Good morning, today is Awesome FRIDAY August 28th, 2009
So it’s a Friday and I have a question, so what happens when your bank fails?
All right, well since the Great Depression and assuming you have less than 250,000 dollars in your bank, you can rest at ease knowing that your money’s insured by the government through the Federal Deposit Insurance Corporation, also known as the FDIC.
That’s right, FDIC Chairwoman Shiela Bair will discuss at their quarterly meeting just how much booty is left in the coffers, and how many banks are still anticipating to fail in the coming months currently it’s widely speculated that there are over 300 distressed institutions out there, and those numbers could spell disaster for the FDIC.
Well, in the event the insurer of the failed banks fails, they’ll have one or two options. They’ll either have to raise the rates for the banks right now that we know, or they’re gonna have to take the more radical step of borrowing from the treasury.
It’s gonna go something like this, guys,…
“Hi, uh, Tim, this is, yeah, Shiela. Hey, listen, things are kind of tight this month, so you think…do you think you can help me out?”
Hey, that might seem ridiculous, but they do have a precedence. In the early 1990’s, the FDIC borrowed $15 billion from the treasury, and they had to pay it off with interest, and currently, the agency believes they’re gonna need, like, $70 billion to cover bank failures through the year 2013, which is five times the current 13 billion that they currently have.
Thus far, 81 banks have failed in 2009, through 2008 we only had 25 banks
Think about that, guys. That’s huge. Benjamin Bernanke, the Federal Reserve Fuhrer, himself is the victim of identity theft. Get this… a thief stole his wife’s purse, and started cashing checks on the family bank account. The purse snatcher was working for a crime ring… that Federal agents, Federal agents and the police have been investigating for months. Federal agents looking into a purse snatcher? Can you believe that
All right… memo to said purse snatcher, listen pal, you lifted the wrong lady’s bag this time. There’s not a hole deep enough for you to hide in right about now. They’re gonna come after you like Bin Laden.
I don’t make this up… read about Fed Chairman’s Wife Bag Snatcher
AIG – The Big Idiots
AIG, our darlings AIG, y’know, these guys just don’t get it. Check it out, the new CEO of AIG Robert Benmosche is defending himself already against the lynch mob attacks against his vacation in Croatia that overlooks the Adriatic Sea. His vacation started just days after he became CEO on August 10th, and he doesn’t plan to come back until September 7th, so that means he started his new job with a 30-day vacation.
Oh, and by the way, his villa has 12 bathrooms, a vineyard, a terrace that stretches 170 feet across the front of the sea where he can look at his cigar boat. Cool right! Benmosche’s compensation from AIG from his vacation home on the other side of the world is roughly $10.5 million a year. Benmosche claims, and these are his words, his compensation, “is on the low end of the scale”, and that, well, “you still need to pay people”. Yeah, you gotta pay people. These clowns over at AIG are absolutely guilty of not understanding public relations.
Short Sales Quick Tip & Tricks
Are you sick and tired of waiting on hold with Countrywide loans (now BofA)? When they do answer you have the wrong department? If soooooo…. call 1-866-880-1232 – the direct line to the loss mitigation department.
When you call 1-866-800-1232 – DO NOT INPUT THE LOAN NUMBER. Just press #0 until you get some live. This will shave 15-20 minutes of hold time easily.
Till Next Time.
Jeff Coga
Tags: AIG are idiots, countrywide short sale tips, FDIC, Short Sale Tips
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