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The Texas ratio is calculated by dividing the institution's bad and delinquent loans by its cash on hand plus money set aside to cover loans that go bad. A ratio of 100 or higher means a bank is in deep financial distress. IndyMac's recent Texas ratio was 116.
Other banks and savings institutions' Texas ratios, once closely held by banking industry insiders, are now leaking to the public.
CBS News has obtained a list compiled just last month of 50 institutions, many with ratios higher than IndyMac's.
Those with the highest Texas ratios are smaller, community banks such as Colorado Federal Savings Bank, with a Texas ratio of 709; Integrity Bancshares in Georgia, with a ratio of 371; Stockgrowers State Bank of Maple Hill, Kan., has a 369; and Mesilla Valley Bank in New Mexico, with a 362.
LONDON (MarketWatch) -- Kenneth Rogoff, the former chief economist of the International Monetary Fund, reportedly said Tuesday that a large U.S. bank will collapse in the next few months. "We're not just going to see mid-sized banks go under in the next few months, we're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks," Rogoff told a conference in Singapore, according to a Reuters report
More banks are likely to fail before the financial sector recovers, market pros say, which is creating a cautionary environment for both investors and consumers.
Oliver Quillia for CNBC.com
The New York Stock Exchange, downtown New York City.
With the housing rescue package that made its way through Congress last week aimed primarily at mortgage giants Fannie Mae and Freddie Mac, the rest of the industry will essentially be left to fend for itself amid a largely dour outlook for consumers and the economy.
I'm surprised we haven't heard much in the news about this but as of March 23rd 2006 the government will no longer be publishing the M3 money supply data. Most people probably say "Who Cares?" Right?
But you should care! And here's why:
"The Federal Reserve tracks and publishes the money supply measured three different ways-- M1, M2, and M3.
In other words, M3 tracks what the big boys are doing with the money. This includes US dollars held in banks in Canada and the UK (called Eurodollars) not to be confused with the Euro which is the standard currency of Europe.
The US money supply has experienced the sharpest contraction in modern history, heightening the risk of a Wall Street crunch and a severe economic slowdown in coming months.
Data compiled by Lombard Street Research shows that the M3 ''broad money" aggregates fell by almost $50bn (£26.8bn) in July, the biggest one-month fall since modern records began in 1959.