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U.S. seizes 2 big credit unions
Posted: Fri Mar 20, 2009 9:04 pm
by dbackjon
U.S. takes over two credit unions after tests find vulnerability. U.S. Central Federal Credit Union and WesCorp have combined assets of $57 billion.
The federal government, in its latest effort to prop up the financial system, took over two big wholesale credit unions Friday with combined assets of $57 billion.
U.S. Central Federal Credit Union in Lenexa, Kan., and Western Corporate Federal Credit Union in San Dimas, Calif., were placed under conservatorship "to stabilize the corporate credit union system and resolve balance sheet issues," according to the National Credit Union Administration.
The administration is a federal agency that regulates, charters and supervises federal credit unions.
Neither of the failed institutions serve consumers directly. As corporate credit unions, they service the credit union system. Credit unions count 90 million members nationwide.
Members of the two credit unions will not experience any disruption in service and are free to make deposits and access funds, according to the regulator.
U.S. Central Federal Credit Union has about $34 billion in assets, with 26 retail corporate credit union members. WesCorp has $23 billion in assets and approximately 1,100 retail credit union members.
http://money.cnn.com/2009/03/20/news/co ... tm?cnn=yes
Re: U.S. seizes 2 big credit unions
Posted: Fri Mar 20, 2009 9:57 pm
by Cleets Part 2
delete.. sorry
Re: U.S. seizes 2 big credit unions
Posted: Fri Mar 20, 2009 10:15 pm
by Cleets Part 2
delete.. again.. sorry
Re: U.S. seizes 2 big credit unions
Posted: Fri Mar 20, 2009 11:29 pm
by dbackjon
Cleets - you drunk?
Re: U.S. seizes 2 big credit unions
Posted: Fri Mar 20, 2009 11:36 pm
by Cleets Part 2
Well.. actually not really
but I posted a cash flow thing that would not be good... based on my own experience this week
In other words:
Banks do not have money... actual cash - for example: if you wanted to take out say, $30,000 in cash it would take a bank like "bank of America" 48 hours to get the cash...
ask AZGF how fast he could turn a check for $50K into solid dollar bills...
Ha ha ha (and he will lie - lie - lie) Because that's his god forsaken job...
American Banks have "very little cash" on hand...
WE ARE SCREWED... the 10% rule is killing us.. ask AZGF what that rule is..?
Re: U.S. seizes 2 big credit unions
Posted: Sat Mar 21, 2009 12:05 am
by Grizalltheway
Cleets Part 2 wrote:Well.. actually not really
but I posted a cash flow thing that would not be good... based on my own experience this week
In other words:
Banks do not have money... actual cash - for example: if you wanted to take out say, $30,000 in cash it would take a bank like "bank of America" 48 hours to get the cash...
ask AZGF how fast he could turn a check for $50K into solid dollar bills...
Ha ha ha (and he will lie - lie - lie) Because that's his god forsaken job...
American Banks have "very little cash" on hand...
WE ARE SCREWED... the 10% rule is killing us..
ask AZGF what that rule is..?
The required cash reserve ratio?
Re: U.S. seizes 2 big credit unions
Posted: Sat Mar 21, 2009 12:22 am
by Cleets Part 2
WTAG wrote:Cleets Part 2 wrote:Well.. actually not really
but I posted a cash flow thing that would not be good... based on my own experience this week
In other words:
Banks do not have money... actual cash - for example: if you wanted to take out say, $30,000 in cash it would take a bank like "bank of America" 48 hours to get the cash...
ask AZGF how fast he could turn a check for $50K into solid dollar bills...
Ha ha ha (and he will lie - lie - lie) Because that's his god forsaken job...
American Banks have "very little cash" on hand...
WE ARE SCREWED... the 10% rule is killing us..
ask AZGF what that rule is..?
The required cash reserve ratio?
Exactly... for example:
The Feds loan them $1Million and they can then loan or actually hand out paper - checks, which is all they do... for ten times that amount.. and when you come asking for your money in "bills" and not some piece of paper check...
GOOD LUCK...!!!
They do not have it...
Banking is a great business.. I
give you a dollar and you can loan $10 dollars against that one...
Burt when everybody wants their money.. all you've got is 10%
Brilliant..!!!
Re: U.S. seizes 2 big credit unions
Posted: Sat Mar 21, 2009 5:17 am
by dgreco
thats why the FDIC is good, but if something happens you may be waiting forever to get that money =/
Re: U.S. seizes 2 big credit unions
Posted: Sat Mar 21, 2009 1:25 pm
by dbackjon
Z?
Re: U.S. seizes 2 big credit unions
Posted: Sat Mar 21, 2009 1:32 pm
by AZGrizFan
Cleets Part 2 wrote:WTAG wrote:
The required cash reserve ratio?
Exactly... for example:
The Feds loan them $1Million and they can then loan or actually hand out paper - checks, which is all they do... for ten times that amount.. and when you come asking for your money in "bills" and not some piece of paper check...
GOOD LUCK...!!!
They do not have it...
Banking is a great business.. I
give you a dollar and you can loan $10 dollars against that one...
Burt when everybody wants their money.. all you've got is 10%
Brilliant..!!!
You're a damned maroon. Why don't you stick to what you know? Biking?
First off, if you actually can READ the article, these were WHOLESALE credit unions....they're our version of the Fed. These are NOT natural person credit unions that you could go down the street and join. Second, the reason we don't have everybody's "money" was explained in "It's a Wonderful Life". You should rent that and become educated. The OTHER reason we don't just keep everybody's money in a safe in back is because maroons like you would come stick a gun in somebody's face and ask for all the money!
Secondly, FYI, we could turn a check into $50,000 in cold hard cash in about 45 seconds. Granted, we could only do that about 4-5 times before we'd have to go get more money, but it ain't like we just got pennies layin' around.
And finally, the reason these two credit unions were taken into conservatorship (and not "seized"
) is because we don't need no stinkin' taxpayer dollars to bail us out. We'll take care of our own, and not depend on the government teet to get through this mess that was created by the big investment banks.
That is all. You are dimissed.
Re: U.S. seizes 2 big credit unions
Posted: Sat Mar 21, 2009 2:52 pm
by Ursus A. Horribilis
I don't know what to think since I have very little respect for either of you I don't know what to believe. Luckily for me I have very little money as well so it don't matter that much.
Re: U.S. seizes 2 big credit unions
Posted: Sat Mar 21, 2009 2:58 pm
by AZGrizFan
Ursus A. Horribilis wrote:I don't know what to think since I have very little respect for either of you I don't know what to believe. Luckily for me I have very little money as well so it don't matter that much.
A problem we both share, apparently.
Re: U.S. seizes 2 big credit unions
Posted: Sat Mar 21, 2009 3:00 pm
by AZGrizFan
One more comment for his Cleetness----these two "BIG" credit unions are but tiny blips on the radar screen when put up against the TRUE big boys in the financial arena....Citigroup, BofA, Chase, etc...
Re: U.S. seizes 2 big credit unions
Posted: Sat Mar 21, 2009 7:19 pm
by Cap'n Cat
AZGrizFan wrote:Cleets Part 2 wrote:
Exactly... for example:
The Feds loan them $1Million and they can then loan or actually hand out paper - checks, which is all they do... for ten times that amount.. and when you come asking for your money in "bills" and not some piece of paper check...
GOOD LUCK...!!!
They do not have it...
Banking is a great business.. I
give you a dollar and you can loan $10 dollars against that one...
Burt when everybody wants their money.. all you've got is 10%
Brilliant..!!!
You're a damned maroon. Why don't you stick to what you know? Biking?
First off, if you actually can READ the article, these were WHOLESALE credit unions....they're our version of the Fed. These are NOT natural person credit unions that you could go down the street and join. Second, the reason we don't have everybody's "money" was explained in "It's a Wonderful Life". You should rent that and become educated. The OTHER reason we don't just keep everybody's money in a safe in back is because maroons like you would come stick a gun in somebody's face and ask for all the money!
Secondly, FYI, we could turn a check into $50,000 in cold hard cash in about 45 seconds. Granted, we could only do that about 4-5 times before we'd have to go get more money, but it ain't like we just got pennies layin' around.
And finally, the reason these two credit unions were taken into conservatorship (and not "seized"
) is because we don't need no stinkin' taxpayer dollars to bail us out. We'll take care of our own, and not depend on the government
teet to get through this mess that was created by the big investment banks.
That is all. You are dimissed.
Or, "teat". One of the two, I guess.
Re: U.S. seizes 2 big credit unions
Posted: Sat Mar 21, 2009 10:25 pm
by AZGrizFan
Cap'n Cat wrote:AZGrizFan wrote:
You're a damned maroon. Why don't you stick to what you know? Biking?
First off, if you actually can READ the article, these were WHOLESALE credit unions....they're our version of the Fed. These are NOT natural person credit unions that you could go down the street and join. Second, the reason we don't have everybody's "money" was explained in "It's a Wonderful Life". You should rent that and become educated. The OTHER reason we don't just keep everybody's money in a safe in back is because maroons like you would come stick a gun in somebody's face and ask for all the money!
Secondly, FYI, we could turn a check into $50,000 in cold hard cash in about 45 seconds. Granted, we could only do that about 4-5 times before we'd have to go get more money, but it ain't like we just got pennies layin' around.
And finally, the reason these two credit unions were taken into conservatorship (and not "seized"
) is because we don't need no stinkin' taxpayer dollars to bail us out. We'll take care of our own, and not depend on the government
teet to get through this mess that was created by the big investment banks.
That is all. You are dimissed.
Or, "teat". One of the two, I guess.
teat is a verb. teet is a noun. Get with the program.
Re: U.S. seizes 2 big credit unions
Posted: Sat Mar 21, 2009 11:48 pm
by Cleets Part 2
Hey AZGF... you shoulda read what I wrote in the first two posts..!!!
I decided not to be a complete ass...
When BoA tried to hand me a check.. Ha ha ha...
Um... No sir... I want that in cash...
Re: U.S. seizes 2 big credit unions
Posted: Sun Mar 22, 2009 1:12 pm
by Cleets Part 2
AZGF is getting tougher to bait than I remember...
Re: U.S. seizes 2 big credit unions
Posted: Sun Mar 22, 2009 1:30 pm
by Col Hogan
Cleets Part 2 wrote:AZGF is getting tougher to bait than I remember...
With age comes wisdom...I'm still waiting for mine...
Re: U.S. seizes 2 big credit unions
Posted: Sun Mar 22, 2009 2:18 pm
by Cleets Part 2
Col Hogan wrote:Cleets Part 2 wrote:AZGF is getting tougher to bait than I remember...
With age comes wisdom...I'm still waiting for mine...
Yeah... he's been on to me for a while now
My first two deleted posts - as I re-read them - they sounded a little too "T-man" crazy over the top - I couldn't get the sarcasm to sound right...
The other guy who's on to me know is Ursus (I can't get him going) but I still have Grizaholics number... he's easy picken's (very sensitive and fragile)
But: Shhhh....
Re: U.S. seizes 2 big credit unions
Posted: Sun Mar 22, 2009 2:19 pm
by Cleets Part 2
Cleets Part 2 wrote:Col Hogan wrote:
With age comes wisdom...I'm still waiting for mine...
Yeah... he's been on to me for a while now
My first two deleted posts - as I re-read them - they sounded a little too "T-man" crazy over the top - I couldn't get the sarcasm to sound right... too edgy too bitter
The other guy who's on to me ya-know is Ursus (I can't get him going) but I still have Grizaholics number... he's easy picken's (very sensitive and fragile)
But: Shhhh....
Re: U.S. seizes 2 big credit unions
Posted: Mon Mar 23, 2009 8:43 am
by AZGrizFan
Cleets Part 2 wrote:Well.. actually not really
but I posted a cash flow thing that would not be good... based on my own experience this week
In other words:
Banks do not have money... actual cash -
for example: if you wanted to take out say, $30,000 in cash it would take a bank like "bank of America" 48 hours to get the cash...
ask AZGF how fast he could turn a check for $50K into solid dollar bills...
Ha ha ha (and he will lie - lie - lie) Because that's his god forsaken job...
American Banks have "very little cash" on hand...
WE ARE SCREWED... the 10% rule is killing us.. ask AZGF what that rule is..?
Where in the HELL do you get your information?
"banks do not have actual cash"....
"it would take B of A 48 hours to get $30,000"....Now THAT'S funny.
Re: U.S. seizes 2 big credit unions
Posted: Mon Mar 23, 2009 8:52 am
by Cleets Part 2
AZGrizFan wrote:Cleets Part 2 wrote:Well.. actually not really
but I posted a cash flow thing that would not be good... based on my own experience this week
In other words:
Banks do not have money... actual cash -
for example: if you wanted to take out say, $30,000 in cash it would take a bank like "bank of America" 48 hours to get the cash...
ask AZGF how fast he could turn a check for $50K into solid dollar bills...
Ha ha ha (and he will lie - lie - lie) Because that's his god forsaken job...
American Banks have "very little cash" on hand...
WE ARE SCREWED... the 10% rule is killing us.. ask AZGF what that rule is..?
Where in the HELL do you get your information?
"banks do not have actual cash"....
"it would take B of A 48 hours to get $30,000"....Now THAT'S funny.
Well apparently I came in at a "bad time"...
Re: U.S. seizes 2 big credit unions
Posted: Mon Mar 23, 2009 9:06 am
by AZGrizFan
Cleets Part 2 wrote:
Well apparently I came in at a "bad time"...
Even if there WAS a run on a particular branch (which would necessitate about $300,000 in cash flowing OUT, assuming no one came in and deposited money), it would take about 15 minutes to go get MORE cash from another institution.
As I said in my first post, you should stick to what you know.....bike riding.
Re: U.S. seizes 2 big credit unions
Posted: Mon Mar 23, 2009 9:11 am
by Ursus A. Horribilis
You have to know Cleets' history to get this one. But it's a pretty good call back if you do.
Re: U.S. seizes 2 big credit unions
Posted: Mon Mar 23, 2009 9:30 am
by AZGrizFan
Ursus A. Horribilis wrote:
You have to know Cleets' history to get this one. But it's a pretty good call back if you do.
I'm a funny SOB, even if only a FEW get my humor.
