<<This is affecting everyone? I mean people in other countries?>>
Yes, the global economy is not a zero sum game. On the contrary, what is good for one is good for most, what is bad for one is bad for most. This crisis is negative for all, some suffer more while others suffer less. Peace and best wishes. Xi On Oct 8, 3:18 am, "Mercury.Sailor" <[EMAIL PROTECTED]> wrote: > Well, Now its looking like the deal between Wachovia and Wells is on > hold(Thanks to Citi!) > > I heard that in the last month Retirement accounts have lost two > trillion dollars, Im sure I heard it wrong and I don't have the time > to look it up. I sure hope I heard wrong! > > This is affecting everyone? I mean people in other countries? > > On Oct 5, 8:13 pm, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > > > > > I am not very familiar with US regulatory systems, including the FDIC. > > I guess that you are right, the FDIC controls the big banks as much as > > the FDA controls Pfizer or Monsanto. I guess that it happens in most > > countries. > > > I guess that the Fed (and the Treasury) can controls banks closer > > because they depend on the Fed much more, more in the short term and > > it is related to business. Anyway, as I told, I am not familiar with > > regulatory systems in your country. > > > Also, I guess that your question comes about the role that the FDIC > > can play in the Wachovia deal, whether its influence can be relevant > > or not. A lawyer would say that it is just a legal process and > > everything depends on the contract that Citi and Wachovia have in > > place. In my opinion, in this sort of deals, politics plays a crucial > > role. I cannot say which one, Citi or Wells, have a better position > > among all parts (Fed, Treasury, FDIC, etc.), sorry. Even if the issue > > is arranged in a court, it might change later by agreements among > > banks and authorities. > > > Anyway, I do not think that this deal takes too long to reach its end. > > In my opinion rather weeks than months. Right now, the last thing that > > the banking system needs is uncertainty. > > > I wish that Charlotte keeps as many jobs as posible, I keep crossed my > > fingers. > > > Peace and best wishes. > > > Xi > > > On Oct 6, 12:45 am, "Mercury.Sailor" <[EMAIL PROTECTED]> wrote: > > > > In addition to its powers of insuring bank and savings and loan > > > deposits, the FDIC regulates the banking industry and may, after > > > proper notice and a HEARING, discontinue its insurance coverage if a > > > bank engages in overly risky banking practices. When this happens, the > > > FDIC requires the bank to provide timely notice to its depositors of > > > the termination of FDIC coverage. > > > >http://www.enotes.com/everyday-law-encyclopedia/fdic > > > > It sounds like the FDIC sort of acts the way the FDA in regulating > > > buisness. > > > > "discontinue its insurance coverage if a bank engages in overly risky > > > banking practices" > > > > Now why did the FDIC fail and allow banks to continue in engaging in > > > risky loans? Was this bailout planned? > > > > On Oct 5, 6:37 pm, "Mercury.Sailor" <[EMAIL PROTECTED]> wrote: > > > > > FDIC Mission, Vision, and Values > > > > > Mission > > > > > The Federal Deposit Insurance Corporation (FDIC) is an independent > > > > agency created by the Congress that maintains the stability and public > > > > confidence in the nation’s financial system by insuring deposits, > > > > examining and supervising financial institutions, and managing > > > > receiverships. > > > > > Vision > > > > > The FDIC is a leader in developing and implementing sound public > > > > policies, identifying and addressing new and existing risks in the > > > > nation’s financial system, and effectively and efficiently carrying > > > > out its insurance, supervisory, and receivership management > > > > responsibilities. > > > > > Values > > > > > The FDIC and its employees have a long and continuing tradition of > > > > distinguished public service. Six core values guide FDIC employees as > > > > they strive to fulfill the Corporation’s mission and vision: > > > > >http://www.fdic.gov/about/mission/index.html > > > > > As FDIC chairman, Powell traveled to the Gulf Coast region in the > > > > aftermath of the hurricanes in order to assess the damage to banks and > > > > other financial institutions and systems. > > > > > A native of Texas, Powell served as the president and CEO of The First > > > > National Bank of Amarillo before being appointed to head the FDIC in > > > > 2001. Powell also has served in various community and public service > > > > positions, including chairman of the Board of Regents of Texas A&M > > > > University, chairman of the Amarillo Chamber of Commerce, member of > > > > the City of Amarillo Housing Board and member of the boards of High > > > > Plains Baptist Hospital and the Harrington Regional Medical Center. > > > > > Powell is a longtime friend and political supporter of President > > > > Bush. > > > > >http://www.pbs.org/newshour/updates/powell_11-01-05.html > > > > > The FDIC employs approximately 8,000 people throughout the country. > > > > The headquarters are in Washington, D.C., but regional offices exist > > > > in Atlanta, Boston, Chicago, Dallas, Kansas City, Memphis, New York > > > > City, and San Francisco. In addition, field examiners, whose job is to > > > > conduct on-site inspections of banks, have field offices in 80 more > > > > locations throughout the country. > > > > > The FDIC has JURISDICTION over banks in the 50 states, the District of > > > > Columbia, Guam, Puerto Rico, and the Virgin Islands. It regulates > > > > banks, enforcing rules such as the Equal Credit Opportunity Act that > > > > prohibits certain forms of DISCRIMINATION in lending, and inspects > > > > banks to be sure they are operating profitably and legally. > > > > >http://www.enotes.com/everyday-law-encyclopedia/fdic > > > > > On Oct 5, 5:30 pm, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > > > > > > To be honest, about FDIC, I just know its mission, to grant that > > > > > savers receive their money back in case of banruptcy until its top > > > > > limit, if I do not recall wrong it is $100,000 but they want to rise > > > > > it up to $500,000. I do not think that FDIC can control banks too much > > > > > in USA, it uses to be a job of central banks. > > > > > > As far as I know Wachovia has the same problems that most US banks > > > > > right now, not more, not less. It is sad because when leading > > > > > companies in a sector do something wrong, is difficult for smaller > > > > > companies not to do the same, because they could not compete with the > > > > > large ones. But when the time to pay for the wrongdoings come, the > > > > > large ones can survive easier than the smaller ones. > > > > > > In my opinion, this is a terrible crisis that more or less will have > > > > > negative influence on everybody around the world. More for some people > > > > > than for others. More for the same people who always lose during > > > > > crisis. > > > > > > Thank you for sharing that the company your SIL works for is not > > > > > having any problems, Because they did not make bad loans. I really > > > > > hope that they got ready for the bad times ahead during the good ones > > > > > as much as posible. Let us hope that most people are ready to face it. > > > > > > Peace and best wishes. > > > > > > Xi > > > > > > On Oct 5, 9:47 pm, "Mercury.Sailor" <[EMAIL PROTECTED]> wrote: > > > > > > > Well, That does NOT sound very good to me. > > > > > > > I think everyone in my city has been taking sleeping pills this past > > > > > > week, > > > > > > Because we depend so much on Wachovia for jobs! > > > > > > > How much do you know about the FDIC? I read that Bush did appoint > > > > > > the > > > > > > head of the FDIC in 2006. How much control does the FDIC have > > > > > > over banks? Are they partially at fault for not doing something > > > > > > sooner? > > > > > > > I was at my brothers house last night, I was chatting with my > > > > > > SIL (She works as a product mgr. for a National Mortgage Lender) > > > > > > After talking with her, I guess I am going to put some blame on the > > > > > > lawyers. When a new home-buyers purchases a new home, They > > > > > > hire a lawyer because of all that mumble jumble paper work. That > > > > > > attorney is supposed to be in the best interest of the client. Even > > > > > > though my SIL is very involved in the mortgage industry she still > > > > > > doesn't > > > > > > understand all of the aspects of it... Its like when she and brother > > > > > > bought thier first home, They had no idea what papers were being > > > > > > shifted across the table. It is the same with all first time home > > > > > > buyers, Thats > > > > > > why we hire attorneys! The company my SIL works for is not having > > > > > > any problems, Because they did NOT make bad loans. > > > > > > > So, Now I blame the greedy predatory loan sharks and the attorneys > > > > > > that were hired by the homebuyers and the FDIC! > > > > > > > On Oct 5, 12:31 pm, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > > > > > > > > Troubled times for the banking system. It seems to me that they > > > > > > > are > > > > > > > creating two or three superbanks, or super financial institutions > > > > > > > and > > > > > > > wipping out the rest, except regional and niche groups. > > > > > > > > Than you very much for your post Mercury. It is extremely valuable > > > > > > > information. > > > > > > > > Peace and best wishes. > > > > > > > > Xi > > > > > > > > On Oct 5, 3:20 pm, "Mercury.Sailor" <[EMAIL PROTECTED]> wrote: > > > > > > > > > 800 Billion dollars to save banks from bankrupt, Yet the FDIC > > > > > > > > forces > > > > > > > > Wachovia to sell, This doesn't make sense. Which banks are > > > > > > > > getting all > > > > > > > > of these BILLIONS???? > > > > > > > > > This is a very big concern for the people in Charlotte, > > > > > > > > Including me > > > > > > > > as our 401k is managed by Wachovia. My husband has a buisness > > > > > > > > account > > > > > > > > with Wachovia but our personal account is with a credit union. > > > > > > > > > The good news for Charlotte, NC is that WellsFargo outbidded > > > > > > > > Citi Bank > > > > > > > > and bought out Wachovia, This will save A LOT of jobs in > > > > > > > > Charlotte. > > > > > > > > > Well, Those greedy bastards at Citi! > > > > > > > > > N.Y. court blocks Wachovia/Wells deal > > > > > > > > > A N.Y. judge > > ... > > read more » --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World-thread" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/world-thread?hl=en -~----------~----~----~----~------~----~------~--~---
