It looks like you're using an Ad Blocker.

Please white-list or disable in your ad-blocking tool.

Thank you.


Some features of ATS will be disabled while you continue to use an ad-blocker.


The "up-to-the-minute Market Data" thread

page: 185
<< 182  183  184    186  187  188 >>

log in


posted on Mar, 27 2009 @ 01:19 PM
reply to post by Hx3_1963

With all of the homes going empty here it really doesn't surprise me that another one is going down the tubes soon. We can't even go to the parks here where I live to walk because there is SO may homeless people.

posted on Mar, 27 2009 @ 01:24 PM
reply to post by Hx3_1963

NEW YORK (Reuters) - U.S. stocks tumbled further on Friday, with indexes sliding more than 2 percent after comments from JPMorgan Chase's chief executive that March was "a little tough."

I don't believe this!
They have no shame and no face!
Have you ever watched chicken stretching their necks and tilting their heads in an effort to survey the world around? Well, I guess, they're now replaced humans at Wall Street

Yesterday I was so happy, today I am so sad... Cockadoodledoo!

posted on Mar, 27 2009 @ 01:27 PM
reply to post by DangerDeath

Originally posted by DangerDeath
Money is not just what you own! Careful people... Money is also what you owe.

George dude has it right

Those that charge interest and lend money given no opposition from honest men will indeed end up owning all the means of production. Want historical precedent? Why sure...Where have we read about money-changers and this kind of behavior before? was it? Wonder if it's covered in the Book of Timothy? Maybe this time...

Then Jesus went into the temple, threw out everyone who was selling and buying in the temple, and overturned the moneychangers' tables and the chairs of those who sold doves.

Hi there

I don't at all wish to be confrontational, just give a different slant.

As my history teacher used to say: "Beware of generalizing the particular, and particularizing the general."

What Jesus did related specifically to turning the Jewish temple, a centre of worship, into a trade centre.

The OT Law, which He upheld, did not forbid lending as such. But it was against usury, the practice of lending money to gain interest. And it also had strict provisions for releasing everyone from debt once every generation.

On a worldwide scale some (not all) of the problems are caused by greed and self-centeredness in the richer nations. At the same time the richer nations also generate so much wealth it enables many nations/companies/individuals to be generous in their international assistance and giving. And a significant part of the rich nations' dynamic has historically come from borrowing from banks and financiers.

The crux of the matter is therefore the use of wealth to enslave, rather than to cooperate in a spirit of benevolence or philanthropy.

Fortunately there are quite a few exceptions to the rule - people with little or much who can see beyond their own interests.

[edit on 27/3/09 by pause4thought]

posted on Mar, 27 2009 @ 01:32 PM
This looks to be be a real humdinger...bring yer marshmellows and weenies!!!

G20 summit: What to expect

The G20 London Summit will be surrounded by protestors, campaigners and police: Here is a timeline of major events:


Wednesday 1 April
11am G20 Meltdown. Groups styling themselves as "Four Horsefolk of the Apocalypse" expected to converge at London stations including Moorgate, Liverpool Street, London Bridge and Cannon Street stations.
More at Link...
United States 7785.81 -138.75 -1.75% 14:28
NASDAQ 1555.15 -31.85 -2.01% 14:28
Rus 2000 434.86 -10.44 -2.34% 14:29
S&P 500 819.26 -13.60 -1.63% 14:28
Gold & Silver 135.30 -5.13 -3.65% 14:14
PreMetals 272.82 -8.74 -3.10% 14:24
Gold GOX 161.21 -5.71 -3.42% 14:29
Gold Bugs 324.53 -11.08 -3.30% 14:29
AMEX Energy 447.85 -12.41 -2.70% 14:29
NYSE Energy 8794.00 -232.41 -2.58% 14:28
Oil Services 131.83 -5.81 -4.22% 14:14
AMEX Oil 888.03 -22.65 -2.49% 14:29
PHLX Semi. 240.03 -5.14 -2.10% 14:14
NASDAQ Fin. 1645.19 -34.50 -2.05% 14:28
NYSE Finance 2989.18 -75.92 -2.48% 14:28
NBI 696.91 -5.25 -0.75% 14:28
AMEX BioTec 656.89 -9.89 -1.48% 14:29
PHLX Drug 143.77 -2.22 -1.52% 14:14
Canada 8860.61 -134.89 -1.50% 14:29
Brazil 41685.84 -902.82 -2.12% 15:14
Mexico 20288.96 -253.29 -1.23% 13:09
Argentina 1156.68 -14.75 -1.26% 15:08
Chile 2546.33 -4.49 -0.18% 15:28
Peru 9371.70 151.82 1.65% 13:13
Colombia 8009.70 15.51 0.19% 12:55
Venezuela 43482.97 -2.44 -0.01% 13:46
Bermuda 2382.59 26.21 1.11% 03/26
Jamaica 79285.81 -26.69 -0.03% 13:58

[edit on 3/27/2009 by Hx3_1963]

posted on Mar, 27 2009 @ 01:39 PM
reply to post by pause4thought

On a worldwide scale some (not all) of the problems are caused by greed and self-centeredness in the richer nations. At the same time the richer nations also generate so much wealth it enables many nations/companies/individuals to be generous in their international assistance and giving. And a significant part of the rich nations' dynamic has historically come from borrowing from banks and financiers. The crux of the matter is therefore the use of wealth to enslave, rather than to cooperate in a spirit of benevolence or philanthropy.

Of course, the wealth is used to create the potential difference, and the result is the electrical current

In this case, electrical current is "trade". Now, given the habit of taking the resource for almost nothing and selling the finished goods for high, this isn't really alternating current. It is a directional "gilding" process, and it creates great unbalance.

I believe that the example with Christ in church is not on target in the case of present crisis. The crisis is because the method of extracting wealth from huge mass of middle class was not good enough, because the middle class got actually rich (thanks to credit bubble). Now this must be corrected. The PTB are trying to change the method of extracting gold from the bouillon.

This is a class struggle, and the underlying ethical question is not in the spotlight (sorry Josh, not this time).

This "giving generously" in most cases is like this: The given help (food, medicine, clothes) is usually seized by the bosses and sold on the black market, and then the money earned in such way goes back to the generous givers in a form of orders for more weapons

[edit on 27-3-2009 by DangerDeath]

posted on Mar, 27 2009 @ 01:56 PM
reply to post by DangerDeath

OK, let's leave it there. That little aside may have at least provided a little food for reflection. Not least on the individual and collective responsibility we have towards our fellow human beings. Or 'neighbours'.

posted on Mar, 27 2009 @ 01:59 PM
U.N.'s Ban says slump may lead to political crisis

Wal-Mart closing optical lab, 650 jobs affected

Now when Wal-Mart starts slicing & dicing whats this tell ya?

DJ INDUSTR AVERAGE 7,791.07 2:57pm ET -133.49 (-1.68%)
NASDAQ Composite 1,552.30 2:58pm ET -34.70 (-2.19%)
Yahoo Fin still on da fritz...
Russia 721.16 -31.47 -4.18% 03/27
London 3898.85 -26.35 -0.67% 17:30
Paris 2840.62 -51.45 -1.78% 18:10
Frankfurt 4203.55 -55.82 -1.31% 18:41
Turkey 25697.25 287.42 1.13% 17:06
Hungary 11178.30 -389.97 -3.37% 16:36
Austria 1690.87 -39.96 -2.31% 17:35
Poland 24812.97 -573.28 -2.26% 16:40
Czech 787.70 -23.00 -2.84% 17:40
Sweden 655.59 -11.44 -1.72% 17:44
Finland 4709.18 -42.66 -0.90% 18:31
Norway 208.96 -5.59 -2.61% 17:25
Greece 1671.80 -42.20 -2.46% 17:19
Italy 13116.00 -101.00 -0.76% 17:51
Luxembourg 893.71 -5.23 -0.58% 17:35
Netherlands 221.73 -3.07 -1.37% 18:06
Iceland 215.48 -0.12 -0.05% 16:40
Denmark 232.50 -3.20 -1.36% 17:21
Switzerland 4872.33 -94.41 -1.90% 17:31
Spain 832.41 -15.76 -1.86% 17:39
Portugal 2056.11 -22.51 -1.08% 17:08
Ireland 2166.81 -15.55 -0.71% 17:10
Israel 744.35 26.58 3.70% 03/26
Egypt 403.60 11.24 2.86% 03/26
S. Africa 18719.70 -447.19 -2.33% 17:00
Morocco 22165.43 24.06 0.11% 03/27
Jordan 2701.40 4.39 0.16% 14:59
UAE Dubai 1588.41 -2.59 -0.16% 03/26

JRT JER INV TRUST NEW 0.99 2:43PM ET -0.29 (-22.66%)

JER Investors Trust Inc.
1650 Tysons Boulevard
Suite 1600
McLean, VA 22102
United States - Map
Phone: 703-714-8000
Fax: 703-714-8100
Web Site:

Index Membership: N/A
Sector: Financial
Industry: REIT - Retail
Full Time Employees: NaN

JER Investors Trust, Inc., a specialty finance company, originates and acquires a portfolio of commercial real estate structured finance investments. Its target investments include commercial real estate structured finance products, such as commercial mortgage backed securities, mezzanine loans, and B-Note participations in mortgage loans, as well as whole commercial mortgage loans, loans to real estate companies, preferred equity, net leased real estate, and residential mortgages and related securities. The company was founded in 2004 and is based in McLean, Virginia.

[edit on 3/27/2009 by Hx3_1963]

posted on Mar, 27 2009 @ 02:04 PM

Bankers Say They Offered Obama to Help With Recovery

The chief executives of the nation’s largest banks told President Obama on Friday that they were committed to helping the administration spur an economic recovery. “It was all about getting the economy going again,” John J. Mack, chief executive of Morgan Stanley, said of Friday’s meeting at the White House. Mr. Obama met with the bankers, seeking their support for his plan to stabilize the financial system and move beyond the furor over bailouts and bonuses.

Yeah, let's move beyond the furor over bailouts and bonuses

Obama "helping" banks to "help" Obama to "help" Banks get over the furor of bonuses....

Yes, stabilize the financial system. Meaning?

posted on Mar, 27 2009 @ 02:08 PM

Emerging from U.S. bankruptcy gets even tougher

NEW YORK (Reuters) - Bankrupt U.S. companies lucky enough to survive a court restructuring are hitting another roadblock created by the economic downturn -- finding the money they need to put it all behind them.

Getting out of bankruptcy has never been easy. Companies often have to lay off employees, close plants and sell assets to reduce operating costs before they can receive the court approval they need to stand alone again.

When credit markets were healthy, companies would often turn to them to boost capital as they exited bankruptcy. But today's weak markets are not an option now. And like the market for the debtor-in-possession financing that is used to pay for bankruptcy, the outlook is not much better, bankers and lawyers say.

"Exit financing is a pretty tough game right now to be honest with you," said Brian Trust, a partner at Mayer Brown in New York.

"I'm not saying that you are going to see exit finance markets break open. I think they are going to be subject to the same issues, concerns, constrictions and tightness of credit that we have seen in the current DIP market -- although we have seen a crack in the general credit markets."
More at Link...

...Sure...makes ya can't even go broke...

UPDATE 1-NY Gov: state nears "life threatening" budget cuts

NEW YORK, March 27 (Reuters) - New York state's deficit likely will increase by $3 billion this year, even after enacting a new budget that must close a $16 billion deficit, Governor David Paterson said on Friday.

Paterson told Albany reporters the shortfall could even top $20 billion.

New York faces an April 1 budget deadline and Paterson, who has repeatedly warned that tax revenues are sliding along with losses at Wall Street's financial institutions, said the legislature must make even deeper cuts before he would consider their proposals to raise income taxes on the rich.

Paterson, underscoring the severity of the situation, said the state "is on the verge of cuts and service reductions that I would have to describe as life threatening".

He again declined to rule out higher income taxes for the many well-to-do who live in the state, saying: "obviously in situations like that everything is on the table."

Paterson did not offer any details about further cuts. The New York Times reported on Friday that federal stimulus money will make up for some cuts planned for education.

The paper said insurers had beaten back a new $120 million tax the governor proposed for their industry the Senate had killed plans for a 5-cent deposit for water bottles, and the Assembly seems to have spurned a measure to let groceries sell wine.

Regarding an extra $4 billion or so raised by increasing the current top 6.85 percent state income tax rate, the Democratic-led Assembly wants to use it for the overall budget.

However the Senate, also run by Democrats, wants to use the extra revenue for the state's mass transit agency.

Both houses want to save bus, subway, rail commuters and motorists from the 20 to 30 percent increases in their fares, tickets and tolls that the agency approved on Wednesday.

Asked if progress had been made in bailing out the Metropolitan Transportation Authority, Speaker Sheldon Silver said: "We are actively pursuing reversing the outrageous fare increase and service cuts that are proposed by the MTA Board and I am hopeful that we will have a deal before long to reverse it."

Senate Majority Leader Malcolm Smith said his members had not yet decided how much people would have to earn before the new top income rates began.

"We are just trying to get a formula that gets us out of the hole," he said. "We need some severe cuts and we want to do what is necessary."

UPDATE 1-Moody's says MTA financial woes may threaten rating

Bankers told keep low profile as public anger rises

Bank stress tests could broadly hurt corporate debt

UPDATE 3-Bank of Ireland investors approve state bailout

Roche Debt Rating Cut to A2 by Moody's Following Acquisition of Genentech

Hows that fer a kick in da head for actually making the deal even happen...

[edit on 3/27/2009 by Hx3_1963]

posted on Mar, 27 2009 @ 02:17 PM
reply to post by Hx3_1963

You can't go broke because everything must be under control. This is not an accident that producing companies are broke and nobody is bailing them out. Only banks are being bailed out, and that is "the restructuring" of the method (new paradigm) - give all to banks (central, global bank), and then decide who gets what. It is wrong to believe that people get "paid" for their work, all that happens is that people get "allowance".

That's how the economy will be "restarted". By a central processing unit (CPU).

Everyone needs to be "rated" before this happens. But this rating will be projected upon everyone by usage of an "unknown" criteria, unknown to us who are to be rated.

The political system as we know it will cease from existence and be replaced by this unidirectional process of evaluation.

posted on Mar, 27 2009 @ 02:44 PM

Geithner's Toxic-Asset Plan on Slow Track as Securities Values Deteriorate

The Obama administration’s plan to remove distressed assets from bank balance sheets may take three months to begin operating, risking further deterioration in the value of the securities and driving up rescue costs.
More at Link...

News is coming in fast & hot today...geez...

RPT-TABLE-US Feb industrial output revised to -1.5 pct

Disney U.S. parks cutting jobs, seeking efficiencies
Daily wrap-up...
Gold $923.00
Oil $52.07
United States 7776.18 -148.38 -1.87% 16:02
NASDAQ 1545.20 -41.80 -2.63% 16:03
Rus 2000 429.03 -16.27 -3.65% 16:03
S&P 500 815.94 -16.92 -2.03% 16:03
Gold & Silver 136.22 -4.21 -3.00% 15:49
PreMetals 273.21 -8.35 -2.97% 16:01
Gold GOX 161.74 -5.18 -3.10% 16:04
Gold Bugs 325.39 -10.22 -3.04% 16:04
AMEX Energy 445.85 -14.41 -3.13% 16:04
NYSE Energy 8763.34 -263.07 -2.91% 16:03
Oil Services 132.74 -4.90 -3.56% 15:49
AMEX Oil 883.21 -27.47 -3.02% 16:04
PHLX Semi. 241.20 -3.97 -1.62% 15:49
NASDAQ Fin. 1612.88 -66.81 -3.98% 16:04
NYSE Finance 2953.67 -111.43 -3.63% 16:03
NBI 689.92 -12.24 -1.74% 16:04
AMEX BioTec 649.99 -16.79 -2.52% 16:04
PHLX Drug 143.56 -2.43 -1.66% 15:49
Canada 8826.69 -168.81 -1.88% 16:04
Brazil 41837.62 -751.04 -1.76% 16:49
Mexico 20299.67 -242.58 -1.18% 14:44
Argentina 1164.28 -7.15 -0.61% 16:43
Chile 2541.84 -8.98 -0.35% 17:01
Peru 9340.48 120.60 1.31% 14:37
Colombia 8011.87 17.68 0.22% 13:00
Venezuela 43491.81 6.40 0.01% 14:30
Bermuda 2382.59 26.21 1.11% 03/26
Jamaica 79285.87 -26.63 -0.03% 13:58
Russia 721.16 -31.47 -4.18% 03/27
London 3898.85 -26.35 -0.67% 17:30
Paris 2840.62 -51.45 -1.78% 18:10
Frankfurt 4203.55 -55.82 -1.31% 18:41
Turkey 25697.25 287.42 1.13% 17:06
Hungary 11178.30 -389.97 -3.37% 16:36
Austria 1690.87 -39.96 -2.31% 17:35
Poland 24812.97 -573.28 -2.26% 16:40
Czech 787.70 -23.00 -2.84% 17:40
Sweden 655.59 -11.44 -1.72% 17:44
Finland 4709.18 -42.66 -0.90% 18:31
Norway 208.96 -5.59 -2.61% 17:25
Greece 1671.80 -42.20 -2.46% 17:19
Italy 13116.00 -101.00 -0.76% 17:51
Luxembourg 893.71 -5.23 -0.58% 17:35
Netherlands 221.73 -3.07 -1.37% 18:06
Iceland 215.48 -0.12 -0.05% 16:40
Denmark 232.50 -3.20 -1.36% 17:21
Switzerland 4872.33 -94.41 -1.90% 17:31
Spain 832.41 -15.76 -1.86% 17:39
Portugal 2056.11 -22.51 -1.08% 17:08
Ireland 2166.81 -15.55 -0.71% 17:10
Israel 744.35 26.58 3.70% 03/26
Egypt 403.60 11.24 2.86% 03/26
S. Africa 18719.70 -447.19 -2.33% 17:00
Morocco 22165.43 24.06 0.11% 03/27
Jordan 2701.40 4.39 0.16% 14:59
UAE Dubai 1588.41 -2.59 -0.16% 03/26
New Zealand 2653.48 37.22 1.42% 17:31
Australia 3615.60 29.30 0.82% 16:47
Nikkei 225 8626.97 -9.36 -0.11% 16:00
TOPIX 824.53 -2.28 -0.28% 15:00
TSE 2nd Sec 1845.76 7.77 0.42% 15:00
JASDAQ 41.33 0.45 1.10% 15:00
Korea 1237.51 -6.29 -0.51% 18:04
Taiwan 5390.70 4.14 0.08% 13:46
Taiwan OTC 81.91 1.39 1.73% 13:46
Shanghai 2374.44 12.73 0.54% 15:14
Shanghai A 2492.27 13.36 0.54% 15:14
Shanghai B 156.98 0.97 0.62% 15:14
Shenzhen A 819.40 4.66 0.57% 15:00
Shenzhen B 351.48 3.95 1.14% 15:00
SHSZ 300 2498.93 19.14 0.77% 15:01
Shenzhen comp 8994.15 10.28 0.11% 15:00
Hong Kong 14119.50 10.52 0.07% 16:01
HK CN Ent 8481.22 -8.07 -0.10% 16:01
HK Aff Crp 3209.93 26.71 0.84% 16:01
Singapore 1745.66 -13.13 -0.75% 17:10
SGX China 53.19 0.14 0.26% 03/27
Vietnam 287.41 1.16 0.41% 11:02
Thailand 440.81 1.41 0.32% 16:59
Philippines 2040.25 51.99 2.61% 12:11
Malaysia 885.43 -0.04 -0.00% 19:21
Indonesia 1462.74 42.77 3.01% 16:00
India 10048.49 45.39 0.45% 15:58
Pakistan 4889.82 136.48 2.87% 16:13

[edit on 3/27/2009 by Hx3_1963]

posted on Mar, 27 2009 @ 03:21 PM
Pre-Breaking rumors?

Omni Bank of GA placed into receivership by FDIC ???

Premier Bank MO placed into receivership by FDIC ???

Security Bank in GA placed into receivership by FDIC ???
Future of Macon’s Security Bank in doubt, auditor says

Media Advisory

[edit on 3/27/2009 by Hx3_1963]

posted on Mar, 27 2009 @ 03:30 PM

Bank CEO's say that March was a "tough" month.

I knew when they ONLY mentioned the first two months when they pumped their stocks and the whole market they did so because they could always say, if they don't make a profit, "it was because of march!" or "that was only earnings, not with writedowns included!"

posted on Mar, 27 2009 @ 03:40 PM
How can you be paying attention to the economy don't you know that n Korea is about to light a firecracker, look that way, look over there, pay no attention to the economy...

I hope it's a roman candle...

posted on Mar, 27 2009 @ 03:47 PM
Bait n' switch...I agree!

Crazy busy today but wanted to stop in a say "hi"...y'all are busy as usual!

I predict a very insane and fun-filled week ahead,it's getting to be faster-paced all the time.

I simply am spinning from all the info today.

posted on Mar, 27 2009 @ 04:06 PM
The news a-brewin' is pointing at next week being really interesting, but I have always gone by the old saying about March: "In like a Lion, out like a Lamb"

We started the month with a 299 point drop on the DJIA. I take that as a Lion, and the month since that first week has been rather good. I'd say that we go through next week with more of the same... some good gains with corrective drops.

Don't get me wrong, I think a real bottom is looming... All year I had been thinking it would be sometime in mid to late April, but now I am not so sure.

Time will tell... G20 is on Thursday, so next Friday may be a good day to watch some fireworks and then the week after that may be.... well, it may be when all of the folks that have been in denial finally wake up and realize we are up a creek without a paddle.

posted on Mar, 27 2009 @ 04:13 PM
Dylan Ratigan And CNBC

It has come to my attention that Dylan Ratigan has "severed" his relationship with CNBC, and rumors are flying that it was over a difference of opinion with management.

A quick check of the web shows that Fast Money no longer lists him as part of the team.

I called CNBC's Public Relations Department this morning when I first got wind of this perhaps being the case to make sure they were aware of my considered opinion that Mr. Ratigan was one of the few reasons to watch their network, as he has been one of the few people who has been willing to take on the "mis statements", question the "conventional wisdom" and raise hell when appropriate - such as his recent rants about AIG being apparently used as a conduit for US Taxpayer funds to banks, a subject that has now drawn the attention of NY Attorney General Mr. Cuomo who is investigating (as he is charged with) whether laws have been violated.

Whatever the circumstances surrounding Mr. Ratigan's separation from CNBC, the fact remains that CNBC has a well-deserve reputation among many in the investing community, including Ticker readers and Tickerforum users, of being a "pumper's channel", refusing, for the most part, to present the markets and news related to them in an even-handed manner.

This is not a new view or belief, and indeed, if one were to go back and view their coverage "objectively" in 2006, 2007 and the first part of 2008, I believe it would be flatly impossible in light of the outcome of events in the markets to characterize their coverage as "balanced", "even-handed" or, for that matter, even in the category of "journalism."

Mr. Ratigan was the notable exception to that commonly-held belief in my opinion, and CNBC will be much the poorer for the loss of his talent and refusal to do other than call 'em as he saw 'em.

In addition I have noted a rather interesting change of tone in Rick Santelli's reporting over the last couple of weeks. I can only speculate on who applied a jackboot to his neck - and shake my head in sad acceptance of his decision not to provide a one-finger salute in response.

Journalism is not about parroting a party line or being "polite." The entire purpose of journalism, and the reason we have a First Amendment, is to expressly permit and encourage the exposure of those events and words that others would prefer remain hidden.

After all, nobody ever tries to censor speech that they do not find offensive.

While the blogging community has picked up the torch of expositive journalism to a large degree, it is an affront to the public rights of way and airwaves over which both cable and over-the-air TV operate when repression of investigative reporting and exposition of believed wrong-doing is driven from those public resources as a consequence of corporate or political pressure.

This much I can tell you - there will be one fewer television tuned to CNBC as a consequence of this event - mine.

I wish Mr. Ratigan the best in his future endeavors, and as for CNBC, perhaps this is the beginning of the disintegration of their sorry franchise.

Hope springs eternal.

posted on Mar, 27 2009 @ 04:14 PM
Aaahhh...Melissa Lee is hosting "Lost Money" tonite...

No mention of "...filling in for Dylan..."

I wonder if that's nothing...move along people nuttin' to see here...

posted on Mar, 27 2009 @ 04:22 PM
reply to post by redhatty

Dylan Ratigan Leaves CNBC

Dylan Ratigan has left CNBC effective immediately, network spokesperson Brian Steel told TVNewser.

The New York Post's Page Six reported Friday that Ratigan had quit following a dispute with network VP Susan Krakower — though insiders deny to TV Newser that Krakower is responsible for Ratigan's exit:

"It's less about Krakower and more about him," says the source. "He wants to be the next Letterman."

posted on Mar, 27 2009 @ 04:22 PM

Press Releases

SunTrust Bank, Atlanta, Georgia, Receives the Insured Deposits of Omni National Bank, Atlanta, Georgia

March 27, 2009 Media Contact:
LaJuan Williams-Dickerson
202-898-3876 (office)

Omni National Bank, Atlanta, Georgia, was closed today by the Office of the Comptroller of the Currency, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into an agreement with SunTrust Bank, Atlanta, Georgia, to act as paying agent for the insured deposits of Omni National Bank.

As the FDIC's paying agent, SunTrust will operate the six former branches of Omni National, on behalf of the receiver, until April 27, 2009. Omni National had branches in Atlanta, Georgia; Dalton, Georgia; Tampa, Florida; Chicago, Illinois, Dallas, Texas; and Houston, Texas. Banking activities, such as writing checks, can continue normally for former Omni National customers during this transition period.

All insured depositors of Omni National may transfer their accounts to other banks at any time until April 27, 2009. At that time, all of the former Omni National branches will be closed. During this 30-day transition period, depositors in Georgia and Florida can choose to either open an account with SunTrust or close their account and receive a check. Customers of those branches who do not open new accounts at SunTrust or withdraw their funds by April 27th will be automatically transferred to SunTrust. For depositors of the Omni National branches in Illinois and Texas who have not closed their accounts by April 27, SunTrust will mail checks to the address of record.

The FDIC entered into the agreement with SunTrust to avoid the inconvenience and disruption of customers receiving checks for their insured deposits. This arrangement also allows for uninterrupted direct deposits, including Social Security payments, to and automated payments from customers' accounts through April 27. In addition, the transaction allows Omni National customers, particularly in Chicago, Dallas and Houston, time to find another institution in which to do business.

As of March 9, 2009, Omni National Bank had total assets of $956.0 million and total deposits of $796.8 million. At the time of closing, there were approximately $2.0 million in uninsured deposits that potentially exceeded the insurance limits. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers. Brokered deposits are not a part of this transaction. The FDIC will pay the $320.1 million in brokered deposits directly to the brokers for the amount of their insured funds.

Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-800-830-3256 to set up an appointment to discuss their deposits. This phone number will be operational this evening until 9:00 p.m., EDT; on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Customers who would like more information on today's transaction should visit the FDIC's Web site at

Beginning Monday, depositors of Omni National Bank with more than $250,000 at the bank may visit the FDIC's Web page "Is My Account Fully Insured?" at to determine their insurance coverage.

The FDIC will retain all the assets for later disposition except for cash, correspondent accounts, and loans fully secured by deposits.

The cost to the FDIC's Deposit Insurance Fund is estimated to be $290 million. Omni National Bank is the twenty-first bank to fail this year. The last bank failure in Georgia was FirstCity Bank, Stockbridge, on March 20, 2009.

# # #

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 8,305 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, by subscription electronically (go to and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-50-2009
...and there it is...*boink*

new topics

top topics

<< 182  183  184    186  187  188 >>

log in