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The 6th Largest Collapse In American History
Colonial Bancgroup Inc. was a $26 billion financial services
company that, through its subsidiaries, provides diversified services,
including retail and commercial banking, wealth management services,
mortgage banking and insurance.
The BancGroup had interests in several residential and commercial real
estate developments located in the southeastern United States, as well
as two in the central Texas area. On January 31, 2006, Colonial Bank
sold its interest in Goldleaf Technologies, Inc., which provides
Internet and automated clearing house services to community banks.
Its subsidiary, Colonial Bank, operated 346 branches in the states of
Alabama, Georgia, Florida, Nevada and Texas.
On August 14th, it was announced that BB&T would buy Colonial's
branches and deposits in a deal with the FDIC.
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R. Abraham Lowder Founded Colonial
Colonial, founded in 1981 by longtime president and CEO Robert
A. Lowder, saw its fortunes crumble over the past two years as its
stock price plunged from around $25 in 2007 to less than 50 cents
this year. 4
Lowder stepped down in May as the investigators closed in.
Colonial BancGroup was shut down by regulators on 8/14/2009.
Lowder blamed the real estate market for the sixth-largest bank
failure in U.S. history.
Seventy-seven federally insured banks have failed this year amid
rising loan defaults spurred by tumbling home prices and rising
unemployment. That compares with 25 last year, and three in 2007.
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Who Gets Hurt?
This 35 year-old couple, who both worked, and wanted
financial security before they started a family. They
accumulated $300k in stocks, and today they are worth $120k.
Their five year old home dropped from $400,000 to $180,000
(they owe $360,000 on it).
She worked as a financial planner, and recently was laid
off.
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How Much Will The Government Admit Was Pilfered?
Just the FDIC figures state that over $44 billion is lost.
In addition, the FDIC and BB&T signed an agreement to share
losses on about $15 billion of Colonial's loans and other
assets.
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Where Is The Truth?
You need to put yourself in the mind of a ruthless financial crook.
I would have cooked the books, manipulated the stock on the way up,
lent billions on real estate frauds, issued billions in bonds, shorted
the stock on the way down.
But, the real big money would be in the investment portfolio, where
$100 billion would be lost in derivatives.
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What About The Regulators?
The
FDIC is run by
Sheila Bair, a Lawyer, and the
dean at the
Isenberg Institute.
Her and her staff of Zio-clowns are not about to arrest the
directors, the executive management, the auditors, or the
investment oversight board.
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Will Obama Save The Day?
This clueless clown belongs behind the counter of a
McDonalds. He is cooking the 'Health Scheme' where doctors,
hospitals, and Hispanic immigrants get a $ trillion dollars.
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What Will Save The Day?
You need an angry nationalist. Someone that sees the
real big picture. In 1933 Germany, a leader took away the
Central Bank (Federal Reserve) and stabilized the economy.
As he tried to stop the Communists from taking over
Europe, World Jewry had Roosevelt (nee Rosenfelt) and
Churchill (nee Jacobson) start WW-2.
In our situation today, we need to consolidate the
population, stop immigration, and start a massive
financial clean-up. Essentially, you must bankrupt the US
Government, default the currency, confiscate the gold, and
reclaim every asset.
You have 3% of the population that owns 90% of the
wealth.
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