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« Sweden's Take On The Fed (Too Much Leverage In The System) | Main | Cody Willard With Peter Schiff (Audit The Fed And More) »
Friday
Aug212009

When The Books Were Finally Opened, Colonial Bank Wasn't Just Insolvent, It Was Mega Insolvasorus

Alexis Glick with BB&T CEO Kelly King on Colonial Bank & the FDIC...

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BB&T takes over $22 billion of Colonial assets and the peek under the hood has been neither pretty nor pleasant for CEO Kelly King.  BB&T recently announced that they will apply an estimated markdown of 67% to Colonial's construction loan portfolio.  Let that sink in a for a moment.  That means that assets being marked at 100 cents on the dollar were actually worth 33 cents in the eyes of an honest CEO.  This is in addition to the $3 billion that taxpayers forked over to cover Colonial's irresponsible lending.

This is what happens when a captured Congress, beholden to the banking lobby, forces the FASB to legalize lying.  With no need to mark portfolios honestly, we perpetuate massive insolvency.  By the time the FDIC steps in, these banks are insolvent several times over versus their tiny capital base.  This shite is borderline criminal and there ought to be a law.  Wait, there was.

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Video - BB&T Corporation President and CEO Kelly King on Colonial Bank, their poorly marked assets and the FDIC's depleted insurance fund.

 

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Reader Comments (7)

WSJ on Colonial's bad, bad marks. Lying bastard regional banks.

http://online.wsj.com/article/SB125063292531041301.html
Aug 21, 2009 at 4:54 AM | Registered CommenterDailyBail
Well, the best way to rob a bank is to own one. There's even a book with that title.
Aug 21, 2009 at 11:01 AM | Unregistered CommenterSonic Ninja Kitty
William Black often uses that line.
Aug 23, 2009 at 10:41 AM | Registered CommenterDailyBail
I do not know what to say here and we can
Sep 2, 2009 at 4:18 PM | Unregistered Commenteryenyn
Hello from Russia)
Oct 11, 2009 at 7:11 PM | Unregistered CommenterPolprav
Polprav,

yA amirikAnets, Ohio.

Gde vy zhivYOte?
Oct 11, 2009 at 9:22 PM | Unregistered CommenterS. Gompers

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