Can anyone figure out what's happening with CACB?
Up?
Down?
Sideways?
Or just blowing smoke.
I will say one thing for them, they aren't going to go down quietly. The other banks that have closed around here seemed to whimper in the corner until the FDIC came and got them. At least, for all I heard about them.
CACB is spinning and spinning. I Think I Can. I Think I Can.
But I have to guess, fundamentally, their situation has improved marginally, if at all. There has been no rescue by investors, and indeed that all may have fallen through. They're sueing some firm because they won't accept .20 on the dollar. (Was that in writing?)
Did they lose more money than they let on? Could be -- they appear to be revising previously released totals.
Are their commercial loans that are out there just being "Pretended and Extended?" That would be my guess.
Will they be able to renew the 'deal' where two investors will match private contributions? It sounds like that has fallen through, but what did it mean anyway? Wasn't it just a plea of, "Mom, I'll do my homework just as soon as I get done playing with Sammy."
They certainly are sending out lots of signals. Getting the Bulletin to produce a headline that says, "POSITIVE SIGNS FROM BANK OF THE CASCADES," though the text of the article seems much more subdued than that. "roughly break-even," would imply to me that they didn't actually break-even....otherwise, why not just say so? If they turned a profit, even the smallest of profits, why not say that?
But they aren't releasing the "complete" earnings report until later.
Is this an expectation game? Mention "roughly breaking even" and then announcing a small profit? Or preparing investors for loses by couching it as "roughly breaking even?" Either way, it would seem to be spin.
It may be enough that they are trying so hard, and the FDIC may just be sitting back to see if they can pull it off.
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2 comments:
what the fuck dunc?
You think they're going to let it all go down, in one instant?
This is an orderly failure, ...
If you were in town today you could read a short thing written by flowers joined at the hip to our own HBM.
Flowers clearly talks about how PAPE ( aka INN@7th ) is tied to Liberty, and virtually every other CENTRAL-OREGON bank and they're all going down. So what's the hurry?
Imagine what people would think if ALL 'regional' CENTRAL-ORYGUN banks went down all at once?? It might spook people in a climate the already stenches of death. Check out the SORE online since your on the road.
The point that FLowers makes about CACB is true, they have already violated the rules of the stock exchange forever, they should have been de-listed, but some little brat bitch in a parking lot keeps begging for more 'time', ...
What's the fucking hurry?
Here's my prediction, ... by Spring 2011 virtually everything will be gone, other than NATIONAL, and the medians will be south of $100k.
Total fucking blood-path, whats worse is nobody knows what to do, the number of strategic defaults coming online in the next 0-3 years in central-orygun is astronomic. So does it make any sense to blame incompetence, ... hell even MOSS can claim that she's a victim of some fucking extra-terrestrial abuse.
by the time CACB goes down, its going to be a yawn, ... something akin to their building being plywood'ed up and not even the BULL taking notice.
but so what your in la-grande, baker-city, ... places that for the past 10-20 years look like Bend tomorrow, and guess what people move on even without the best PR&MARKETING ( government ) that money can buy, ...
The biggest problem in the future of Bend is WHO is going to be paying for the 'events'?
The FDIC is like a doctor at airplane accident, the scene calls for triage.
Liberty aka PAPE aka Knife-River (Hap-Taylor) aka MDU aka MOSS/CACB, ... its all a horrible mess.
FDIC is already out of their pool money to rush in and cover bad banks is triage, and they have to carefully rescue ones that are apt to do best for a community.
The FDIC insurance pool is good for about 1% of the outstanding, thus we all know they don't have enough eventually to cover the failure. The thing to watch isn't who gets covered early, but who doesn't get covered once the money is gone.
The FDIC pool when this all started was about $50 BILLION. Certainly more is spent on war's and backdoor lending by the FED-RES, but this is still real money. Most of the FDIC reserves come from collecting 1% premiums on bank players. With so many banks failing the game of charging so little for 'insurance' is a bad joke.
The point is FDIC couldn't rescue everyone even if it wanted to.
NOBODY knows what to do, and that goes from Bernanke, to Geithner, to the OREO, ... NOBODY knows what to do with the trillions of dollars worth of defaults in the coming years.
Long ago I predicted debtors prison, it would certainly change folks attitude about walking-away from debt, albeit our corporations do it everyday.
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