• Horizon Bank (HRZB) becomes the first failure of 2010 for the FDIC. The bank, with $1.3 billion in assets, cost the Deposit Insurance Fund $539.1 million. Horizon was a regional bank with extreme over exposure to Construction and Land Development (C&D) and Commercial Real Estate (CRE) loans — 1396% C&D and 3003% CRE.
• Total borrowing dropped again in November. This is the 10th consecutive month Americans borrowed less. “This is a clear sign that it will be a long time before consumers will support the US economy beyond the muted success of the holiday season”, says Richard Suttmeier, the Chief Market Strategist at www.ValuEngine.com.
• Why Tim Geithner still has the support of the President and members of congress is suspect. While head of the Federal Reserve Bank of New York the Fed told American International Group Inc., to withhold details from the public about the bailed-out insurer’s payments to banks.
Is this where the next crisis becomes one of confidence?
The Business Week article refers to the Fed as a regulator. A privately owned institution regulating it’s member owned banks asks another company not to let anyone know about the “bailed-out insurer’s payments to banks during the depths of the financial crisis”. A classic example of the fox guarding the hen house? And this is the man we want leading the overhaul of financial-industry regulation?
• Are we asking too many questions and not providing enough answers?
• Federal Reserve Seeks to Block Release of U.S. Bailout Secrets
I would have thought this would have generated more coverage. Maybe tomorrow. On November 7, 2008, ‘Bloomberg filed a Freedom of Information request to disclose the recipients of more than $2 trillion of “emergency loans” from U.S. taxpayers and the assets the central bank is accepting as collateral, but the private banker syndicate has told Congress and the American people to go fish’, Infowars reported.
Today, the The U.S. Court of Appeals in Manhattan will finally hear arguments in the case. Bloomberg argues that the public has the right to know basic information about the “unprecedented and highly controversial use” of public money. In August, a federal judge ordered that the information be released, responding to a request by Bloomberg LP, the parent of Bloomberg News.
Isn’t this the disclosure and transparency that we have all been seeking? Agree or disagree? Click below and let us know!