CIT Group Inc. (NYSE: CIT) won bank holding company status in December of 2008 so they could qualify for TARP money and then today announced their bankruptcy filing. CIT’s demise becomes the largest financial company failure since Lehman Brothers and the fifth largest bankruptcy in history. CIT Group and Mortgage Crisis CIT Group had a [...]

OneWest Bank Group completed it’s purchase of the failed IndyMac Federal Bank today. OneWest Bank is the subsidiary of the newly created bank holding company, IMB HoldCo LLC. IMB HoldCo LLC was hand picked by the FDIC to take over when the failure was announced back in January. OneWest Bank’s Purchase Smells Funny When the [...]

As of January 30, 2009, the U.S. Treasury reached out to 42 more banks with TARP - CPP funds for the week. For the first time, Arizona and Nebraska banks are on the list showing the Treasury’s desire to strengthen rural banks or what they call Community Development Financial Institutions (CDFIs). Rural Banks (CDFIs) Get [...]

The U.S. Treasury Department announced today about $386 million of the bailout money went to 23 banks across the nation as part of its Capital Purchase Program (CPP). This press release announcing the funding of these little local banks is more of a PR ploy if you ask me. They want us all to think [...]

Here is this week’s list of banks getting TARP funds from the US Treasury Department as part of the banking bailout legislation passed late Summer of 2008. Banks Getting TARP Funds Week Ending 1/24/2009 The Treasury sends me emails of all sorts and I thought this would be one I’d simply repost each time I [...]

BofA (shorthand for Bank of America - NYSE: BAC) got another round of bailout money from not only the Treasury, but also from the Fed and the FDIC as well. BofA has already recieved one of largest dole outs of the first round of TARP funds along with the other eight Paulson hand-picked mega-banks when [...]

The US Treasury just released a list of 43 banks that received TARP money under the Capital Purchase Program. The total released so far this week to these banks is just under $15 billion. Strange… Why is the Treasury Department reporting on these so-called “local banks” getting TARP funds right now when they’ve never done [...]

Congress is expected to pass the Paulson financial rescue plan that is now been converted from a hazy three pages to over 100 pages in the new bill called the Emergency Economic Stabilization Act of 2008 sometime today. Emergency Economic Stabilization Act of 2008 Why do we need this bank bailout bill? We’ll undoubtedly you’ve [...]