Wachovia Financial
The idea of the minister of economy of then, was to obtain the greater possible amount of citizens bancarizados, that is to say who operated through their banking accounts in the formal circuit. The effect was exactly the opposite one: people finished colchonizando, that is to say putting its tickets underneath the mattress. In the USA it has been the irresponsibility in the credit allocation of the financial institutions to his clients and in the securitizacin of hypothecating instruments of risk that took to the sector to colapsar. It was the turn of IndyMac (OTC: IDMC) last Friday, the seventh financial organization in falling since the hypothecating crisis a year ago began. In the second day of the collapse of IndyMac, the police controlled the multitude of clients in row after the midnight that tried to retire its savings of the bank, as soon as the bank reopened Monday under the intervention of Federal Deposit Insurance Corporation (FDIC), Insuring Federal Corporation of Deposits, that guarantees the savings of any account until US$ and US$ 250,000 in an account of 100,000 retirement, according to CBS. the skepticism remains bound to all the questions regarding the credit, said Alan Gayle, senior strategist of Capital Trusco Management in Atlanta, according to The Boston Globe. The problem is that they are not only the institutions that have operated financial instruments of hypothecating risk, but all the financial institutions in the USA are threatened increasing debts in a decelerated economy, at the risk of espiralizacin with stock-exchange falls and flight of their clients. & said to not very hopeful Stuart Plesser Standard analyst; Poor s to Associated Press: the worse thing is about to come in the financial sector.
The advice that I must to give the investor is the one to stay of the financial values remote. The investors are asking themselves at the moment: what institution will be the next one in falling? There are estimations that indicate that it enters 100 and 150 banking organizations could close in next the 18 months, according to AP. the small and medians institutions within the commercial bank are threatened. Marshall & Ilsley, Sun Trust Bank, First Horizon National, BankUnited Financial, National same City the National Banks like Washington Mutual (NYSE: WM) and Wachovia (NYSE: WB). the majority of the banks is outside solid danger and, informed Monday the president into the FDIC, Sheila Bair in CNBC. But several analysts observe that IndyMac did not comprise of the governmental list of the 90 banks in difficulties to the 31 of March of 2008. That is sees to where they can. According to the Times, this in the FDIC is not the unique fault: clienta Noelle Gabay, said went to check its balance in line and tens of thousands of dollars had disappeared.
When one appeared in the organizations, one was with tails of hundreds of people and employees very little collaborating. It had US$ 213,500 and the bank only gave US$ him 99.000. My confidence in FDIC disappeared. The question is how, where we put our money? We buy greater mattresses? We hope also does not arrive colchonizacin there. Until Friday, Paola Pecora Original author and source of the article.
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