What It's like to Not Be Goldman Sachs
Colonial BancGroup shut down by federal officials By MARCY GORDON The Associated Press Saturday, August 15, 2009 1:59 PM WASHINGTON -- Real estate lender Colonial BancGroup Inc. has been shut down by federal officials in the biggest U.S. bank failure this year. The Federal Deposit Insurance Corp., which was appointed receiver of the Montgomery, Ala.-based Colonial and its about $25 billion in assets, said the failed bank's 346 branches in Alabama, Florida, Georgia, Nevada and Texas will reopen at the normal times starting on Saturday as offices of Winston-Salem, N.C.-based BB&T. . . . The closures boosted to 77 the number of federally insured banks that have failed in 2009.
__________________________________________ So, let's see now. If I have this straight, Goldman made really huge bucks during the housing bubble, packaging fraudulent loans into investment vehicles, pocketing the profit and passing off the fully known and understood risks to others.
Now, Goldman is back with a vengeance--a $4.3 billion quarter. They fairly gloat over the statement that "This business has performed well because the bank has taken on greater levels of risk since the end of last year." Goldman privatizes profit and socializes risk. "Socialized," in this case, means the FDIC picking up Goldman's dirty laundry over at Colonial Bancgroup. To know how it feels to not be Goldman Sachs, check out any of those who used to be connected with: 1st Centennial Bank Alliance Bank Alpha Bank & Trust Ameribank America West Bank American Southern Bank American Sterling Bank AmTrade International Bank ANB Financial, NA Bank of Alamo Bank of Clark County Bank of Ephraim Bank of Honolulu Bank of Lincolnwood Bank of Sierra Blanca Bank of Wyoming BankFirst BankUnited, FSB Cape Fear Bank Citizens Community Bank Citizens National Bank Colonial Bank Colorado National Bank Columbian Bank & Trust Community Bank Community Bank of Arizona Community Bank of Nevada Community Bank of West Georgia Community First Bank Community National Bank of Sarasota County Connecticut Bank of Commerce Cooperative Bank Corn Belt Bank & Trust Co. County Bank Dollar Savings Bank Douglass National Bank Downey Savings & Loan Dwelling House Savings and Loan Association Elizabeth State Bank En Español En Español En Español En Español Farmers Bank of Cheneyville First Alliance Bank & Trust Co. First Bank of Beverly Hills First Bank of Idaho First BankAmericano First Georgia Community Bank First Heritage Bank, NA First Integrity Bank, NA First National Bank of Anthony First National Bank of Blanchardville First National Bank of Danville First National Bank of Nevada First Piedmont Bank First Priority Bank First State Bank First State Bank of Altus First State Bank of Winchester FirstBank Financial Services FirstCity Bank Founders Bank Franklin Bank, SSB Freedom Bank Freedom Bank of Georgia Great Basin Bank of Nevada Guaranty National Bank Hamilton Bank, NA Haven Trust Bank Heritage Community Bank Horizon Bank Hume Bank IndyMac Bank Integrity Bank Integrity Bank John Warner Bank MagnetBank Main Street Bank Malta National Bank Meridian Bank MetroPacific Bank Metropolitan Savings Bank Miami Valley Bank Michigan Heritage Bank Millennium State Bank of Texas Mirae Bank Mutual Bank National Bank of Commerce National State Bank of Metropolis Neighborhood Community Bank Net 1st National Bank NetBank New Century Bank New Frontier Bank NextBank, NA Oakwood Deposit Bank Co. Ocala National Bank of Tallahassee Omni National Bank Peoples Community Bank PFF Bank & Trust Pinnacle Bank of Oregon Pulaski Savings Bank Reliance Bank Riverside Bank of the Gulf Coast Rock River Bank Sanderson State Bank Security Bank of Bibb County Security Bank of Gwinnett County Security Bank of Houston County Security Bank of Jones County Security Bank of North Fulton Security Bank of North Metro Security Pacific Bank Security Savings Bank Sherman County Bank Silver Falls Bank Silver State Bank Silverton Bank, NA Sinclair National Bank Southern Community Bank Southern Pacific Bank Strategic Capital Bank Suburban FSB Superior Bank, FSB TeamBank, NA Temecula Valley Bank Union Bank, National Association Universal Federal Savings Bank Vineyard Bank Washington Mutual Bank Washington Mutual Bank FSB Waterford Village Bank Westsound Bank