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Tag Archives: failed US banks

Failed Banks, Foreclosures Increase by ? how much, and what is left of AIG now – why do they want to keep the biggest money loser in the bunch? So, how is everything all okay now? Any $2000 is only worth $300 now in America – how is that okay?

15 Monday Feb 2010

Posted by CricketDiane in Alexander Hamilton, Creating Solutions for America, cricket diane, Cricket Diane C Sparky Phillips, cricketdiane, Economics, Economy, Extreme Engineering, Eye of Enlightenment, Freedom of Thought, Genius At Work, Human Rights, International Concerns, Inventing Solutions For America, John Adams, John F. Kennedy, Leadership Skills, Liberty, Life In The USA - Rotterdam Club, LITERACY, Logic, macro-economics, Macro-economics future forecasting, Money, personal stories, Physics of Change, Principles of Economics, Real Time Crises, Real-World, Reality-based Analysis, Reasoning, Sociology, Solutions, Solving Impossible Problems, Sovereignty of the People, Statistical Analysis, Systems Analysis, Thomas Jefferson, Thomas Paine, Thomas Payne, Thoughts, Twenty-first Century, Uncategorized, United States of America, US At Home - Domestic Policy, US Declaration of Independence, US Government, USA -1, Workable Solutions

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AIG, bank bailouts, banks, credit default swaps, cricketdiane, economic crisis, failed US banks, foreclosures, housing prices, International Concerns, macroeconomic forecasting, mortgage insurers, mortgages, Wall Street

Failed Bank List



The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership. Failed Financial Institution Contact Search displays point of contact information related to failed banks.

This list includes banks which have failed since October 1, 2000.

Open Bank List as CSV file –> Failed Bank List – CSV file (Updated on Mondays. Also opens in Excel – Excel Help)

Bank Name

City

State

CERT #

Closing Date

Updated Date

1st American State Bank of Minnesota Hancock MN 15448 February 5, 2010 February 12, 2010
American Marine Bank Bainbridge Island WA 16730 January 29, 2010 February 3, 2010
First Regional Bank Los Angeles CA 23011 January 29, 2010 February 3, 2010
Community Bank and Trust Cornelia GA 5702 January 29, 2010 February 3, 2010
Marshall Bank, N.A. Hallock MN 16133 January 29, 2010 February 3, 2010
Florida Community Bank Immokalee FL 5672 January 29, 2010 February 3, 2010
First National Bank of Georgia Carrollton GA 16480 January 29, 2010 February 3, 2010
Columbia River Bank The Dalles OR 22469 January 22, 2010 February 2, 2010
Evergreen Bank Seattle WA 20501 January 22, 2010 February 2, 2010
Charter Bank Santa Fe NM 32498 January 22, 2010 February 2, 2010
Bank of Leeton Leeton MO 8265 January 22, 2010 February 2, 2010
Premier American Bank Miami FL 57147 January 22, 2010 February 2, 2010
Barnes Banking Company Kaysville UT 1252 January 15, 2010 February 3, 2010
St. Stephen State Bank St. Stephen MN 17522 January 15, 2010 January 26, 2010
Town Community Bank & Trust Antioch IL 34705 January 15, 2010 January 26, 2010
Horizon Bank Bellingham WA 22977 January 8, 2010 January 12, 2010
First Federal Bank of California, F.S.B. Santa Monica CA 28536 December 18, 2009 December 23, 2009
Imperial Capital Bank La Jolla CA 26348 December 18, 2009 December 23, 2009
Independent Bankers’ Bank Springfield IL 26820 December 18, 2009 January 14, 2010
New South Federal Savings Bank Irondale AL 32276 December 18, 2009 December 23, 2009
Citizens State Bank New Baltimore MI 1006 December 18, 2009 January 8, 2010
Peoples First Community Bank Panama City FL 32167 December 18, 2009 December 23, 2009
RockBridge Commercial Bank Atlanta GA 58315 December 18, 2009 December 22, 2009
SolutionsBank Overland Park KS 4731 December 11, 2009 December 15, 2009
Valley Capital Bank, N.A. Mesa AZ 58399 December 11, 2009 December 15, 2009
Republic Federal Bank, N.A. Miami FL 22846 December 11, 2009 December 15, 2009
Greater Atlantic Bank Reston VA 32583 December 4, 2009 December 15, 2009
Benchmark Bank Aurora IL 10440 December 4, 2009 December 8, 2009
AmTrust Bank Cleveland OH 29776 December 4, 2009 December 8, 2009
The Tattnall Bank Reidsville GA 12080 December 4, 2009 December 15, 2009
First Security National Bank Norcross GA 26290 December 4, 2009 December 8, 2009
The Buckhead Community Bank Atlanta GA 34663 December 4, 2009 December 15, 2009
Commerce Bank of Southwest Florida Fort Myers FL 58016 November 20, 2009 December 15, 2009
Pacific Coast National Bank San Clemente CA 57914 November 13, 2009 November 18, 2009
Orion Bank Naples FL 22427 November 13, 2009 December 15, 2009
Century Bank, F.S.B. Sarasota FL 32267 November 13, 2009 December 15, 2009
United Commercial Bank San Francisco CA 32469 November 6, 2009 November 9, 2009
Gateway Bank of St. Louis St. Louis MO 19450 November 6, 2009 November 9, 2009
Prosperan Bank Oakdale MN 35074 November 6, 2009 November 9, 2009
Home Federal Savings Bank Detroit MI 30329 November 6, 2009 December 15, 2009
United Security Bank Sparta GA 22286 November 6, 2009 December 15, 2009
North Houston Bank Houston TX 18776 October 30, 2009 November 3, 2009
Madisonville State Bank Madisonville TX 33782 October 30, 2009 November 3, 2009
Citizens National Bank Teague TX 25222 October 30, 2009 November 3, 2009
Park National Bank Chicago IL 11677 October 30, 2009 November 3, 2009
Pacific National Bank San Francisco CA 30006 October 30, 2009 November 3, 2009
California National Bank Los Angeles CA 34659 October 30, 2009 November 3, 2009
San Diego National Bank San Diego CA 23594 October 30, 2009 November 3, 2009
Community Bank of Lemont Lemont IL 35291 October 30, 2009 November 3, 2009
Bank USA, N.A. Phoenix AZ 32218 October 30, 2009 November 3, 2009
First DuPage Bank Westmont IL 35038 October 23, 2009 November 3, 2009
Riverview Community Bank Otsego MN 57525 October 23, 2009 November 3, 2009
Bank of Elmwood Racine WI 18321 October 23, 2009 November 3, 2009
Flagship National Bank Bradenton FL 35044 October 23, 2009 October 29, 2009
Hillcrest Bank Florida Naples FL 58336 October 23, 2009 October 28, 2009
American United Bank Lawrenceville GA 57794 October 23, 2009 October 28, 2009
Partners Bank Naples FL 57959 October 23, 2009 October 28, 2009
San Joaquin Bank Bakersfield CA 23266 October 16, 2009 October 21, 2009
Southern Colorado National Bank Pueblo CO 57263 October 2, 2009 October 20, 2009
Jennings State Bank Spring Grove MN 11416 October 2, 2009 October 20, 2009
Warren Bank Warren MI 34824 October 2, 2009 October 20, 2009
Georgian Bank Atlanta GA 57151 September 25, 2009 October 13, 2009
Irwin Union Bank, F.S.B. Louisville KY 57068 September 18, 2009 September 22, 2009
Irwin Union Bank and Trust Company Columbus IN 10100 September 18, 2009 September 22, 2009
Venture Bank Lacey WA 22868 September 11, 2009 November 23, 2009
Brickwell Community Bank Woodbury MN 57736 September 11, 2009 November 23, 2009
Corus Bank, N.A. Chicago IL 13693 September 11, 2009 November 23, 2009
First State Bank Flagstaff AZ 34875 September 4, 2009 November 23, 2009
Platinum Community Bank Rolling Meadows IL 35030 September 4, 2009 November 23, 2009
Vantus Bank Sioux City IA 27732 September 4, 2009 November 23, 2009
InBank Oak Forest IL 20203 September 4, 2009 November 23, 2009
First Bank of Kansas City Kansas City MO 25231 September 4, 2009 November 23, 2009
Affinity Bank Ventura CA 27197 August 28, 2009 November 23, 2009
Mainstreet Bank Forest Lake MN 1909 August 28, 2009 November 23, 2009
Bradford Bank Baltimore MD 28312 August 28, 2009 November 23, 2009
Guaranty Bank Austin TX 32618 August 21, 2009 February 3, 2010
CapitalSouth Bank Birmingham AL 22130 August 21, 2009 November 23, 2009
First Coweta Bank Newnan GA 57702 August 21, 2009 November 23, 2009
ebank Atlanta GA 34682 August 21, 2009 November 23, 2009
Community Bank of Nevada Las Vegas NV 34043 August 14, 2009 November 23, 2009
Community Bank of Arizona Phoenix AZ 57645 August 14, 2009 November 23, 2009
Union Bank, National Association Gilbert AZ 34485 August 14, 2009 November 23, 2009
Colonial Bank Montgomery AL 9609 August 14, 2009 November 23, 2009
Dwelling House Savings and Loan Association Pittsburgh PA 31559 August 14, 2009 November 23, 2009
Community First Bank Prineville OR 23268 August 7, 2009 November 23, 2009
Community National Bank of Sarasota County Venice FL 27183 August 7, 2009 November 23, 2009
First State Bank Sarasota FL 27364 August 7, 2009 November 23, 2009
Mutual Bank Harvey IL 18659 July 31, 2009 November 23, 2009
First BankAmericano Elizabeth NJ 34270 July 31, 2009 November 23, 2009
Peoples Community Bank West Chester OH 32288 July 31, 2009 November 23, 2009
Integrity Bank Jupiter FL 57604 July 31, 2009 November 23, 2009
First State Bank of Altus Altus OK 9873 July 31, 2009 November 23, 2009
Security Bank of Jones County Gray GA 8486 July 24, 2009 November 23, 2009
Security Bank of Houston County Perry GA 27048 July 24, 2009 November 23, 2009
Security Bank of Bibb County Macon GA 27367 July 24, 2009 November 23, 2009
Security Bank of North Metro Woodstock GA 57105 July 24, 2009 November 23, 2009
Security Bank of North Fulton Alpharetta GA 57430 July 24, 2009 November 23, 2009
Security Bank of Gwinnett County Suwanee GA 57346 July 24, 2009 November 23, 2009
Waterford Village Bank Williamsville NY 58065 July 24, 2009 November 23, 2009
Temecula Valley Bank Temecula CA 34341 July 17, 2009 November 23, 2009
Vineyard Bank Rancho Cucamonga CA 23556 July 17, 2009 November 23, 2009
BankFirst Sioux Falls SD 34103 July 17, 2009 November 23, 2009
First Piedmont Bank Winder GA 34594 July 17, 2009 November 23, 2009
Bank of Wyoming Thermopolis WY 22754 July 10, 2009 November 23, 2009
Founders Bank Worth IL 18390 July 2, 2009 November 23, 2009
Millennium State Bank of Texas Dallas TX 57667 July 2, 2009 November 23, 2009
First National Bank of Danville Danville IL 3644 July 2, 2009 November 23, 2009
Elizabeth State Bank Elizabeth IL 9262 July 2, 2009 November 23, 2009
Rock River Bank Oregon IL 15302 July 2, 2009 November 23, 2009
First State Bank of Winchester Winchester IL 11710 July 2, 2009 November 23, 2009
John Warner Bank Clinton IL 12093 July 2, 2009 November 23, 2009
Mirae Bank Los Angeles CA 57332 June 26, 2009 November 23, 2009
MetroPacific Bank Irvine CA 57893 June 26, 2009 November 23, 2009
Horizon Bank Pine City MN 9744 June 26, 2009 November 23, 2009
Neighborhood Community Bank Newnan GA 35285 June 26, 2009 November 23, 2009
Community Bank of West Georgia Villa Rica GA 57436 June 26, 2009 November 23, 2009
First National Bank of Anthony Anthony KS 4614 June 19, 2009 November 23, 2009
Cooperative Bank Wilmington NC 27837 June 19, 2009 November 23, 2009
Southern Community Bank Fayetteville GA 35251 June 19, 2009 November 23, 2009
Bank of Lincolnwood Lincolnwood IL 17309 June 5, 2009 November 23, 2009
Citizens National Bank Macomb IL 5757 May 22, 2009 November 23, 2009
Strategic Capital Bank Champaign IL 35175 May 22, 2009 November 23, 2009
BankUnited, FSB Coral Gables FL 32247 May 21, 2009 November 23, 2009
Westsound Bank Bremerton WA 34843 May 8, 2009 November 23, 2009
America West Bank Layton UT 35461 May 1, 2009 November 23, 2009
Citizens Community Bank Ridgewood NJ 57563 May 1, 2009 November 23, 2009
Silverton Bank, NA Atlanta GA 26535 May 1, 2009 November 23, 2009
First Bank of Idaho Ketchum ID 34396 April 24, 2009 November 23, 2009
First Bank of Beverly Hills Calabasas CA 32069 April 24, 2009 November 23, 2009
Michigan Heritage Bank Farmington Hills MI 34369 April 24, 2009 November 23, 2009
American Southern Bank Kennesaw GA 57943 April 24, 2009 November 23, 2009
Great Basin Bank of Nevada Elko NV 33824 April 17, 2009 November 23, 2009
American Sterling Bank Sugar Creek MO 8266 April 17, 2009 November 23, 2009
New Frontier Bank Greeley CO 34881 April 10, 2009 December 23, 2009
Cape Fear Bank Wilmington NC 34639 April 10, 2009 November 23, 2009
Omni National Bank Atlanta GA 22238 March 27, 2009 November 23, 2009
TeamBank, NA Paola KS 4754 March 20, 2009 November 23, 2009
Colorado National Bank Colorado Springs CO 18896 March 20, 2009 November 23, 2009
FirstCity Bank Stockbridge GA 18243 March 20, 2009 November 23, 2009
Freedom Bank of Georgia Commerce GA 57558 March 6, 2009 November 23, 2009
Security Savings Bank Henderson NV 34820 February 27, 2009 November 23, 2009
Heritage Community Bank Glenwood IL 20078 February 27, 2009 November 23, 2009
Silver Falls Bank Silverton OR 35399 February 20, 2009 November 23, 2009
Pinnacle Bank of Oregon Beaverton OR 57342 February 13, 2009 November 23, 2009
Corn Belt Bank & Trust Co. Pittsfield IL 16500 February 13, 2009 November 23, 2009
Riverside Bank of the Gulf Coast Cape Coral FL 34563 February 13, 2009 November 23, 2009
Sherman County Bank Loup City NE 5431 February 13, 2009 November 23, 2009
County Bank Merced CA 22574 February 6, 2009 November 23, 2009
Alliance Bank Culver City CA 23124 February 6, 2009 November 23, 2009
FirstBank Financial Services McDonough GA 57017 February 6, 2009 November 23, 2009
Ocala National Bank Ocala FL 26538 January 30, 2009 November 23, 2009
Suburban FSB Crofton MD 30763 January 30, 2009 November 23, 2009
MagnetBank Salt Lake City UT 58001 January 30, 2009 November 23, 2009
1st Centennial Bank Redlands CA 33025 January 23, 2009 November 23, 2009
Bank of Clark County Vancouver WA 34959 January 16, 2009 November 23, 2009
National Bank of Commerce Berkeley IL 19733 January 16, 2009 November 23, 2009
Sanderson State Bank
En Español
Sanderson TX 11568 December 12, 2008 November 23, 2009
Haven Trust Bank Duluth GA 35379 December 12, 2008 November 23, 2009
First Georgia Community Bank Jackson GA 34301 December 5, 2008 November 23, 2009
PFF Bank & Trust Pomona CA 28344 November 21, 2008 November 23, 2009
Downey Savings & Loan Newport Beach CA 30968 November 21, 2008 November 23, 2009
Community Bank Loganville GA 16490 November 21, 2008 November 23, 2009
Security Pacific Bank Los Angeles CA 23595 November 7, 2008 November 23, 2009
Franklin Bank, SSB Houston TX 26870 November 7, 2008 November 23, 2009
Freedom Bank Bradenton FL 57930 October 31, 2008 November 23, 2009
Alpha Bank & Trust Alpharetta GA 58241 October 24, 2008 November 23, 2009
Meridian Bank Eldred IL 13789 October 10, 2008 November 23, 2009
Main Street Bank Northville MI 57654 October 10, 2008 November 23, 2009
Washington Mutual Bank
(Including its subsidiary Washington Mutual Bank FSB)
Henderson NV 32633 September 25, 2008 November 23, 2009
Ameribank Northfork WV 6782 September 19, 2008 November 23, 2009
Silver State Bank
En Español
Henderson NV 34194 September 5, 2008 November 23, 2009
Integrity Bank Alpharetta GA 35469 August 29, 2008 November 23, 2009
Columbian Bank & Trust Topeka KS 22728 August 22, 2008 November 23, 2009
First Priority Bank Bradenton FL 57523 August 1, 2008 November 23, 2009
First Heritage Bank, NA Newport Beach CA 57961 July 25, 2008 November 23, 2009
First National Bank of Nevada Reno NV 27011 July 25, 2008 November 23, 2009
IndyMac Bank Pasadena CA 29730 July 11, 2008 February 1, 2010
First Integrity Bank, NA Staples MN 12736 May 30, 2008 November 23, 2009
ANB Financial, NA Bentonville AR 33901 May 9, 2008 November 23, 2009
Hume Bank Hume MO 1971 March 7, 2008 November 23, 2009
Douglass National Bank Kansas City MO 24660 January 25, 2008 November 23, 2009
Miami Valley Bank Lakeview OH 16848 October 4, 2007 November 23, 2009
NetBank Alpharetta GA 32575 September 28, 2007 November 23, 2009
Metropolitan Savings Bank Pittsburgh PA 35353 February 2, 2007 November 23, 2009
Bank of Ephraim Ephraim UT 1249 June 25, 2004 April 9, 2008
Reliance Bank White Plains NY 26778 March 19, 2004 April 9, 2008
Guaranty National Bank
of Tallahassee
Tallahassee FL 26838 March 12, 2004 November 23, 2009
Dollar Savings Bank Newark NJ 31330 February 14, 2004 April 9, 2008
Pulaski Savings Bank Philadelphia PA 27203 November 14, 2003 July 22, 2005
First National Bank of Blanchardville Blanchardville WI 11639 May 9, 2003 August 6, 2009
Southern Pacific Bank Torrance CA 27094 February 7, 2003 October 20, 2008
Farmers Bank of Cheneyville Cheneyville LA 16445 December 17, 2002 October 20, 2004
Bank of Alamo Alamo TN 9961 November 8, 2002 March 18, 2005
AmTrade International Bank
En Español
Atlanta GA 33784 September 30, 2002 September 11, 2006
Universal Federal Savings Bank Chicago IL 29355 June 27, 2002 April 9, 2008
Connecticut Bank of Commerce Stamford CT 19183 June 26, 2002 November 23, 2009
New Century Bank Shelby Township MI 34979 March 28, 2002 March 18, 2005
Net 1st National Bank Boca Raton FL 26652 March 1, 2002 April 9, 2008
NextBank, NA Phoenix AZ 22314 February 7, 2002 November 23, 2009
Oakwood Deposit Bank Co. Oakwood OH 8966 February 1, 2002 November 23, 2009
Bank of Sierra Blanca Sierra Blanca TX 22002 January 18, 2002 November 6, 2003
Hamilton Bank, NA
En Español
Miami FL 24382 January 11, 2002 November 23, 2009
Sinclair National Bank Gravette AR 34248 September 7, 2001 February 10, 2004
Superior Bank, FSB Hinsdale IL 32646 July 27, 2001 November 23, 2009
Malta National Bank Malta OH 6629 May 3, 2001 November 18, 2002
First Alliance Bank & Trust Co. Manchester NH 34264 February 2, 2001 February 18, 2003
National State Bank of Metropolis Metropolis IL 3815 December 14, 2000 March 17, 2005
Bank of Honolulu Honolulu HI 21029 October 13, 2000 March 17, 2005

http://www.fdic.gov/bank/individual/failed/banklist.html

***

AIG Decides to Keep Unprofitable Mortgage Insurer (Update1)

February 12, 2010, 04:20 PM EST

AIG, which was rescued in September 2008 after losses from bad bets tied to housing markets, posted a $1.43 billion operating loss from mortgage insurance in the first nine months of 2009 as U.S. foreclosure filings climbed to a record. The company said in November that it tapped the Treasury Department line within its $182.3 billion rescue package for about $4.2 billion, in part to restructure United Guaranty.

Feb. 12 (Bloomberg) — American International Group Inc., the insurer divesting assets to repay a government bailout, opted to keep its money-losing U.S. mortgage guarantor after selling Canadian and Israeli subsidiaries of the unit.

AIG made a “recent decision” to hold onto Greensboro, North Carolina-based United Guaranty, Arlene Isaacs-Lowe, a Moody’s Investors Service analyst, wrote yesterday in a research note. AIG executives told her of the move within the past few months, Isaacs-Lowe said today in an interview.

United Guaranty was founded in 1963 and sold to AIG in 1981. The business generated $2.8 billion in operating income and $600 million in dividends for AIG in the eight years prior to the housing slump, the company has said.

United Guaranty was ranked the fourth-largest U.S. mortgage insurer in the first six months of 2009, behind No. 1 MGIC Investment Corp., Radian Group Inc. and PMI Group Inc., according to Inside Mortgage Finance, a trade journal. All the firms were unprofitable in the first nine months of 2009.

Essent Guaranty Inc., backed by investors including Goldman Sachs Group Inc. and JPMorgan Chase & Co., became the first newcomer to the U.S. mortgage-guaranty business since the housing collapse, leaving it unburdened by policies sold in 2005 and 2006 when underwriting standards were lower.

Until 2007, private mortgage policies had been among the most profitable types of coverage sold by insurers. From 2004 to 2006, members of the Mortgage Insurance Companies of America reported a profit margin of at least 35 cents for every dollar they collected in premiums. Auto insurers made less than 5 cents on every dollar in 2006, according to A.M. Best Co.

http://www.businessweek.com/news/2010-02-12/aig-decides-to-keep-unprofitable-mortgage-insurer-moody-s-says.html

***

Editorial

The Year in Foreclosures

Published: February 14, 2010

New York Times

Last week offered some sobering news on the housing market: Even with broad government support for housing, data from the National Association of Realtors showed that the median price of single-family homes continued to decline in 2009. RealtyTrac, an online marketer of foreclosed properties, said foreclosure filings rose by 15 percent in January compared with a year ago.

Foreclosure is generally a long process, with multiple filings as delinquent borrowers fall ever further behind. What is most ominous about the latest RealtyTrac numbers is that nearly 88,000 people had their homes repossessed in January, a 31 percent increase from a year ago. The big jump indicates that many foreclosures that were in process in 2009 are now beginning to move to repossession and, eventually, auction. With more than four million homes in that pipeline, the foreclosure crisis shows no sign of abating.

[ . . . ]

There is an emerging consensus among financial experts and policy makers that the key to successful modifications is to reduce the amount of the borrower’s loan balance, rather than merely reducing the monthly payment. The goal is to lower the payment while restoring equity, thus giving borrowers both the means and the incentive to keep up with their payments.

Administration officials have resisted that approach, in part because they believe it would be too expensive. Another obstacle is the lenders themselves. In general, a lender is unwilling to take losses by reducing principal unless the owners of the second mortgage on a home also take a hit. For banks that own the second mortgages, such losses would be huge — something they clearly would prefer not to face up to.

Banks’ unwillingness to take losses on second mortgages may also be holding up so-called short sales, in which a lender agrees to retire a first-mortgage debt by taking the proceeds from the sale of the home, even when the amount is less than the mortgage balance.

(Excerpt from – )

http://www.nytimes.com/2010/02/15/opinion/15mon2.html

***

The number of Americans who owed more than their homes were worth was virtually nil when the real estate collapse began in mid-2006, but by the third quarter of 2009, an estimated 4.5 million homeowners had reached the critical threshold, with their home’s value dropping below 75 percent of the mortgage balance.

They are stretched, aggrieved and restless. With figures released last week showing that the real estate market was stalling again, their numbers are now projected to climb to a peak of 5.1 million by June — about 10 percent of all Americans with mortgages.

“We’re now at the point of maximum vulnerability,” said Sam Khater, a senior economist with First American CoreLogic, the firm that conducted the recent research. “People’s emotional attachment to their property is melting into the air.”

Suggestions that people would be wise to renege on their home loans are at least a couple of years old, but they are turning into a full-throated barrage. Bloggers were quick to note recently that landlords of an 11,000-unit residential complex in Manhattan showed no hesitation, or shame, in walking away from their deeply underwater investment.

[ . . . ]

It would cost about $745 billion, slightly more than the size of the original 2008 bank bailout, to restore all underwater borrowers to the point where they were breaking even, according to First American.

Using government money to do that would be seen as unfair by many taxpayers, Mr. Barr said. On the other hand, doing nothing about underwater mortgages could encourage more walk-aways, dealing another blow to a fragile economy.

With prices now down by about 30 percent, underwater borrowers fall into two groups. Some have owned their homes for many years and got in trouble because they used the house as a cash machine. Others, like Mr. Koellmann in Miami Beach, made only one mistake: they bought as the boom was cresting.

Guy D. Cecala, publisher of Inside Mortgage Finance magazine, says he does not hear much sympathy from lenders for their underwater customers.

“The banks tell me that a lot of people who are complaining were the ones who refinanced and took all the equity out any time there was any appreciation,” he said. “The banks are damned if they will help.”

David Rosenberg, the chief economist of the investment firm Gluskin Sheff, wrote recently that borrowers were not victims. They “signed contracts, and as adults should also be held accountable,” he wrote.

Of course, this is not necessarily how Wall Street itself behaves, as demonstrated by the case of Stuyvesant Town and Peter Cooper Village. An investment group led by the real estate giant Tishman Speyer recently defaulted on $4.4 billion in debt that it had used to buy the two apartment developments in Manhattan, handing the properties back to the lenders.

Moreover, during the boom, it was the banks that helped drive prices to unrealistic levels by lowering credit standards and unleashing a wave of speculative housing demand.

[ . . . ]

Mr. Koellmann applied last fall to Bank of America for a modification, noting that his income had slipped. But the lender came back a few weeks ago with a plan that added more restrictive terms while keeping the payments about the same.

“That may have been the last straw,” Mr. Koellmann said.

http://www.nytimes.com/2010/02/03/business/03walk.html?fta=y

No Help in Sight, More Homeowners Walk Away

Published: February 2, 2010

By DAVID STREITFELD

***

The Making of a Euromess

By PAUL KRUGMAN
Published: February 14, 2010

For the truth is that lack of fiscal discipline isn’t the whole, or even the main, source of Europe’s troubles — not even in Greece, whose government was indeed irresponsible (and hid its irresponsibility with creative accounting).

No, the real story behind the euromess lies not in the profligacy of politicians but in the arrogance of elites — specifically, the policy elites who pushed Europe into adopting a single currency well before the continent was ready for such an experiment.

Consider the case of Spain, which on the eve of the crisis appeared to be a model fiscal citizen. Its debts were low — 43 percent of G.D.P. in 2007, compared with 66 percent in Germany. It was running budget surpluses. And it had exemplary bank regulation.

But with its warm weather and beaches, Spain was also the Florida of Europe — and like Florida, it experienced a huge housing boom. The financing for this boom came largely from outside the country: there were giant inflows of capital from the rest of Europe, Germany in particular.

The result was rapid growth combined with significant inflation: between 2000 and 2008, the prices of goods and services produced in Spain rose by 35 percent, compared with a rise of only 10 percent in Germany. Thanks to rising costs, Spanish exports became increasingly uncompetitive, but job growth stayed strong thanks to the housing boom.

Then the bubble burst. Spanish unemployment soared, and the budget went into deep deficit. But the flood of red ink — which was caused partly by the way the slump depressed revenues and partly by emergency spending to limit the slump’s human costs — was a result, not a cause, of Spain’s problems.

(etc. – he claims that the single currency Euro has created the problem – – I don’t agree, but it does mean that some options for currency adjustments are not available to use for fixing the situation as a result of the single currency – my note)

http://www.nytimes.com/2010/02/15/opinion/15krugman.html?em

***

My Notes – Who decided that the value and costs of property, including basic shelter / housing would be at a price far beyond the reach of any real wages made in a year or in five years of a citizen’s efforts?

When was that created and was it by the natural laws of supply and demand at the time or was it constructed with intention?

And, what has it become now / as a natural outgrowth of housing values having exceeded the real income of the majority of our population, along with the uses of mortgages as an asset class to be bought and sold and leveraged against – what do we have now as a result of this huge disparity between income and housing costs?

What happens when banks are allowed to borrow at 0% interest from our Treasury using our money, although they are a bad credit risk in every respect at the time they are allowed to borrow many millions at 72 to 1 (or more) against every dollar of assets they pretend to have? (and at asset valuations they pretend are at a level that was taken before the economic downturn)?

Not only are people walking away from their upside down mortgages, they are also not being employed in any reasonable period of time after being dumped by companies whose only interest was to pad the bottom line for a short period of time to inspire conditional confidence in their stock shares?

What happens when people realize that they are not going to be employed anytime in the next five years, are not going to be able to own another house in their lifetimes, watch their children not have access to a higher education because the money intended for it was returned to them depleted of over 75%  of its initial value, and begin to understand the disparity of return on their time and efforts if and when companies do choose to hire them back?

Who was it that decided the next natural progression in the economic foundation of our country would drop manufacturing and replace it with money making money industries? Who decided that it would be a strong, healthy foundation for our economic future? What bunch of ninnies came up with that?

So, now that companies do not have to profit or to be profitable in the primary business model under which their business operates, but simply have to manipulate investment portfolios to their advantage, what real value do those companies (and state budgets and Wall Street firms) have to the employment base, in interactive services and products available to the benefits of our population, and in our longterm financial growth as a nation?

When large corporate and institutional players are the only ones basically manipulating the markets, the stock markets, the commodities markets, the futures and speculative plays marketplaces, and international economies and markets, what actual real values exist for any of the things being traded?

Just as when in 2008, the speculative increase in the oil futures drove prices up to record profits for those speculators and their firms, entire industries across the United States suffered massive losses as they covered the extra costs of those oil prices at the consumer level. But, the entire play was no more than a manipulated construct. It wasn’t the real value of the commodity in any sense but it was passed along to the consumers, including throughout the increased business costs passed along secondarily to consumers.

And, what value do those speculators have and the profits they skimmed off that play when their time, effort, talents, resources, and availability of cash isn’t used for anything productive that enhances the overall economic foundation and future of the United States? It isn’t being used to underwrite alternative energy options, it isn’t the speculators that are inventing something which solves real problems in our communities nor that solves climate change causes nor do those resources make our companies more solvent and more competitive. What good do they do?

When housing mortgages are packaged and sold, then resold and a number of financial products are made based on them, including the credit default swaps, the mortgage insurance products, leverages are made against them in huge loan packages based on their value, then what real value do they have going forward? Are they real? Are they a pretense with no more value than what someone in Wall Street or the backrooms of a banking firm somewhere says that they have? Are they real capital formation, or are they in fact, not worth the paperwork they are printed on? What trade actually exists on them in any solvent form once people across the world in every aspect of our society and financial systems are aware that the values are unfairly being manipulated and don’t exist in the real world?

Trickle down economics is a failed economic policy from the Reagan years and beyond Greenspan’s idea of an unregulated economy – at what point do the Wall Street firms and gigantic banking conglomerates realize the basis of their comparative valuation structures have re-valued real assets somewhere below zero? Why don’t they know that now? Losses that required a loan over $180 Billion dollars for AIG seem to be a clear indication of what that means. As they have tried to sell off assets, which have borne little of their estimated and accounting values – it would indicate the disparity that exists between the real economy, the real values and their perceptions of values? Why does it not tell them anything that makes sense to them in a broader understanding of what they are doing?

To me, it indicates that using a “money making money” basis for our overall economic foundation is not a sound choice, among other things. It also shows me that the integral factors of trading values are manufactured and not real.

Over the course of all these elements put together, it tells me that our economy and our economic growth, our economic foundation, our economic future, it set out over air with no real foundation whatsoever. The basic relationships that should exist to maintain a stable structure of values for the purposes of comparison and realistic values being set to actual assets, values, housing, properties, corporations, loans, loan products or whatever financial instruments does not exist in any actual sense.

It also shows me that the rules do not exist for either the values nor for the plays that can be made with them which makes the system more like a polished poker game of bluffing than a real market or any other monetary concept of actual values.

What happens when those banks, financial firms, investment banks, investment houses, stock brokerages, financial investment funds, insurance companies acting as hedge funds, and other exaggerated examples of financial imprudence get to play by a set of rules which offers large grants, loans and offsets when they are insolvent, defaulting on loans, exemplify a bad credit score and a bad credit risk, whose past behavior indicates bad choices and even tremendous bad judgments and bad plays, insider trades, conflicts of interest and abuse of their fiduciary trust?

What basis of economic growth and what new understanding of fiduciary trust does that become when those same people and institutions are refusing credit to anyone whose credit score resembles what they had when they used and continue to use the American taxpayer’s money and our National Treasury to cover their losses?

(An implicit obligation of the United States means what now?)

– cricketdiane, 02-15-10

I watched as the economic forecasters and analysts continued to say it is all better now, the same way they said in 2008 that we weren’t in a Recession (while not being willing to even use the word in many cases). Either they don’t know what the hell they are doing or they are lying about what they do know. I’m not sure which it is, but to continue paying analysts and advisors whose sole intent is to propagate lies in the name of instilling a falsely founded confidence in a system whose values are distorted, at best – is beyond me to understand.

The economic models that I understand are dimensional and well-founded in larger pictures of integrated values. When the Reagan administration cronies and Republican administration policy makers decided to fudge the numbers throughout statistical data sets that they had to collect and make public by law, it did not change the facts. The unemployment numbers inclusively are not the numbers published by the US Labor Department as a result of the changes made by Republican administrators, however – it didn’t change the facts on the ground in this country. And, since everyone making analyses knows that those employment and unemployment numbers have been divided into unnatural categories of data and statistically manipulated by that division, they should know better than to assume the rate of unemployment is anywhere close to 10% in the United States. Even adding the admitted unemployment figures across every state, yields a figure much higher on any given date and even those do not include those citizens who are in our prisons at the moment, put in mental hospitals for some reason, having to work part-time when they can’t afford to live at that rate, retired by having to go back to work because their pensions have been stolen by Wall Street, and those who have not continued to collect unemployment benefits but are still unemployed.  The real loss in consumer buying power can be significant enough that even China knew to put its focus on other markets that don’t include the United States.

Don’t tell me that everything is all okay now – that isn’t even close to the truth.

***

***

If nobody can afford to buy a house except those people who “flip houses” – then what is a house really worth?

If 90% of the bread produced goes unsold and into the trash bin, then what is a loaf of bread worth? Is it really worth the $4.29 that is being charged for that loaf of bread?

– cricketdiane

(everything from my notes on down are my thoughts about it – understandably I still have more questions that are unanswered – I will study it some more.)

***

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FDIC Failed Banks List – How many banks in the United States have failed since 2007 October “entry” into Recession / Depression – MacroEconomics of failed regulations – And so banks take people’s savings to pay off their bank loans for their cars or houses made at the same bank – as Congressional member stated today in testimony questions to Secretary Geithner – US Treasury? How can they do that?

24 Friday Jul 2009

Posted by CricketDiane in Cricket Diane C Sparky Phillips

≈ 4 Comments

Tags

business bankruptcies, credit default swaps, Cricket House Studios, cricketdiane, failed US banks, financial derivative instruments, macro-economics, Money, US dollar value


http://www.fdic.gov/bank/individual/failed/banklist.html

Failed Bank List



The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership. Failed Financial Institution Contact Search displays point of contact information related to failed banks.

This list includes banks which have failed since October 1, 2000.
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Click arrows next to headers to sort in Ascending or Descending order.
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Click arrows next to headers to sort in Ascending or Descending order.

Bank Name

City

State

CERT #

Closing Date

Updated Date

Vineyard Bank Rancho Cucamonga CA 23556 July 17, 2009 July 23, 2009
BankFirst Sioux Falls SD 34103 July 17, 2009 July 23, 2009
Temecula Valley Bank Temecula CA 34341 July 17, 2009 July 23, 2009
First Piedmont Bank Winder GA 34594 July 17, 2009 July 23, 2009
Main Street Bank Northville MI 57654 October 10, 2008 July 21, 2009
Meridian Bank Eldred IL 13789 October 10, 2008 July 21, 2009
Riverside Bank of the Gulf Coast Cape Coral FL 34563 February 13, 2009 July 21, 2009
Bank of Wyoming Thermopolis WY 22754 July 10, 2009 July 15, 2009
John Warner Bank Clinton IL 12093 July 2, 2009 July 8, 2009
Rock River Bank Oregon IL 15302 July 2, 2009 July 7, 2009
Elizabeth State Bank Elizabeth IL 9262 July 2, 2009 July 7, 2009
Millennium State Bank of Texas Dallas TX 57667 July 2, 2009 July 7, 2009
First National Bank of Danville Danville IL 3644 July 2, 2009 July 7, 2009
First State Bank of Winchester Winchester IL 11710 July 2, 2009 July 7, 2009
Founders Bank Worth IL 18390 July 2, 2009 July 7, 2009
Mirae Bank Los Angeles CA 57332 June 26, 2009 July 2, 2009
Neighborhood Community Bank Newnan GA 35285 June 26, 2009 July 2, 2009
Horizon Bank Pine City MN 9744 June 26, 2009 July 2, 2009
MetroPacific Bank Irvine CA 57893 June 26, 2009 July 2, 2009
1st Centennial Bank Redlands CA 33025 January 23, 2009 June 30, 2009
Community Bank of West Georgia Villa Rica GA 57436 June 26, 2009 June 30, 2009
Strategic Capital Bank Champaign IL 35175 May 22, 2009 June 23, 2009
Southern Community Bank Fayetteville GA 35251 June 19, 2009 June 23, 2009
Cooperative Bank Wilmington NC 27837 June 19, 2009 June 23, 2009
First National Bank of Anthony Anthony KS 4614 June 19, 2009 June 23, 2009
Bank of Lincolnwood Lincolnwood IL 17309 June 5, 2009 June 12, 2009
Franklin Bank, SSB Houston TX 26870 November 7, 2008 June 11, 2009
BankUnited, FSB Coral Gables FL 32247 May 21, 2009 June 8, 2009
Citizens National Bank Macomb IL 5757 May 22, 2009 June 1, 2009
IndyMac Bank Pasadena CA 29730 July 11, 2008 June 1, 2009
Haven Trust Bank Duluth GA 35379 December 12, 2008 May 28, 2009
Security Pacific Bank Los Angeles CA 23595 November 7, 2008 May 28, 2009
First Bank of Idaho Ketchum ID 34396 April 24, 2009 May 18, 2009
First Bank of Beverly Hills Calabasas CA 32069 April 24, 2009 May 18, 2009
America West Bank Layton UT 35461 May 1, 2009 May 18, 2009
Great Basin Bank of Nevada Elko NV 33824 April 17, 2009 May 18, 2009
Westsound Bank Bremerton WA 34843 May 8, 2009 May 12, 2009
Citizens Community Bank Ridgewood NJ 57563 May 1, 2009 May 7, 2009
Silverton Bank, NA Atlanta GA 26535 May 1, 2009 May 7, 2009
MagnetBank Salt Lake City UT 58001 January 30, 2009 May 7, 2009
County Bank Merced CA 22574 February 6, 2009 May 7, 2009
FirstBank Financial Services McDonough GA 57017 February 6, 2009 May 7, 2009
Pinnacle Bank of Oregon Beaverton OR 57342 February 13, 2009 May 7, 2009
Corn Belt Bank & Trust Co. Pittsfield IL 16500 February 13, 2009 May 7, 2009
Sherman County Bank Loup City NE 5431 February 13, 2009 May 7, 2009
Alliance Bank Culver City CA 23124 February 6, 2009 May 7, 2009
Security Savings Bank Henderson NV 34820 February 27, 2009 May 7, 2009
TeamBank, NA Paola KS 4754 March 20, 2009 May 7, 2009
Colorado National Bank Colorado Springs CO 18896 March 20, 2009 May 7, 2009
Freedom Bank of Georgia Commerce GA 57558 March 6, 2009 May 7, 2009
FirstCity Bank Stockbridge GA 18243 March 20, 2009 May 7, 2009
Suburban FSB Crofton MD 30763 January 30, 2009 May 7, 2009
Ocala National Bank Ocala FL 26538 January 30, 2009 May 7, 2009
Omni National Bank Atlanta GA 22238 March 27, 2009 May 7, 2009
Silver Falls Bank Silverton OR 35399 February 20, 2009 May 7, 2009
New Frontier Bank Greeley CO 34881 April 10, 2009 May 7, 2009
Cape Fear Bank Wilmington NC 34639 April 10, 2009 May 7, 2009
Heritage Community Bank Glenwood IL 20078 February 27, 2009 May 7, 2009
American Sterling Bank Sugar Creek MO 8266 April 17, 2009 May 7, 2009
Michigan Heritage Bank Farmington Hills MI 34369 April 24, 2009 May 7, 2009
American Southern Bank Kennesaw GA 57943 April 24, 2009 May 7, 2009
Silver State Bank
En Español
Henderson NV 34194 September 5, 2008 April 28, 2009
Alpha Bank & Trust Alpharetta GA 58241 October 24, 2008 April 28, 2009
PFF Bank & Trust Pomona CA 28344 November 21, 2008 April 24, 2009
Downey Savings & Loan Newport Beach CA 30968 November 21, 2008 April 24, 2009
First Georgia Community Bank Jackson GA 34301 December 5, 2008 April 24, 2009
Sanderson State Bank
En Español
Sanderson TX 11568 December 12, 2008 April 24, 2009
Bank of Clark County Vancouver WA 34959 January 16, 2009 April 24, 2009
National Bank of Commerce Berkeley IL 19733 January 16, 2009 April 24, 2009
Superior Bank, FSB Hinsdale IL 32646 July 27, 2001 April 24, 2009
Hamilton Bank, NA
En Español
Miami FL 24382 January 11, 2002 April 24, 2009
NextBank, NA Phoenix AZ 22314 February 7, 2002 April 24, 2009
Oakwood Deposit Bank Co. Oakwood OH 8966 February 1, 2002 April 24, 2009
Connecticut Bank of Commerce Stamford CT 19183 June 26, 2002 April 24, 2009
First National Bank of Blanchardville Blanchardville WI 11639 May 9, 2003 April 24, 2009
Guaranty National Bank
of Tallahassee
Tallahassee FL 26838 March 12, 2004 April 24, 2009
NetBank Alpharetta GA 32575 September 28, 2007 April 24, 2009
Miami Valley Bank Lakeview OH 16848 October 4, 2007 April 24, 2009
Douglass National Bank Kansas City MO 24660 January 25, 2008 April 24, 2009
Hume Bank Hume MO 1971 March 7, 2008 April 24, 2009
ANB Financial, NA Bentonville AR 33901 May 9, 2008 April 24, 2009
First Integrity Bank, NA Staples MN 12736 May 30, 2008 April 24, 2009
First Heritage Bank, NA Newport Beach CA 57961 July 25, 2008 April 24, 2009
First National Bank of Nevada Reno NV 27011 July 25, 2008 April 24, 2009
Metropolitan Savings Bank Pittsburgh PA 35353 February 2, 2007 April 24, 2009
First Priority Bank Bradenton FL 57523 August 1, 2008 April 24, 2009
Columbian Bank & Trust Topeka KS 22728 August 22, 2008 April 24, 2009
Integrity Bank Alpharetta GA 35469 August 29, 2008 April 24, 2009
Ameribank Northfork WV 6782 September 19, 2008 April 24, 2009
Washington Mutual Bank Henderson NV 32633 September 25, 2008 April 24, 2009
Washington Mutual Bank FSB Park City UT 32633 September 25, 2008 April 24, 2009
Freedom Bank Bradenton FL 57930 October 31, 2008 April 24, 2009
Community Bank Loganville GA 16490 November 21, 2008 April 24, 2009
Southern Pacific Bank Torrance CA 27094 February 7, 2003 October 20, 2008
Net 1st National Bank Boca Raton FL 26652 March 1, 2002 April 9, 2008
Universal Federal Savings Bank Chicago IL 29355 June 27, 2002 April 9, 2008
Dollar Savings Bank Newark NJ 31330 February 14, 2004 April 9, 2008
Reliance Bank White Plains NY 26778 March 19, 2004 April 9, 2008
Bank of Ephraim Ephraim UT 1249 June 25, 2004 April 9, 2008

FDIC Failed Banks List – How many banks in the United States have failed since 2007 October “entry” into Recession / Depression – MacroEconomics of failed regulations – And so banks take people’s savings to pay off their bank loans for their cars or houses made at the same bank – as Congressional member stated today in testimony questions to Secretary Geithner – US Treasury? How can they do that?

– my note

***

Press Room
 July 24, 2009
TG-231

Treasury Secretary Timothy F. Geithner Written Testimony
before the House Financial Services Committee

Chairman Frank, Ranking Member Bachus, and members of the Financial Services Committee, thank you for the opportunity to testify before you today about the Administration’s plan for financial regulatory reform.

On June 17, President Obama unveiled a sweeping set of regulatory reforms to lay the foundation for a safer, more stable financial system; one that properly delivers the benefits of market-driven financial innovation while safeguarding against the dangers of market-driven excess.

The President’s plan focuses on the essential reforms. It addresses the core causes of the current economic crisis. It addresses the areas critical to confronting future vulnerabilities. And, in pursuing what amounts to the most extensive overhaul of our financial regulatory regime in decades, it makes clear to the American people that their government, at an early stage in this new Administration, is intent on fixing the basic regulatory flaws that caused extensive damage to families and businesses.

Over the past five weeks, in Congress and in the press, among legislators and business leaders, academics and advocates, the Administration’s proposals have spurred an important and sometimes heated debate about how best to reform the financial regulatory system. That debate is to be expected, and is welcome. While crafting our plan, the Administration sought input from all points of view, considered all options and heard many of the opinions being expressed today.

We understand that on any issue this complex and this important there will be areas where parties genuinely disagree, and we look forward to refining our recommendations through the legislative process.

But there should be no disagreement on the need to act.

Over the past two years, we have faced the most severe financial crisis since the Great Depression. The damage has been indiscriminate and unforgiving. Millions of Americans have lost their jobs; families have lost their homes; small businesses have shut down; students have deferred college educations; and seniors have shelved retirement plans. Some of our largest financial institutions failed; others came under extraordinary pressure; and many of the securities markets that are critical to the flow of credit broke down.

As a country, we now know that our financial system failed in its most basic responsibility to be stable and resilient enough to provide credit while protecting consumers and investors.

We now know that our regulatory regime permitted an excessive build-up of leverage, both outside the banking system and within the banking system; that the shock absorbers critical to preserving the stability of the financial system – capital, margin, and liquidity cushions in particular – were inadequate to withstand the force of the global recession; and that they left the system too weak to withstand the failure of major financial institutions.

We now know that millions of Americans were left without adequate protection against financial predation, especially in the mortgage and consumer finance areas; and that many were unable to evaluate the risks associated with borrowing to support the purchase of a home, a car, or an education.

And, we know that the United States entered this crisis without an adequate set of tools to contain the risk of broader damage to the economy and to manage the failure of large, complex financial institutions.

As a result, American families have made essential changes and they expect their government to do the same. There exists today a national mandate, not seen in years, to reform our outdated and ineffective regulatory system.

Still, despite that reality, there are some who suggest we are trying to do too much too soon, and that we should wait until the crisis has definitively receded. Others say we do not need comprehensive change or that it will destroy innovation. And with respect to consumer protection in financial services, there are even those who contend we should leave things as they are.

That is not surprising. Every financial crisis of the last generation has sparked some effort at reform, but past attempts began too late, after the will to act had subsided.

That cannot happen this time.

The reforms proposed by the President are necessary. They would substantially alter the ability of financial institutions to escape regulation, to choose which regulator suits them best, to shape the content of future regulation and to continue the financial practices that were lucrative for parts of the industry for a time, but that ultimately proved so damaging. That is why we have to act, and why we need to deliver real, meaningful change.

The Administration welcomes the commitment of this Committee and your counterparts in the Senate, as well as other key committees and the Congressional leadership, to pass legislation this year. And the Administration is moving aggressively to help advance the overall process.

In the weeks following the President’s announcement, we have delivered detailed legislative language to Congress on virtually all of our proposals: on the enhanced regulation of our largest, most interconnected financial firms; on the supervision and regulation of federal depository institutions; on new resolution authority; on payments and settlement systems; on investor protection; on private fund registration; on executive compensation; on securitization and credit rating agencies; and on the proposed new Financial Services Oversight Council and Consumer Financial Protection Agency (CFPA).

We are also working to put in place reforms that do not require legislation. We have used the President’s Working Group on Financial Markets to pull together all government agencies that oversee elements of the financial system to formulate more detailed proposals for implementing the comprehensive reforms outlined by the President.

By now the details of our plan are widely known and so I would like to provide some additional context by explaining our key priorities for reform.

Consumer Protection

Let me begin with a pressing concern for this Committee – building strong protections for consumers, and ensuring they can understand the risks and rewards associated with the products sold to them. I know you will soon be marking up legislation on this issue.

There is broad agreement that consumer protection needs to be stronger. Achieving this objective requires mission focus, market-wide coverage, and consolidated authority, none of which exist in today’s system.

That is why we are proposing one agency for one market place with one mission – protecting consumers.

The case for the Consumer Financial Protection Agency is clear.

First, non-banks such as mortgage brokers and large independent mortgage companies, consumer credit companies and pay-day loan operations, currently operate under no federal supervision. No federal agency sends consumer protection examiners into these institutions to review their files or interview their salespeople. No federal regulator collects information from them, except for limited mortgage data.

In the years before the crisis, capital flowed heavily to these unsupervised non-banks in large measure because they enjoyed the advantage of weak consumer oversight. Banks were left with the untenable choice of lowering their standards to compete or giving up market share.

The proposed CFPA would fix this problem and ensure a level playing field by extending the reach of federal oversight to all financial firms, no matter whether they are banks or non-banks.

Second, even where federal oversight exists, standards are weakened by the ability of banks and thrifts to choose the regulator that will have the least restrictive oversight of consumer protection, something we also saw in the years leading up to the current crisis.

The President’s proposal would correct this by consolidating responsibility for consumer protection into one agency, meaning financial institutions would no longer be able to shop for the weakest regulator and pursue a race to the regulatory bottom.

Third, the banking agencies responsible for implementing and enforcing consumer protection have higher priorities. The agencies’ primary focus is the safety and soundness of the institutions they oversee. As a matter of mission and internal organization, they are focused on the effect of a bank’s products and practices on the bank itself, rather than the effect on consumers. That is why the CFPA would have as its sole mission examining how a product or practice affects consumers.

Importantly, nothing in the CFPA’s mission or authority would conflict with or undermine the safety and soundness of banking institutions. Our proposal ensures cooperation with prudential regulators by placing one of them on the board of directors and requiring examiners to exchange examination reports.

Making banks act fairly and transparently with their customers only enhances their safety and soundness. Market-wide jurisdiction of the CFPA will ensure that banks are not forced to choose between lowering their standards and giving up market share.

Finally, the government agencies that have responsibility for consumer financial protection are limited in their ability to do something about the problems they encounter because they have only one set of authorities available to them, instead of the full range, from rule-writing to supervision to enforcement. This leads to inertia and finger-pointing in place of action. And it makes any action taken less likely to be effective.

For example, when it comes to credit cards, the Federal Reserve has substantial power to write rules but has little authority to enforce them outside of bank holding companies, while the Office of the Comptroller of the Currency has little authority to write rules but wide power to enforce them. As concerns about fairness and transparency emerged, each agency looked to the other to act and, in the end, not enough was done.

Even in cases where agencies have what, in principle, should be the more flexible authority to issue regulatory guidance to institutions, they are hampered by the fact that several agencies have similar authority.

In the case of subprime mortgages, it took the federal banking agencies until June 2007 to reach final consensus on supervisory guidance imposing even general standards on subprime mortgages. By then it was too late.

Our consumer protection proposal would put an end to this problem by giving the CFPA consolidated authority to write rules, supervise compliance and take enforcement action when there are violations.

It is time for a level playing field for financial services competition based on strong rules, not based on exploiting consumer confusion. Our proposal achieves that by ensuring consumer choice, preserving innovation, strengthening depository institutions, reducing regulatory costs, and increasing national regulatory uniformity and accountability.

Financial Stability

Our second priority was creating a more stable financial system by strengthening supervision and regulation of financial firms.

That necessarily begins with higher capital requirements. The most important thing to lowering risk in the financial system is stronger capital cushions.

The Committee is well aware that in the years leading up to this crisis, as rising asset prices, particularly in housing, concealed a sharp deterioration of some of the underwriting standards for loans, risks built up substantially while capital cushions did not. The nation’s largest financial firms, already highly leveraged, became increasingly dependent on unstable sources of short-term funding.

These firms did not plan for the potential demands on their liquidity during a crisis. And when asset prices started to fall and market liquidity froze, they were forced to pull back from lending, limiting credit for households and businesses.

Looking back it is clear that regulators did not require firms to hold sufficient capital to cover risks from their trading assets, high-risk loans, and off-balance sheet commitments.

Under our plan, that will change. Financial firms will be required to follow the example of millions of families across the country that are saving more money as a precaution against bad times. They will be required to keep more capital and liquid assets on hand and, importantly, the biggest, most interconnected firms will be required to keep even bigger cushions.

Now, higher capital requirements are an important step towards longer-term stability, but they are only the first step.

While many of the financial firms at the center of this crisis were under some form of federal supervision and regulation, that oversight did not do enough. A patchwork of supervisory responsibility, loopholes that allowed some institutions to shop for the weakest regulator, and the rise of new financial institutions and instruments that were almost entirely outside the government’s supervisory framework left regulators largely blind to emerging dangers and without the tools needed to address them.

That is why we propose evolving the Federal Reserve’s authority to create a single point of accountability for the consolidated supervision of all large, interconnected firms whose failure could threaten the stability of the system, regardless of whether they own an insured depository institution. This is a role the Fed plays today, given its supervision and regulation of bank holding companies, including all major U.S. commercial and investment banks.

While our plan gives some new authority – along with necessary accountability – to the Fed, it also takes some away. That includes transferring the Fed’s consumer protection responsibility to the CFPA and requiring the Fed to receive written approval from the Secretary of the Treasury before exercising its emergency lending authority.

Alongside the new role played by the Fed, there must also be a mechanism to look at the system as a whole for dangers, given that risk can emerge from almost any quarter.

That is why we are proposing a Financial Services Oversight Council to bring together the heads of all of the major federal financial regulatory agencies. This Council will improve coordination of policy and resolution of disputes among the agencies. It will have a significant consultative role to play in helping preserve financial stability. And, most importantly, it will have the power to gather information from any firm or market to help identify emerging risks.

Improving the supervision and regulation of financial firms broadly also requires reducing the ability of depository institutions to choose their regulator and regulatory framework. To address this problem, we have proposed eliminating the thrift and thrift holding company charter and removing other loopholes in the Bank Holding Company Act.

Market Oversight

The third priority that guided our decision making was establishing comprehensive regulation of financial markets.

The current financial crisis emerged after a long and remarkable period of growth and innovation. New instruments, such as over-the-counter (OTC) derivatives, allowed risks to be spread quickly and widely, enabling investors to diversify their portfolios in new ways and enabling banks and other companies to shed exposures that had once resided on their balance sheets.

However, the OTC derivatives markets, which were thought to efficiently promote dispersion of risk to those most able to bear it, instead became a major channel of contagion through the financial sector in the crisis. When fear spread that any institution could fail, the markets for risk transfer and liquidity froze – making it difficult for all financial institutions to maintain daily operations.

Two weeks ago, I testified at a joint hearing of this committee and the House Agriculture Committee on our comprehensive regulatory framework for the OTC derivatives markets. I outlined how our plan would provide strong regulation and transparency for all OTC derivatives regardless of whether the derivative is customized or standardized. In addition, I discussed how our plan will provide for strong supervision and regulation of all OTC derivative dealers and all other major participants in the OTC derivative markets.

We intend very soon to send up draft legislation on derivatives to implement our proposal.

Alongside reforms in the derivatives market, we also propose enhanced regulation of the securitization markets.

In the years preceding the crisis, mortgages and other loans were aggregated with similar loans and sold in tranches to a large and diverse pool of new investors with different risk profiles. Securitization, by breaking down the traditional relationship between borrowers and lenders, created various conflicts of interest that market discipline failed to correct.

Loan originators failed to require sufficient documentation of income and ability to pay. Securitizers failed to set high standards for the loans they were willing to buy, encouraging underwriting standards to sag. Investors were overly reliant on credit rating agencies, whose procedures proved no match for the complexity of the instruments they were rating. In each case, lack of transparency prevented market participants from understanding the full nature of the risks they were taking.

In response, the President’s plan requires securitization sponsors to retain five percent of the credit risk of securitized exposures; it requires transparency of loan level data and standardization of data formats to better enable investor due diligence and market discipline; and, with respect to credit rating agencies, it ends the practice of allowing them to provide consulting services to the same companies they rate, requires these agencies differentiate between structure and other products, and requires disclosure of any “ratings shopping” by issuers.

Crisis Resolution

Our fourth priority was addressing the basic vulnerabilities in our capacity to manage future crises.

The United States came into the current crisis without an adequate set of tools to contain the risk of broader damage to the economy and to manage the failure of large, complex financial institutions. That left the government with extremely limited choices when faced with the failure of the largest insurance company in the world and one of the largest U.S. investment banks.

That is why, in addition to addressing the root causes of our current crisis, we must also act preemptively to provide the government better tools to manage future crises. To do that, we have proposed a new resolution authority for financial firms whose disorderly failure would threaten the stability of the financial system.

Our proposal is modeled on the existing FDIC resolution regime for banks. This exception allows the FDIC to depart from the least cost resolution standard only when financial stability is at risk. Similarly, our resolution authority would only be for extraordinary times and would be subject to very strict governance and control procedures.

Any costs to the taxpayer from the use of this authority would be recovered through ex post assessments on large financial firms. As such, it will reduce moral hazard by allowing the government to resolve failing large, interconnected financial institutions in a way that imposes costs on owners, creditors and counterparties, making them more vigilant and prudent.

No one should assume that the government will step in and bail them out if their firm fails.

In addition, we propose that the biggest firms prepare, continuously update, and periodically provide to regulators a credible plan for their rapid resolution in the event of severe financial distress. This would create incentives for firms to better monitor and simplify their organizational structure and would better prepare the government, as well as the firm’s investors, creditors, and counterparties, for the possibility of a firm’s collapse.

The key test of these reforms will be whether we make this system strong enough to withstand the stress of future recessions and the failure of large institutions.

Level Playing Field Internationally

The final priority of the Administration was working with our global partners to raise international regulatory standards and improve international cooperation.

As we have witnessed during this crisis, financial stress can spread easily and quickly across national boundaries. Yet, regulation is still set largely in a national context. Without consistent supervision and regulation, financial institutions will tend to move their activities to jurisdictions with looser standards, creating a race to the bottom and intensifying systemic risk for the entire global financial system.

The United States is playing a strong leadership role in efforts to coordinate international financial policy through the G-20, the Financial Stability Board, and the Basel Committee on Banking Supervision. Alongside our partners, we are proposing that the international banking regulators responsible for setting capital requirements take forward their work on reforming capital ratios to more effectively constrain leverage in the future. More broadly, we will call on the international banking regulators to develop proposals by the end of this year for countries to have the necessary tools to quickly resolve failures of cross-border financial firms.

Conclusion

Over the past six months, in responding to the current economic crisis, the Obama Administration has taken extraordinary action.

We moved quickly to restore confidence in the banking system. Without first stabilizing and repairing the financial system, broader economic recovery would not be possible. In doing so, we have increased transparency and disclosure, helping to bring billions of dollars of private capital into banks so they could safeguard against a deeper recession, and enabling some banks who took taxpayer funds to start paying back the government.

We worked to ease the housing crisis by helping to bring mortgage rates down to historic lows and establishing new programs to allow responsible homeowners to refinance into affordable mortgages or alter at-risk loans and help homeowners lower their monthly mortgage payments. Estimates indicate that up to 3 to 4 million homeowners will be offered trial loan modifications under the Administration’s program.

We worked to offset the dramatic contraction in demand by working with Congress to put in place the most sweeping economic recovery package in our nation’s history – a comprehensive program of immediate tax incentives for businesses and households, support for state and local governments, and investments in critical economic priorities, from infrastructure and energy to health care and education. The Recovery Act was designed to provide a sustained boost to economic demand, concentrated over a two year period and, as designed, the largest effects on the spending side will come in the next six months.

Through the G-20 and G-8, we are working with the major economies of the world on a coordinated program of macroeconomic stimulus and financial stabilization, alongside regulatory reform. This has amounted to the most aggressive international response to any financial crisis in the last fifty years, implemented with unprecedented speed and breadth.

Because of these steps, in just six months, the Administration has substantially reduced the risk of a much deeper and more prolonged recession. We have begun stabilizing an economy that in January was in a free-fall. And we have seen improvements that have been more substantial and have come more quickly than expected when we were designing our response in December and January. Business and consumer confidence has started to improve, housing markets have begun to stabilize, the cost of credit has fallen significantly and credit markets are starting to open up.

But there is still a long way to go. We have a lot more work to do to lay the foundation for a more sustainable recovery, with the gains more broadly shared among all Americans, and central to that effort is passing comprehensive regulatory reform legislation by the end of the year.

We simply cannot afford inaction on this issue. We cannot afford a situation where we leave in place vulnerabilities that will sow the seeds for future crises, and prevent our financial system from functioning properly.

The United States is the world’s most vibrant and flexible economy, in large measure because our financial markets and our institutions create a continuous flow of new products, services and capital. That makes it easier to turn a new idea into the next big company.

America’s tradition of innovation has been vital to our prosperity. The reforms proposed in the Administration’s plan are designed to strengthen our markets by restoring confidence and accountability, while preserving that tradition of innovation.

In the weeks and months ahead I look forward to working this Committee to help pass regulatory reform legislation and, in turn, build a stronger American economy.

Thank you.

###

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a little international security info, bank failures, atomic power plants boiling water using the most expensive tab ever created, UK creative expense accounting for Parliamentarians for that tough and difficult work they do, and assorted other US and Global resources for information and opportunities to make new business models that work –

03 Friday Jul 2009

Posted by CricketDiane in Activism, Human Rights, Civil Rights, Learning, How To, Online Resourcing, New Technology, Air Quality, Alternative Fuels, Transportation, Vehicles, Energy Alternatives, Electric Cars, Electric Trucks, Electric Vehicles, Ships, High-Speed Rail, Railroads, Shipping, Building Materials Science, New Building Materials, Hurricane Earthquake Resistant Building Materials Processes, Architecture, Civil Engineering, Society of Civil and Architectural Engineers, Dams, Le, Cricket Diane C Sparky Phillips, cricketdiane, Earthquakes - Tornadoes - Floods - Mudslides - Wildfires - Hurricanes - Natural Disasters - Haiti - Sichuan - L'Aquila - Christchurch - UN disaster relief - housing - aid - funding - natural disaster, Global Warming

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atomic energy, Cricket House Studios, cricketdiane, failed US banks, FDIC, foreclosures, International Atomic Energy Commission Agency, international resources, nuclear power, Options, Russia, UK Parliament, unemployment

Tokyo welcomes election of Japanese diplomat as IAEA chief
Japan

http://en.rian.ru/world/20090703/155422053.html

http://www.iaea.org/

Related News

* Russian State Duma calls peace talks with Japan ‘senseless’

11:2903/07/2009

TOKYO, July 3 (RIA Novosti) – Japan lays hopes on the election of Yukiya Amano as the first Japanese national to head the International Atomic Energy Agency (IAEA), a senior government official said on Friday.

“We are glad that Amano received great international support and [Japan] managed to increase its significance in the world. It is very important that the citizen of the world’s only nation that suffered atomic bombings has been elected [as IAEA chief],” Chief Cabinet Secretary Takeo Kawamura said.

The 62-year-old Amano, who is currently Japan’s ambassador to the United Nations in Vienna, gained two-thirds of the vote from the IAEA board of governors on Thursday.

Amano will take up the post on December 1, becoming the UN nuclear watchdog’s fifth director general when he replaces Egypt’s Mohamed ElBaradei, who has been in office since 1997.

“As a national of Japan, I intend to do my best to prevent the proliferation of nuclear weapons,” Amano told reporters soon after he was elected.

The mayor of Hiroshima, which was struck by an atomic bomb dropped by the United States in 1945, said in an open letter to Amano that he hoped the new IAEA head would “apply his strengths to forging a concrete path toward the abolition of nuclear arms.”

The IAEA director general, who is elected for a term of four years, will be formally approved at the organization’s general conference in Vienna in September.

http://en.rian.ru/world/20090703/155422053.html

International Atomic Energy (Commission) Agency

http://www.iaea.org/

[and for quick navigation – ]

nucleartourist.com

U.S. Nuclear Regulatory Commission

http://www.nrc.gov/

***

Home > Nuclear Reactors > New Reactors > Design Certification Applications

Design Certification Applications for New Reactors

By issuing a design certification, the U.S. Nuclear Regulatory Commission (NRC) approves a nuclear power plant design, independent of an application to construct or operate a plant. A design certification is valid for 15 years from the date of issuance, but can be renewed for an additional 10 to 15 years.

Design certification is achieved through the NRC’s rulemaking process, and is founded on the staff’s review of the application, which addresses the various safety issues associated with the proposed nuclear power plant design, independent of a specific site. During this process, the NRC notifies all stakeholders (including the public) as to how and when they may participate in the regulatory process, which may include participating in public meetings and rulemaking activities related to design certifications. See our Backgrounder on New Nuclear Plant Designs for an overview of new nuclear plant designs and the status of their respective reviews.

The links below provide information on the design certifications that the NRC has issued to date, as well as the applications that are currently under review. The activities associated with reviewing these applications are reflected in the individual links for docketed design certification applications.

Issued Design Certifications

The NRC staff has issued the following design certifications:

Design Applicant
Advanced Boiling Water Reactor (ABWR) General Electric (GE) Nuclear Energy
System 80+ Westinghouse Electric Company
Advanced Passive 600 (AP600) Westinghouse Electric Company
Advanced Passive 1000 (AP1000) Westinghouse Electric Company

Design Certification Applications Currently Under Review

The staff is currently reviewing the following design certification applications:

Design Applicant
AP1000 Amendment Westinghouse Electric Company
Economic Simplified Boiling-Water Reactor (ESBWR) GE-Hitachi Nuclear Energy
U.S. Evolutionary Power Reactor (U.S. EPR) AREVA Nuclear Power
U.S. Advanced Pressurized-Water Reactor (US-APWR) Mitsubishi Heavy Industries, Ltd.

<!–(To top of page)

–>

Privacy Policy | Site Disclaimer
Friday, May 29, 2009

http://www.nrc.gov/

http://www.nrc.gov/reactors/new-reactors/design-cert.html

http://www.iaea.org/

** My Note –

Just in case it escaped anyone’s notice – they are boiling water here . . . All that effort and money is being used to “boil water” which powers turbines. Unbelievable . . .

– cricketdiane

***

http://www.nucleartourist.com/

Japan

nucleartourist.com

Related News

  • Russian State Duma calls peace talks with Japan ‘senseless’

***

Moscow pulling out all the stops for President Obama
02/07/2009 Moscow pulling out all the stops for President Obama

***

Seven banks fail, pushing 2009 tally to 52


Regulators close six Illinois banks and one Texas bank, setting the FDIC back a total of $314.3 million.

By Catherine Clifford, CNNMoney.com staff writer
Last Updated: July 3, 2009: 12:29 AM ET

Map
Where the banks are failing

http://money.cnn.com/news/storysupplement/economy/bank_failures/index.htm

Bank failures and foreclosures keep mounting

NEW YORK (CNNMoney.com) — Seven banks were shut down by authorities Thursday, pushing the tally of failed banks for 2009 to 52, more than doubling the failures in 2008.

Six regional banks in Illinois and one in Texas closed their doors, according to the Federal Deposit Insurance Corporation.

The rash of Illinois failures are interlinked: All six banks were controlled by one family and followed a similar business model that “created concentrated exposure in each institution,” according to the FDIC.

The agency said that the six failures stemmed from the banks’ investments in collateralized debt obligations and other loan losses.

[ . . . ]

Last year, 25 banks failed in the United States.

Local banks have been hard hit as plummeting home values devalued mortgage-backed assets and rising unemployment rates caused an increasing number of consumers to default on their loans.

[ . . . ]

FDIC fund: The total cost of Thursday’s bank failures to the FDIC is $314.3 million, bringing the FDIC fund’s total cost for failed banks to $12.3 billion this year. That compares with $17.6 billion in all of 2008.

[etc. – a lot more information in this story – very interesting]

* For more information visit www.fdic.gov

Video of Citibank being told by Japan to halt its retail operations because it has not assured the necessary procedures to prevent and track possible money laundering ( on this page near center of page in story)

Embedded video from &amp;amp;lt;a href=”http://money.cnn.com/video&#8221; mce_href=”http://money.cnn.com/video”&amp;amp;gt;CNNMoney.com Video&amp;amp;lt;/a&amp;amp;gt;

http://money.cnn.com/2009/07/02/news/companies/bank_failure/index.htm

***

auction_bentley.03.jpgAmong the many non-traditional assets regulators seized when New Frontier Bank failed was this 2003 Bentley Arnage, which was sold for $50,000 at an auction held in May.

http://money.cnn.com/2009/06/30/news/companies/bank_failures_assets/index.htm?postversion=2009063016

Psst! Wanna own a bit of a failed bank?

With bank failures mounting, the FDIC is stuck trying to sell loans, real estate and more exotic assets like lawnmowers and even a Bentley.

By David Ellis, CNNMoney.com staff writer
Last Updated: June 30, 2009: 4:33 PM ET

NEW YORK (CNNMoney.com) — When New Frontier Bank failed in April, regulators failed to find a buyer, forcing the FDIC to absorb the roughly $2 billion in assets that were once owned by the Colorado-based lender.

But what the FDIC may not have anticipated at the time was that the agency would be stuck with a grab-bag of other exotic assets including a white Bentley Arnage, three lawnmowers, a Fleetwood Motor home and more than two dozen works of art, most of which reflected the bank’s rural surroundings in northern Colorado.

The demise of New Frontier is just one example of the asset messes regulators are often stuck with once a bank is shuttered. At an auction held last month, regulators auctioned off a combined 300 copiers, printers and scanners that were once owned by the California mortgage lender IndyMac (IDMCQ), which collapsed last July in one of the biggest bank failures in history.

[ . . . ]

As of the end of March, the Federal Deposit Insurance Corp. had roughly $16 billion worth of failed bank assets just waiting to be liquidated, according to an agency report published earlier this month.

But that number is poised to climb higher as more banks fail. Last Friday, regulators seized five institutions across the country, the largest one-day instance of failures in years. Experts widely believe that hundreds more banks could fail in the years ahead as a result of the current recession, which means plenty of work for the FDIC.

When a bank fails, the FDIC typically tries to find a buyer for the deposits and branches first before. If it’s unsuccessful, as was the case with New Frontier, the FDIC then looks to sell off the bank’s remaining assets.

Some of that work is handled by the agency itself, but much of it is farmed out to private-firms that specialize in managing and selling assets.

[etc.]

Timing, however, can be everything when a bank fails, especially as regulators scramble to squeeze every dime out of a failed bank’s remaining assets.

Consider the case of Downey Financial (DWNFQ). Last fall, just two months before regulators seized the California-based lender, the company was shopping its twin-towered, six-story headquarters in Newport Beach for a reported $115 million.

The nearly 43,000-square-foot piece of property is still up for grabs, albeit at a deep discount. Prescient is currently asking for $59 million for the property, according to its Web site.

Bliss Morris, president and CEO of First Financial Network, a 20-year-old Oklahoma-City-based firm, said the same holds true in trying to sell loans on behalf of the FDIC — the longer it takes to make a sale, the more likely it is that the loans will lose even more of their value.

[lots more in this story – great info and maybe some opportunities for new small business models to offer some help liquidating these things – ]

“It doesn’t always take a Morgan Stanley or Goldman Sachs to come to the table,” he said. “This really is an opportunity.”

First Published: June 30, 2009: 3:53 PM ET

http://money.cnn.com/2009/06/30/news/companies/bank_failures_assets/index.htm?postversion=2009063016

***

chart_job_losses_070209.03.gif

http://money.cnn.com/2009/07/02/news/companies/jobs_june/index.htm?postversion=2009070208

chart_job_losses_070209.03.gif

NEW YORK (CNNMoney.com) — The battered U.S. labor market took a step backwards last month as employers trimmed more jobs from their payrolls in June, according to a government report Thursday.

There was a net loss of 467,000 jobs in June, compared with a revised loss of 322,000 jobs in May. This was the first time in four months that the number of jobs lost rose from the prior month.

The June job losses were also far worse than the forecast of a loss of 365,000 jobs by economists surveyed by Briefing.com.

The unemployment rate rose for the ninth straight month, climbing to 9.5% from 9.4%, and hitting another 26-year high. Economists had been expecting that the unemployment rate would hit 9.6%.

Nearly 3.4 million jobs have been lost during the first half of 2009, more than the 3.1 million lost in all of 2008.

[etc.]

http://money.cnn.com/2009/07/02/news/companies/jobs_june/index.htm?postversion=2009070208

***

My Note –

How could that possibly come as a surprise to experts, analysts and economists? Yesterday, when the report was released, every news show that I watched across every cable station was surprised and evidenced the accompanying surprise and shock from the Wall Street investment community. What did they think was happening and what it would mean?

It isn’t even funny that the “experts” who are being paid to make these analyses of the same data available to all of us are getting it so wrong, so consistently. They had it wrong last year as they told us it was no more than a little dip in the “bubble”. They had it wrong last fall when they told us that it would all be okay and was no more than a little “contraction” in the economy. They had it wrong when they told their clients and subsequently, the rest of us that it wasn’t the “R” word (Recession, certainly not). Why do they get paid?

– cricketdiane

***

Medvedev says he wants a “more modern relationship” with the US – (on his blog) as just reported by 12.12 p.m. 07-03-09 on CNNI (206 – comcast)

***

Scotland Yard to quiz Tory peer over £100,000 expenses claim

By Ian Drury and Rebecca Camber
Last updated at 12:18 PM on 03rd July 2009

Lord Hanningfield is accused of staying at his farmhouse in Essex while claiming for overnight stays close to Parliament

A Tory peer who claimed nearly £100,000 for staying in London despite living less than 50 miles from the capital is being investigated by Scotland Yard.

Lord Hanningfield, a frontbencher in the House of Lords, is at the centre of a police probe into accusations he stayed at his farmhouse in Essex while claiming for overnight stays near Parliament.

Peers who live outside the capital are entitled to collect up to £174 a day for overnight accommodation if their stay is ‘for the purpose of attending sittings of the House’.

[ . . . ]

The others being investigated are all Labour politicians: Lord Clarke of Hampstead, a former party chairman, and Baroness Uddin, plus former fisheries minister Elliot Morley and backbench MP David Chaytor.

Lord Hanningfield, 68, who has a taxpayer-funded full-time chauffeur provided by the local authority, has a family home in West Hanningfield, near Chelmsford, which is 46 miles from London.

(Lord Hanningfield, centre, with a group of Essex MPs including Bernard Jenkin, third rear, and Eric Pickles, second right – photo)

Police are keen to find out whether he travelled back there on the nights he claimed to have stayed in the capital.

Since 2001-02, he has claimed £99,970 in ‘overnight subsistence’ and £49,955 for meals and ‘incidental’ travel – paid at £86.50 a day last year.

Peers do not have to provide receipts and can simply ‘clock in’ at the Lords in order to qualify for their allowances.

But those who travel home at night are not permitted to pocket the cash.

Lord Hanningfield on his elevation to the Lords

Scotland Yard refused to confirm Lord Hanningfield’s involvement, but a Tory source said he was being investigated.

He is also able to claim expenses as Essex County Council leader. In 2006-07 he claimed £59,110 including £5,319 for travel and £7,466 for fares and subsistence.

He joined the House of Lords in 1998 and since 2005 has been Shadow Minister for Transport, as well as Tory Whip.

His role in setting up the Local Government Association in 1997 helped to get him the peerage.

Lord Hanningfield exposed the fact that the Prime Minister Tony Blair spent £1,000 of taxpayers’ money a year on make-up.

But he faced criticism last year after spending £62,000 of council money on a ‘fact-finding’ business-class trip to the US.

[ . . . ]

Earlier this month it emerged that the Metropolitan Police had formally launched criminal investigations into three Peers and two MPs following a month-long exercise by detectives and Crown Prosecution Service lawyers.

It followed revelations that Mr Morley claimed £800 a month for a home in his Scunthorpe constituency even though the mortgage had already been paid off.

Mr Chaytor claimed £13,000 for a ‘phantom’ mortgage he had paid off.

Baroness Uddin allegedly claimed an empty Kent flat was her main home so she could receive expenses despite living in Wapping, east London.

Lord Clarke admitted fiddling his expenses by claiming for stays in London when he drove home to St Albans, Hertfordshire, about an hour from the capital.

The MPs could be charged with fraud, theft or misconduct in a public office.

The maximum sentence under both the Serious Fraud Act 2006 and the Theft Act 1968 is ten years. Misconduct in public office carries a maximum life sentence.

http://www.dailymail.co.uk/news/article-1197214/Police-probe-Tory-peer-claimed-100-000-overnight-expenses-staying-Essex-farmhouse.html?ITO=1490

***

June 26, 2009
Russia Profile Weekly Experts Panel: the Quest to Boost Russia’s Image


Introduced by Vladimir Frolov
(from – ) Russia Profile

Contributors: Vladimir Belaeff, Stephen Blank, Ethan Burger, Edward Lozansky, Sergei Roy

“The main task of the new structure,” wrote Nezavisimaya Gazeta, “is to correct the image mistakes committed over the last year,” since Dmitry Medvedev became president, including Moscow’s failure to persuade other countries to recognize the independence of Abkhazia and South Ossetia, and as well as the prevailing negative attitude toward Russia in the CIS concerning various financial arrangements.

The Kremlin has finally understood that it makes more sense to attempt to predict the reaction of the international community at an early stage, and to incorporate these forecasts into major policy decisions, as opposed to putting out public relations fires post factum.

The emphasis on careful policy planning, strict inter-agency coordination and effective policy implementation is a welcome change in the Kremlin’s approach to public relations.

http://www.russiaprofile.org/page.php?pageid=Experts%27+Panel&articleid=a1246021758

[etc. – very long-winded and highly questionable with these experts’ viewpoints based in “perception management” and spin rather than on the validity of fluid accurate information – my note]

***

http://www.russiaprofile.org/page.php?pageid=Links

from RIA Novosti sponsored site – links they consider important –

Portal on International Relations by the German Council on Foreign Relations. (http://www.weltpolitik.net)
The Moscow Expat Site – the virtual community for English-speaking expats and Russians. (http://www.expat.ru)
Cafebabel.com is the leading European current affairs magazine. Published in 7 languages (English, French, Catalan, Spanish, Italian, German and Polish), it analyses current affairs from a resolutely European perspective. (http://www.cafebabel.com)
The RBCC, Russo-British Chamber of Commerce exists to facilitate trade between Britain and Russia. Services include a monthly business digest, in-depth regional and company profiles, exhibitions, conferences and up to the minute Russian business advice. (http://www.rbcc.com )
The EBRD is the largest single investor in central Europe and central Asia and mobilises significant foreign direct investment beyond its own financing. It provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. It also works with publicly owned companies, to support privatisation, restructuring state-owned firms and improvement of municipal services. (http://www.ebrd.com/new/am/)
Davis Center for Russian and Eurasian Studies at Harvard (http://www.daviscenter.fas.harvard.edu )
EurasiaNet is the most comprehensive source for news and information about the countries of the Caucasus and Central Asia found anywhere on the World Wide Web. (http://www.eurasianet.org)
For the past ten years, MARBC has worked to foster business relations between Russia and the Newly Independent States (NIS), and the U.S. Mid-Atlantic Region, while cultivating mutual appreciation of political, economic, cultural, and educational interests. (http://www.ma-rbc.org )
Foreign Policy is the premier, award-winning magazine of global politics, economics, and ideas. (http://www.foreignpolicy.com)
Foreign Affairs is America’s most influential publication on international affairs and foreign policy. (http://www.foreignaffairs.org)
Worldpress.org is a nonpartisan magazine whose mission is to foster the international exchange of perspectives and information. It contains articles reprinted from the press outside the United States, as well as originally written material. (http://www.worldpress.org)
BBC News Europe (http://news.bbc.co.uk/2/hi/europe/default.stm)
Radio Free Europe – Radio Liberty – your source for news and information from Eastern and Southeastern Europe, Russia, the Caucasus, Central Asia, and Southwestern Asia. (http://www.rferl.org)
Inside Russia and Eurasia is the website of the monthly intelligence report of the European Press Agency. Independent of government or political ties, it reports and analyses political, economic, social and security developments in Russia and Eurasia without regard for the prevailing consensus. (http://www.russia-eurasia.net)
ACTR/ACCELS is an international not-for-profit organization working to advance education, research, and mutual understanding across the United States and the nations of Eastern Europe, Eurasia, and Southeast Europe. (http://www.americancouncils.org )
The School of Russian and Asian Studies is a team of specialists dedicated to education in and about Russia. In addition to offering accredited Russian language courses, they also offer classes in art, history, int’l relations, journalism, and more in locations across the FSU. (http://www.sras.org)
Russia Today TV is a news channel oriented to global viewers, it broadcasts in English, 24 hours a day. Russia Today is first in line bringing news of key events in Russia to the world. Exclusive coverage makes this channel indispensable for businessmen, diplomats, journalists and decision-makers in the field of politics and the economy. (http://www.russiatoday.ru)
Russia Beyond the Headlines is a monthly supplement to the world’s leading newspapers: The Washington Post (US), The Daily Telegraph (UK), The Economic Times (India), Duma (Bulgaria). Russia Beyond the Headlines provides comments, analysis and information on trends in Russia. We dispel stereotypes and help you to understand Russia as a historic, complex nation undergoing change in response to the challenges of modern times, while trying to preserve its traditions and identity. (http://rbth.rg.)
Defense nationale is a publication whose purpose is to tackle all – national and international – political, economic, social and scientific issues by considering them from the viewpoint of defence. (http://www.defnat.com)
Oil & Gas Eurasia is Russia’s № 1 oil and gas technology magazine for operators, service and supply companies. US owned, OGE was first to use a bi-lingual format and the first Russian-based publication to audit its circulation. OGE’s parent company, Eurasia Press, also publishes Eurasia Offshore, a quarterly technology supplement for the offshore industry. (www.oilandgaseurasia.com)
PMR Ltd. is a publishing, consulting and market research company providing information, advice and services to international business interested in Central and Eastern Europe. With highly skilled staff, top ranked web sites such as www.ictrussia.com, www.constructionrussia.com, and www.russiaretail.com, and over 10 years of experience, PMR is one of the largest companies of it’s type in the region. (www.pmrcorporate.com)
Information Agency “FC-Novosti” provides exclusive information and digests of press reports on the key issues of the Russian economy bearing on investments in Russia and it’s regions; news about major Russian issuers and companies involved in foreign projects; analytical reports and comments on the financial, stock and commodity markets. (http://www.rfcm.ru)
The European Finance Convention Foundation is an independent Body which was set-up as a non profit organisation in 1987. It has been collaborating over the years with the European Commission and most of the International Financial Institutions, on some of the major matters related to the EU economical and financial integration like the ECU and later on the EURO, the Enlargement process and the EU mediterranean co-operation. (http://www.euroconvention.com/6251-Moscow1.htm)


Economist Conferences, a division of the Economist Intelligence Unit, is the leading provider of international forums for senior executives seeking new insights into strategic issues. These meetings include industry conferences, management events and government roundtables held around the world. As part of The Economist Group, the publisher of The Economist newspaper, we are a highly respected brand with a 162-year history and an unrivalled reputation for excellence and independence.
(http://www.economistconferences.com)
Founded in 1995, the AEB is an independent non-commercial association with a membership of over 600 companies from across the European Union and Russia. Our members range from large multi-national corporations to SMBs and are united by their commitment to forging stronger economic ties between the EU and Russia, as well as improving the business environment here in Russia. The AEB conducts lobbying activity through its 26 committees and working groups, which cover a wide spectrum of industries and sectors, including Energy, Customs & Transport, Airlines, Legal, Taxation and Banking – to name but a few. (www.aebrus.ru)
Euromoney Institutional Investor PLC – the international publishing, events and electronic information group, delivering business information to the finance, law, energy and transport sectors for over 35 years.
Euromoney Seminars is a division of Euromoney Institutional Investor PLC. The business hosts over 80 content led events worldwide. Renowned for the seniority of the audience and quality of the debate, Euromoney
Seminars offer the perfect mix of market insight and networking. (www.euromoneyseminars.com)
Marcus evans is one of the world’s leading providers and promoters of global summits strategic conferences, professional training, in-Company training, business-to-business congresses, sports hospitality and on-line information.
(www.marcusevans.com)
RedTram is a multi-language news search engine delivering news in English, French, German, Spanish, Italian, Polish, Chinese, Ukrainian and Russian. RedTram offers its readers a well-structured and detailed catalogue, an opportunity of viewing archived news and an advanced search.
(en.redtram.com)

The German-Russian Forum organizes the dialogue and meetings between the Russian and the German communities. We provide discussion platforms for political and economic talks and cultural meetings while supporting young managers and regional cooperation.

Combining social and entrepreneurial responsibilities, we help to build up German-Russian relations and recommend ourselves as a partner for Corporate Citizenship in Russia.

www.deutsch–russisches–forum.de

[From – ]

http://www.russiaprofile.org/page.php?pageid=Links

***

My Note –

Last year, when I was researching something else, a Google search that I had made with conferences or conventions and Moscow, St. Petersburg and other Russian cities yielded an amazing array of international conventions that were being hosted there for 2009 and beyond, (including interpol having their international meeting there.)

Footballers and fans will certainly remember the world class contest that happened there. Even with the frailty of the world economies, these events are still drawing participants from around the world throughout many and varied communities, industries, sciences, and focused audiences.

That is no small thing, but the Russian group of leaders do not seem to understand how inappropriate it is to stop or limit the flow of heating products to a wider world whose families are dependent upon it to survive the winter as happened last year.

We do look to Russia to make it right when that happens whether the countries along the routes of pipelines caused the problems or not, because Mother Russia is the player with the most to lose on the world stage and has the ability to resolve it.

I am glad to hear that Medvedev has a blog – it would seem such an uneasy balance if only President Obama was using that medium . . . (there are a few others from leaders around Europe and elsewhere, although my guess is that the poor staffer who is actually writing it has more to do than God ever intended a human to get done in a day . . . )

– cricketdiane, 07-03-09

***

a little international security info, bank failures, atomic power plants boiling water using the most expensive tab ever created, UK creative expense accounting for Parliamentarians for that tough and difficult work they do, and assorted other US and Global resources for information and opportunities to make new business models that work –

***

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  • Oil Spill now called hydrocarbons instead of petroleum or crude oil in the Gulf of Mexico - okay - but they still should've stuck the booms around the oil and corraled the hydrocarbons out in the Gulf and sucked the "hydrocarbons" petroleum crude oil into a tanker before it spread
  • What are they doing? - this is a national emergency with the oil spill in the Gulf of Mexico - not a Sunday outing
  • Mining Oil - Mining - Gushing Oil in the Gulf of Mexico - Facts and Fantasy - The Fact is it exploded into fire - The fantasy is that doesn't mean anything and its safe -
  • CO2 - carbon dioxide - carbon sequestration - uses for carbon dioxide - plant a green thing -
  • Raw Data - nuclear terrorism and stuff - unseparated
  • How I learn - (cont.)
  • These are the foundations of our economic crisis and other insanities of influence over taking away the rights of the American people - no wonder they can't hear us -

New Cricket House Studios – cricketdiane stuff

  • Corruption of President’s Actions Affects US and the International Community -Ukraine Transcript IS Proof
  • DNI Maguire Broke The Law For His Own Fealty To The President – Arrest Him Like Any Of The Rest Of Us Would Be
  • “Moscow Mitch” Soybeans and Aluminum
  • US Congress Party Control 1965 – 2019
  • Nifty New Products and an Amazing Rainbow Tie I Forgot That I Created – Cool
  • And another thing
  • Hurricane Florence in Real Time Live Streaming Cams Plus Helpful Info
  • Hurricane Update Sites – Hurricane Florence
  • Customizing Rainbow Pop Art Wall Decal Design Makes Amazing New Choices
  • Interesting Independent Designer Products You Can Buy Online
  • Elsewhere
  • Ocean Beach Posters for Beach Decor by CricketDiane and Cricket House Studios
  • Little Donnie Dare Trump limericks for the Resistance – SecondCivilWarLetters 4th of July 2018
  • Why the rights of citizens are in jeopardy in the United States right now
  • Introducing the Little Shop Out Back Preview for Studios of CricketDiane Art and New Ocean Paintings

Cricket Diane

  • 5 Nerdy Goodies that are Geeky Gifts I’ve Designed on Zazzle
  • About Cricket Diane
  • Archives Cricket House Studios
  • CricketDiane in the Studio Working
  • CricketDiane Surface Design Products
  • Got No Money Guides by Cricketdiane
  • International concerns – Mideast
  • Ocean Paintings
  • Private Equity Purchase of Toys R Us Required Toys R Us to Pay the Full Price of Being Bought – Is that Right?

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