Federal agents raid Colonial Bank branch in Florida

Federal agents raid Colonial Bank branch in Florida

www.marketwatch.com

Federal agents raided a Florida branch of Colonial BancGroup on Monday, the latest piece of bad news for investors in the Montgomery, Ala.-based lender.

Agents from the Office of the Special Inspector General for the Troubled Asset Relief Program executed two search warrants Monday in Florida, according to a spokeswoman.

The searches were coordinated with the Federal Bureau of Investigation and the Office of the Inspector General of the Department of Housing and Urban Development, she added, while declining to comment further.

Merrie Tolbert, spokeswoman for Colonial /quotes/comstock/

(visit the link for the full news article)


Related News Links:
market-ticker.denninger.net
market-ticker.denninger.net

This was also reported by Karl Denninger. Just Sunday Denninger mused that the FDIC might be broke and covering it up. In that report he stated: "If the FDIC were to seize Colonial, it would be the sixth-largest seizure, by assets, in American history. Such a large failure could strain the bank safety net. Colonial has $20 billion in deposits, while the FDIC insurance fund has dropped below $15 billion. The FDIC wouldn't have to cover every dime, but when Florida's BankUnited, with $12.8 billion in assets, failed earlier this year, it cost regulators nearly $5 billion."

All this is likely to blow the "green shoots" out of the water causing panic if they have tap the Treasury "emergency" credit line. Panic indeed. Another failure this size would seal the deed if this one doesn't.

www.marketwatch.com
(visit the link for the full news article)

[edit on 8/3/2009 by sad_eyed_lady]

reply to post by sad_eyed_lady

Check out The Bank Implode-O-Meter!



[edit on 3-8-2009 by HunkaHunka]

Yeah who cares.

Honestly why do any of you on here even care what the government banksters do?



[edit on 3-8-2009 by In nothing we trust]

Already being discussed here:

www.abovetopsecret.com...

Originally posted by In nothing we trust
Yeah who cares.

Honestly why do any of you on here even care what the government banksters do?



[edit on 3-8-2009 by In nothing we trust]

I care for the sake of my children's future and I don't really care for American Idol.

reply to post by redhatty


Oops! Thanks Red.
Moderators please close this thread.

As mentioned, there is an already existing thread on this topic here.

Please contribute any further questions and/or comments to the above linked thread.

Thank you.

Thread Closed.