Comments for "Bank Failure #21: Omni National Bank, Atlanta"

Nemo says:

All your bank are belong to us.

Nemo Fri Mar 27 15:13:13 2009 CDT #

CRbot says:

This comment thread has been HALO-IZED by CRbot.

http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/919661643794851238

CRbot Fri Mar 27 15:13:26 2009 CDT #

Nemo says:

I guess that Omni was flashing red.

Nemo Fri Mar 27 15:13:43 2009 CDT #

Darth Paulson says:

It's Miller Time!

Darth Paulson Fri Mar 27 15:14:00 2009 CDT #

ScroogeMcDuck says:

330k 3br 2ba house in malibu. remodeled interiors. prices are falling fast!

http://www.movoto.com/real-estate/homes-for-sale/CA/Malibu/29500-Heathercliff-Rd-204_09-343871.htm

ScroogeMcDuck Fri Mar 27 15:14:10 2009 CDT #

Strom says:

That Malibu house seems to be a trailer...

Parent Post

Strom Fri Mar 27 15:18:49 2009 CDT #

Nemo says:

General Sheila's March to the Sea continues.

Nemo Fri Mar 27 15:14:14 2009 CDT #

Angry Saver says:

To small to bail.

Angry Saver Fri Mar 27 15:14:25 2009 CDT #

Darth Paulson says:

NemoBot > CRBot > Darth Paulson's bot

Darth Paulson Fri Mar 27 15:14:53 2009 CDT #

Darth Paulson says:

HotLanta ain't got no water to bail ain't ya herd?

Darth Paulson Fri Mar 27 15:15:59 2009 CDT #

Anonymous says:

Bot-bot here, bot-bot there, here a bot, there a bot, everywhere a bot-bot

Anonymous Fri Mar 27 15:17:21 2009 CDT #

MS says:

what?? no shotgun wedding? Surely there was someone that the FDIC could strong-arm into parking this POS for a few months.

These are real failures when the FDIC has to absorb......it doesn't count when they get dumped into another institution.

Ciao
MS

MS Fri Mar 27 15:18:21 2009 CDT #

mark says:

Like the crappy car, it's now gone.

mark Fri Mar 27 15:18:44 2009 CDT #

Baca says:

What's the matter with Georgia? Every week they have a bank failure.

Baca Fri Mar 27 15:18:58 2009 CDT #

reptillian says:

FDIC starting before the media goes home?
Busy night tonight?

reptillian Fri Mar 27 15:21:07 2009 CDT #

Baca says:

Anyone know the real reason Dylan Ratigan left CNBC today?

Baca Fri Mar 27 15:22:14 2009 CDT #

Anonymous says:

Georgia is full of indigents and peanut farmers.

Neither are having a smooth go at the moment.

Anonymous Fri Mar 27 15:22:43 2009 CDT #

REBear says:

Bloomberg wanted to be 'first' :)

REBear Fri Mar 27 15:23:27 2009 CDT #

Carl says:

CNBC had a flash at 3 PM ET

Parent Post

Carl Fri Mar 27 16:08:58 2009 CDT #

1 currency now [yogi] :) says:

v\\<img src="http://js-kit.com/extra/tiny_mce/plugins/emotions/img/smiley-kiss.gif" mce_src="http://js-kit.com/extra/tiny_mce/plugins/emotions/img/smiley-kiss.gif" title="Kiss" border="0" alt="Kiss" /> { BEHAVIOR: url(#default#VML) } o\\<img src="http://js-kit.com/extra/tiny_mce/plugins/emotions/img/smiley-kiss.gif" mce_src="http://js-kit.com/extra/tiny_mce/plugins/emotions/img/smiley-kiss.gif" title="Kiss" border="0" alt="Kiss" /> { BEHAVIOR: url(#default#VML) } w\\<img src="http://js-kit.com/extra/tiny_mce/plugins/emotions/img/smiley-kiss.gif" mce_src="http://js-kit.com/extra/tiny_mce/plugins/emotions/img/smiley-kiss.gif" title="Kiss" border="0" alt="Kiss" /> { BEHAVIOR: url(#default#VML) } .shape { BEHAVIOR: url(#default#VML) } 
JPM Asset Management bank analyst: [paraphrase]"Can a bank set up a bad bank to keep an equity interest in the upside..."
Translation: Can we sell something to ourselves and get free leverage from the Treasury and a guarantee from the FDIC?

Geithner trying to make the bailouts more complicated, but after Madoff the sheeple are making some noise.

1 currency now [yogi] :) Fri Mar 27 15:23:29 2009 CDT #

Anonymous says:

He is running off to make porn with the blond horse-faced chick from Little House on the Prarie.

Anonymous Fri Mar 27 15:24:05 2009 CDT #

sdtfs says:

Kind of early for the news release,...must be a mistake. Maybe they've taken a page from the Obits and started writing the bank obituaries in advance, and this was an accidental release. It'll be nice when Mark Twain First National replies that the reports are greatly exaggerated.

sdtfs Fri Mar 27 15:24:38 2009 CDT #

Rob Dawg says:

The FDIC, which arranges to sell the deposits and assets of failed banks, didn’t immediately identify a buyer for Omni National.

Typical of the the FDICs "day late and dollar short" policy. Notice that prearranged sales are becoming the exception not the typical outcome.

Rob Dawg Fri Mar 27 15:27:27 2009 CDT #

Basel Too says:

Bloomberg reported it from an OCC announcement.

Basel Too Fri Mar 27 15:27:40 2009 CDT #

Dust Bowling for Dollars says:

I think this is a sign from above that we are meant to knock off early today.

Dust Bowling for Dollars Fri Mar 27 15:29:30 2009 CDT #

Captain Ned says:

Standard Bank Closure time is 3:00 PM local time. Nothing on either the FDIC or OCC websites as of 4:29 PM Eastern, same as Atlanta. Definitely odd.

Captain Ned Fri Mar 27 15:29:47 2009 CDT #

Barley says:

Dawg - Thats 'cause they have to turn over so many rocks and arent liking what they see.

Barley Fri Mar 27 15:30:51 2009 CDT #

CRbot says:

CRbot presents, (with apologies in advance to FFDIC), a new feature called:

F'D FDIC: Breaking sounds from the bankerfront...

March 27, 2009 - PR-49-2009 FDIC Makes Public February Enforcement Actions; No Administrative Hearings are Scheduled</font>

<font face="arial, helvetica, sans-serif" size="2" color="#000000">
<ul>
<li>March 26, 2009:</li>
</ul>
</font>

<font face="arial, helvetica, sans-serif" size="2" color="#000000"><a href="pr09048.html" pub_date="2009-03-26">PR-48-2009 FDIC Seeks Comment on the Recently Announced Legacy Loans Program</font>

<font face="arial, helvetica, sans-serif" size="2" color="#000000">
<ul>
<li>March 24, 2009:</li>
</ul>
</font>

<font face="arial, helvetica, sans-serif" size="2" color="#000000"><a href="pr09047.html" pub_date="2009-03-24">PR-47-2009 FDIC Appoints Joseph A. Jiampietro as Senior Advisor to the Chairman for Markets</font>

<font face="arial, helvetica, sans-serif" size="2" color="#000000">
<ul>
<li>March 20, 2009:</li>
</ul>
</font>

<font face="arial, helvetica, sans-serif" size="2" color="#000000"><a href="pr09046.html" pub_date="2009-03-20">PR-46-2009 Great Southern Bank, Springfield, Missouri, Assumes All of the Deposits of Teambank, National Association, Paola, Kansas

You're WELCOME, crispy&cole. I very much hope you're satisfied now.

... now hammering FDIC's site more than 12 times faster. I hope YOU'RE very much satisfied now, Wisdom Speaker. Good luck keeping up, mere mortals.

CRbot Fri Mar 27 15:31:21 2009 CDT #

kidbuck says:

<tbody>

"What's the matter with Georgia? Every week they have a bank failure."

No suck in congress?

</tbody>

kidbuck Fri Mar 27 15:32:42 2009 CDT #

Lawyerliz says:

What percentage of recent failures were from Georgia? Past 6 months, say?
Any reports from Puerto Rico?

Lawyerliz Fri Mar 27 15:34:17 2009 CDT #

Barley says:

for those of us who ski:

BILLINGS, Mont. » The owner of one of the world's most exclusive resorts, the Yellowstone Club, has filed for personal bankruptcy.
Former billionaire Edra Blixseth took over the club with its private ski hill in the mountains of southwest Montana last August, as part of her divorce from former club owner Tim Blixseth.
After seeking bankruptcy protection for the club in November, Edra Blixseth now says she is personally in debt for $500 million to $1 billion, according to documents filed in federal district court in Montana

Barley Fri Mar 27 15:34:22 2009 CDT #

Nigel says:

They're starting early this Friday...

Nigel Fri Mar 27 15:34:38 2009 CDT #

scone says:

Extra large, thin crust, pepperoni and cheese. And a six-pack of Bridgeport IPA to go.

scone Fri Mar 27 15:34:47 2009 CDT #

Lawyerliz says:

How can you lose a billion dollars if you are a person, not a gov't?

Lawyerliz Fri Mar 27 15:36:38 2009 CDT #

JP says:

<i> Nothing on either the FDIC or OCC websites as of 4:29 PM Eastern, same as Atlanta. Definitely odd.</i>

Maybe Bloomberg is trying to take over the bank-closing biz.

JP Fri Mar 27 15:36:39 2009 CDT #

reptillian says:

OT: Krugman on The Failure of a Whole Model of Banking.

reptillian Fri Mar 27 15:36:43 2009 CDT #

1 currency now [yogi] :) says:

Obama met big bank ceos in private today.

How transparent.

1 currency now [yogi] :) Fri Mar 27 15:36:44 2009 CDT #

kidbuck says:

I did nothing that resembles my last post. This soft ware needs to file for bankruptcy.

kidbuck Fri Mar 27 15:37:19 2009 CDT #

probert says:

CR I still don't get your car argument. Why are you assuming thay per-capita vehicles will remain at current levels?

probert Fri Mar 27 15:37:38 2009 CDT #

Anonymous says:

kidbuck is typing to loud

Anonymous Fri Mar 27 15:39:57 2009 CDT #

1 currency now [yogi] :) says:

Yes, the Gates' were members of that ski club. Good article a few weeks ago about the Blixseth fiasco. I think Greg Lemond is suing, among other notables.

1 currency now [yogi] :) Fri Mar 27 15:40:05 2009 CDT #

punk in drublic says:

looks like someone switched Krugman to Folgers from the shrooms.

punk in drublic Fri Mar 27 15:41:15 2009 CDT #

Anonymous says:

switched Krugman to Folgers from the shrooms

LOL

+1!

Anonymous Fri Mar 27 15:42:21 2009 CDT #

Broward Horne says:

I'm not getting the car argument, either. "Car sales will go back because they have to"? why do they "have to"? The argument is that the current age ratio is too high but if nobody can buy a car, why does that matter?

Broward Horne Fri Mar 27 15:42:31 2009 CDT #

Rob Dawg says:

Geography is destiny. Until we see a flurry of PNW BFFs we won't be at the peak.

Rob Dawg Fri Mar 27 15:43:16 2009 CDT #

notional billionaire says:

- does WaMu count? Admittedly, not a flurry, but significant, nonetheless. Any other candidates?

Parent Post

notional billionaire Fri Mar 27 18:10:06 2009 CDT #

Anonymous says:

<tbody>

“NemoBot > CRBot > Darth Paulson's bot

</tbody>

LMAO

Anonymous Fri Mar 27 15:43:49 2009 CDT #

Nemo says:

Failed bank list on FDIC site still not updated. Does seem like something escaped from embargo early.

Daylight Saving Time bug, somehow?

Nemo Fri Mar 27 15:45:01 2009 CDT #

CRbot says:

The Latest from Yves:

Guest Post: Big Banks Pull off the Ultimate Bait & Switch

CRbot Fri Mar 27 15:45:28 2009 CDT #

Dash says:

CR left the best part out:

“The bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices,” the OCC said. The losses “depleted most of its capital” and there was no “reasonable prospect” the levels would rise without government action.

Dash Fri Mar 27 15:46:16 2009 CDT #

CRbot says:

New Thread: Q1 GDP will be Ugly
http://www.calculatedriskblog.com/2009/03/q1-gdp-will-be-ugly.html ( 0 comments ...You could be FIRST! )

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CRbot Fri Mar 27 15:46:54 2009 CDT #

black dog says:

How close is this bank to the Varsity? Mmm.

black dog Fri Mar 27 15:55:36 2009 CDT #

Broward Horne says:

Kidbuck == awesome forum disrupter

"Obama met big bank ceos in private today"

A nation of lies.

Broward Horne Fri Mar 27 15:56:29 2009 CDT #

Big Bopper says:

Premier Bank MO in big trouble - seized by regulators. Will it last until Monday?

Big Bopper Fri Mar 27 16:02:35 2009 CDT #

Comrade_Terry says:

Blackdog, remind me to tell you the story of when I set off the red smoke grenade in the parking deck of the Varsity. Statute of limitations has run, so I can tell the story!

Comrade_Terry Fri Mar 27 16:07:57 2009 CDT #

Zantage says:

The problem with CR's car argument is that the baseline is a fleet reflecting past demand (including incentives that are no longer available) rather than the future fleet of somewhat fewer vehicles per capita used for a longer period. During the transition, distortions are inevitable. Even if the average time a car is kept increases by only a year, that change will tend to fall into a transition period generally equal to the length of time that the average age increases. Imagine someone who would "naturally" buy a car every four years, but has been, er, driven by incentives to buy one every three years. By definition, they will be waiting a minimum of one more year starting now, before their new, every four year behavior, kicks in. This will swamp the much more gradual changes in fleet size.

Zantage Fri Mar 27 16:08:57 2009 CDT #

I\'m sorry Ben, I can\'t let you do that says:

"All your bank are belong to us."

That statement is a least four levels of dead on.

I\'m sorry Ben, I can\'t let you do that Fri Mar 27 16:10:44 2009 CDT #

Terry says:

No confirmation from FDIC or OCC yet, but Omni was put under a C&D by the OCC back in October 2008 - no other enforcement actions of record, but may have been under double secret probation - amazing how quickly the banks are being put into resolution after their first public regulatory action. Either the examiners were asleep at the wheel or the banks were in trouble but no public enforcement action was taken.

Terry Fri Mar 27 16:15:57 2009 CDT #

Terry says:

Just got the offical FDIC notice - Suntrust was apointed as the FDIC's paying agent - they did not purchase the assets - I think this is the third time this year the FDIC did not find a buyer for a failed bank - this is not a good trend.

Terry Fri Mar 27 16:19:35 2009 CDT #

Comments for "Bank Failure #21: Omni National Bank, Atlanta"

END