so at my place of work we deal with a certain bank...

[Javaman]

I open up our local rag today and there is a story concerning said bank...

"Federal regulators have tightened the leash on Guaranty Financial Group Inc., ordering the Austin-based bank to improve its financial condition or, failing that, find another bank to acquire its assets or voluntarily liquidate them."

I immediately forwarded it to our accounting dept. It has since worked it's way up the food chain to the big dogs.

scary times.

[snappyturtle]

1. Doesn't sound good. Maybe raygun's trickle down theory actually works.

:sarcasm:

[ananda]

2. I hope Guaranty makes it.

I have a good deal of money there..
checking and cd's.

I had moved it out of WaMu last
summer.

I moved some to CitiBank too.

I had no idea these banks were
all no good...

Oh well.. easy come easy go.

[hobbit709]

3. We dumped those clowns years ago.

Their short-lived attempt to charge us 50 cents/mo for the privilege of having an ATM card-not using it, having it-was the final straw. We went to the credit union down the street and never looked back.

[Statistical]

4. Very scray. Usually even a small business payroll & operating cash will be over FDIC limit

Company losing couple hundred thousand (or million) worth of operating cash can be enough for them to close their doors (if a small or medium company).

[ChairmanAgnostic]

5. Bilk of Amerikkka is raising all credit card fees and interest rates today

4-5 million affected.

[truedelphi]

6. There was an entire OP last week about how suspect it is when

The Powers that Be go after an "insolvent" bank.

Why are the Big Insolvent Banks being Bailed out, while the littler ones being seized? Using the theory of the BailOut, the Big Boys were supposed to offer some monies to other samller banks and on down the chain. Instead, the Larger Entities sit on their cash, and then they tighten restrictions for the smaller guys, who might actually have been more well run initially, but now are eliminated as they don't have a say as to whether or not they get any funding.

Why was Wells Fargo, who was in an extremely solvent position, forced to play catch up against Citibank and others last year when trying to puurchase Wachovia?