. The FDIC also has to deal with all the loans gone bad etc., but a priority is given that first weekend to try and keep the deposit accounts operating with as little discontinuity as possible.

[patience]

Listen up folks! When Seahorse talks, we all better listen. It's the part about "making the S & L Crisis pale in comparison" that lit me up today. I personally doubt that the FDIC can make good on all that it will be called upon to contribute to a banking collapse. If they are able to fund such a thing, it will be at the expense of govt money injections, diluting the currency even more, with the inevitable inflationary results.

There is way more than enough evidence out there to give credibility to the S & L statement, available to everyone who will read it. I believe that this is the time (last year, actually) to invest in the Bank of Sealy. I think we should all put our money where it will benefit us most long term. For me that means to have some significant cash on hand, NONE in paper investments, and do all the preps discussed here on the forum to the best of your ability.

Like Seahorse admonished in his Surviving a Financial Collapse thread, PLAN HOW TO FEED YOU AND YOURS! Buy food now, and figure out how you can provide your own food and water. Then work your way down the list of preps. Time for academic discussion to end and roll up the sleeves and get busy, if you haven't addressed these things already.

[RonMN]

I agree with patience,
I don't take seahorses statements lightly & even if no banks fail this weekend, I have no doubt that his comments are all on the up & up.

Thanks Seahorse...I'll be keeping my eyes open tomorrow.

[BigTex]

I'v worked with the FDIC before in my practice as well, and I am certain they are going to close some banks somewhere based upon what seahorse is saying.

I would caution seahorse, though, that if the bank they are going to close is publicly traded this may be "inside information" that probably shouldn't be discussed in this kind of setting.

Just a thought.

I can take down this topic if you would like.

[Kingcoal]

I don't think it can be called insider information because it's not specific. God, saying that there will probably be bank closings these days is like saying that the sun will probably go down tonight!

[DantesPeak]

$this->bbcode_second_pass_quote('', '5')/22/08 Am. Banker 3
American Banker (USA)
American Banker and SourceMedia, Inc.
May 22, 2008
Volume 173; Issue 99 Section: Washington: In Brief
FDIC Report Due Next Week
Joe Adler
The Federal Deposit Insurance Corp. will release its quarterly banking profile for the first quarter on May 29, the agency said Wednesday.
The report will come at a time of heightened uncertainty for the banking industry. After fallout from the credit downturn hit bank balance sheets at the end of last year, the agency reported in February the lowest earnings in 16 years -- $5.8 billion -- for the fourth quarter, as well as the steepest rise in noncurrent loans in 24 years.
Still, the agency reported then only 76 institutions on its "Problem List" of troubled banks and thrifts. Some observers expect that number to rise.

[jlw61]

$this->bbcode_second_pass_quote('BigTex', 'I')'v worked with the FDIC before in my practice as well, and I am certain they are going to close some banks somewhere based upon what seahorse is saying.
I would caution seahorse, though, that if the bank they are going to close is publicly traded this may be "inside information" that probably shouldn't be discussed in this kind of setting.
Just a thought.
I can take down this topic if you would like.

[DantesPeak]

Generally, you may still be held accountable if the ultimate user of the information trades on it - even if the information was passed down from person to person.

However if there are no trades, there is no violation of trading rules. Since we don't know who this is, then it does not seem there is any violation possible.

[BigTex]

$this->bbcode_second_pass_quote('jlw61', '')$this->bbcode_second_pass_quote('BigTex', 'I')'v worked with the FDIC before in my practice as well, and I am certain they are going to close some banks somewhere based upon what seahorse is saying.
I would caution seahorse, though, that if the bank they are going to close is publicly traded this may be "inside information" that probably shouldn't be discussed in this kind of setting.
Just a thought.
I can take down this topic if you would like.

[seahorse]

Interestingly, the FDIC is advertising for a case manager in Kansas City.

FDIC hiring

[Ferretlover]

HHHmm.. Nothing there now. All I got was:
"ERROR
ERRORS were encountered processing your request.
There was an error processing your request, please try again.
Please correct the errors and resubmit."

[BigTex]

It's been so long since any big banks failed that I think the FDIC is probably a little out of practice on handling these things.

The people I worked with used to give me vague references to banks they were about to close, but it was always small banks that no one had ever heard of (except the depositors, of course). Most of the cases, too, involved some kind of criminal activity by bank executives, as opposed to just poor management.

[seahorse]

Maybe I pasted the link bad. Here is the list of all FDIC openings:

FDIC all jobs

Scroll down until you see case manager for Kansas City then click on "view" for job description.

I also notice the FDIC home page has a note that its "bankfind" will be down until Monday morning.

[Ferretlover]

$this->bbcode_second_pass_quote('seahorse', 'M')aybe I pasted the link bad. Here is the list of all FDIC openings:
FDIC all jobs
Scroll down until you see case manager for Kansas City then click on "view" for job description.
I also notice the FDIC home page has a note that its "bankfind" will be down until Monday morning.

[BigTex]

If they're closing it tonight or tomorrow, presumably there will be a press release up at some point.

Nothing yet, though.

I'm interested in this situation now.