Colonial Bank has been raided by the FBI.
Colonial Bank has been raided by the FBI.
Why is this important? Because Colonial Bank is a significant regional bank that is on the verge of default, and the FDIC is out of money.
"If the FDIC were to seize Colonial, it would be the sixth-largest seizure, by assets, in American history. Such a large failure could strain the bank safety net. Colonial has $20 billion in deposits, while the FDIC insurance fund has dropped below $15 billion. The FDIC wouldn't have to cover every dime, but when Florida's BankUnited, with $12.8 billion in assets, failed earlier this year, it cost regulators nearly $5 billion."
I believe the FDIC is broke and knows it; that under the law they should have seized these three banks (and many dozens more, including some really big ones) some time ago, but doing so will force them to tap the Treasury "emergency" credit line. They're well-aware that this could instill quite a bit of panic in the public (never mind Congress!); as such they, along with OTS and OCC are conspiring to (once again) hide the truth and pray for an economic recovery before they are forced to act as the law demanded months or even years ago!
(I highly recommending reading this entire article as it explains quite clearly how precarious of a situation the FDIC finds itself in.)
It appears that they have finally been forced to act. Should be an interesting week.
Video Fox Orlando: Downtown building raided by FBI
Updated: Monday, 03 Aug 2009, 5:32 PM EDT
Published : Monday, 03 Aug 2009, 12:07 PM EDT
ORANGE COUNTY, Fla. (WOFL FOX 35) - - FBI agents from the Washington, D.C. field office raided a building in downtown Orlando Monday. Federal and local law enforcement surrounded the Colonial Bank building on East Pine Street in Orlando just before noon.
The FBI is working with the Office of the Special Inspector General for the Troubled Asset Relief Program which was established by the Emergency Economic Stabilization Act of 2008.
Agents served search warrants and pulled out documents bringing them out a side entrance and placing them in to a Ryder truck.
Colonial Bank is based in Montgomery Alabama. It has $26 billion in assets and operates in five states and is the fourth largest bank in Florida with 35 branches.
FOX 35 news has also confirmed federal agents also raided the Taylor, Bean and Whitaker Mortgage Corporation in Ocala Monday.
Colonial and Whitaker Mortgage Corporation terminated a deal on Friday to raise $300 million. The money was needed before the Alabama-based bank could access $500 million in federal funds.
Full version:
http://www.myfoxorlando.com/dpp/news/orange_news/080309_fbi_...
the FBI
Better hire new staff, I think they are going to be very busy.
well said my friend
cheers to you from toronto now*))
"The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government -- lest it come to dominate our lives and interests."
-- Patrick Henry
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"How can we justify to the unemployed and underemployed in the United States the incredible cost of maintaining a global empire?" - Dr. Ron Paul
I could be mistaken, but I
I could be mistaken, but I have read that the FDIC doesn't actually have an "account" they have money they can get from the treasury. The fees banks have been paying have been going to the "general" fund.
could this be why
the dollar is getting it's ass kicked recently?
That is what I am wondering.
That is what I am wondering. It certainly will not produce faith in our government which will obviously have a negative impact on the dollar. The question is how many people have actually realized how fragile our banking system is, and how much has the impact of those people been felt in the markets.
In other words, it could be getting a lot worse very soon.
I Hate To Say This But,
This action could be the start of a "Run" on the banking system.
Why?
Because the $20 billion on deposit is probably checking accounts, savings accounts, C.D.'s, and other cash deposits.
How long will it take to give depositors back their right full property?
Here is a complete list of the 2,688 American banks with a very low rating:
http://www.moneyandmarkets.com/files/documents/X-List.htm
How would you like it if you wrote a check and it bounced because the bank was closed by the FBI?
beesting
What's the Big Deal? It's
What's the Big Deal? It's all fiat money. If they (FDIC) runout of money, they walk over to the Federal Reserve, got down on their knees and ask the Federal Reserve to print more money.
"The price of Freedom is Eternal Vigilance"- Thomas Jefferson
There is no Left or Right -- there is only freedom or tyranny. Everything else is an illusion, an obfuscation to keep you confused and silent as the world burns around you." - Philip Brennan
"Invest only in things that you can stand in front of and pr
Hyperinflation much?
"There can be only one permanent revolution - a moral one: The regeneration of the inner man."
—Tolstoy
"The body is but a vessel for the soul,
A puppet which bends to the soul's tyranny.
And lo, the body is not eternal,
For it must feed on the flesh of others,
Lest it return to the dust whence it came.
Therefore the soul deceives and despises."
Every time that happens, we
Every time that happens, we get that much closer to the abyss. Sooner or later there will come a point where they are no longer to get that money, and then we are all in trouble.
Thanks for posting this Khomar
I am sharing this info with some sheeple I know.
Federal Agents Raid Colonial Bank In Orlando
Report: Warrant Also Served At Ocala Mortgage Company
POSTED: 1:18 pm EDT August 3, 2009
UPDATED: 2:10 pm EDT August 3, 2009
ORLANDO, Fla. -- Federal agents raided the regional headquarters of Colonial Bank in downtown Orlando on Monday.
Agents and law enforcement officials outside Colonial Bank in Orlando on Monday.
The agents served a search warrant in Orlando and at one other location in Florida, said Kristine Belisle, a spokeswoman for the special inspector general of the federal Troubled Asset Relief Program.
TARP is a program that buys or insures troubled assets from financial institutions.
Belisle would not comment on what the agents were seeking or where else the warrant was served.
Agents arrived at the bank building on East Pine Street on Monday morning. Among those at the scene are the FBI and agents from the federal Department of Housing and Urban Development.
The Star-Banner is reporting on its Web site that federal agents raided the Taylor, Bean & Whitaker Mortgage Corp. in Ocala on Monday.
More:
http://www.wesh.com/money/20265374/detail.html
LOL
Belisle would not comment on what the agents were seeking or where else the warrant was served.
Tangible assets, probably...
~Live life to its fullest, with an open heart, open arms and most important... an open mind~
bump for important posts
Thank you Khomar for letting us know this info.
"The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government -- lest it come to dominate our lives and interests."
-- Patrick Henry
Website:
http://www.libertypoet.com/
Twitter:
http://twitter.com/LibertyPoet
"How can we justify to the unemployed and underemployed in the United States the incredible cost of maintaining a global empire?" - Dr. Ron Paul
Yep...
that darn ~house of cards~ issue, and it's only August....
~Live life to its fullest, with an open heart, open arms and most important... an open mind~
Thanks, for posting
bookmarked for my husband to read, also.
Prepare & Share the Message of Freedom through Positive-Peaceful-Activism.