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I said "big banks". If you add up the assets of every bank on that list I doubt you even come close to what say Washington Mutual or UBS have. We aren't talking about some small town bank here. They fail every year. We are talking about larger banks.
Location: Georgia, on the Florida line, right above Tallahassee
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Quote:
Originally Posted by PeteyNice
No, it doesn't happen because it doesn't happen. When did I mention the government? Oh, that's right I didn't. However, you know the government would bail any large institution out. Just like they want to do with subprime stuff. This country has tied far too much to large corporations, not just banks. The economy needs to tank to wake people up. Propping it up with bandaids is not a long term solution.
Absolutely correct. Banks do not fail. The government will always bail them out. Except for NetBank. Which failed. And wasn't bailed out.
Netbank failed because of poorly-made mortgage loans. (See the Realty Times link below. Also see that people are pretty stupid, and had more money in the bank than what FDIC insured. 109 million dollars more, actually)
Absolutely correct. Banks do not fail. The government will always bail them out. Except for NetBank. Which failed. And wasn't bailed out.
Netbank failed because of poorly-made mortgage loans. (See the Realty Times link below. Also see that people are pretty stupid, and had more money in the bank than what FDIC insured. 109 million dollars more, actually)
By comparison NetBank had only $2.5 billion in assets when it failed. That is like 1/1000th of UBS.
Again i am not saying small banks won't fail, of course they will. The big ones though always get bailed out.
I thought UBS was headquartered in Switzerland. i.e. it's a Swiss bank. That link you posted is for UBS AG (USA) ...and their assets weren't 2 trillion. At least not what I saw. Maybe I read it wrong.
I thought UBS was headquartered in Switzerland. i.e. it's a Swiss bank. That link you posted is for UBS AG (USA) ...and their assets weren't 2 trillion. At least not what I saw. Maybe I read it wrong.
$2,484,235.00
That's correct. Keep reading and you will see that those numbers are expressed in millions of dollars. So if their assets were 1 that would mean $1M. Assets of 2,484,235.00 is $2.484 Trillion. Just because they have a Swiss HQ does not mean they can't be traded in the US. Credit Suisse and Deutsche Bank are other examples of International banks that trade on the NYSE.
Commerce- nothing really outstanding except open 7 days a week.
Ooh, I'd better run out and max my two credit cards -- one from each of these banks. That way when they go under, I get all the stuff I bought for FREEEEEEEE...
(YES, I'm joking!)
But honestly, WaMu gave me a great credit card rate. Not that I use the card, but it's there for a complete emergency...
I understand they now hold about $82 Billion in 2nd mortgages which are now essentially unsecured due to declining real estate values. A 1st mortgagee at least can recoup some portion of a bad loan. If there's nothing left for the 2nd mortgagee, well, W-F may be in some significant pain.
Wasn't NetBank a recent startup "online" bank? I would only use an online savings that was backed by a mega bank (HSBC Direct) and would definitely keep my deposits under the FDIC limit no matter what bank it was!
I am not worried about a major bank failing - I agree that the government wouldn't let it happen!
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