StimPack Clears Congress; More Banks on the Brink

Score one for the new Prez! President Obama's much anticipated, much maligned stimulus package just cleared the U.S. Congress. Both houses. W00t!

Now, to that pesky business of selling all those T-Notes...hmmmmm....
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In the meantime, even moar banks failed.
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Attn Park Avenue Bank, New York Customers:

The FDIC and the State of New York just issued a cease-and-desist order against your bank. As in, cease-and-desist "violations of Federal laws and regulations and other deficiencies discovered during a joint examination conducted by the Banking Department and the FDIC."
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A Florida Bank Goes Down, Too

To all you nice Cape Coral, Fla. Riverside Bank customers: you're now customers of the FDIC.

Husker Bank Fails

A big shout out to Nebraska! Where Loup City's Sherman County Bank became the latest U.S. bank fail.

According to MarketWatch, The FDIC hasn't seen a bank collapse in Nebraska in 18 years.

For those who don't know, here's some Loup City facts, courtesy of the fine folks at the U.S. Census Bureau.

As of 2000:
Total population: 996
46% Male 541% Female
975 White folks
0 Black folksa
1 Samoan
26 individuals who worked in finance, insurance, or real estate

Great haircut on Dimon; Pandit looks smart

Today, Congress ran the train on some banker dudes. These poor bankers, road weary from their uncomfortable commercial flight seats and standing on the Metro, got dragged out before the House of Representatives (you know, the big one), and it was, to put it bluntly, brutal.

Ball-breaking questions, tirades, polemics, oh, and mucho posturing from Congress. Same shtick , just bloodthirstier now.

Here's how the CEOs did:

JPMorgan Chase's James Dimon: Haircut, meticulous. Well-spoken, but at times he looked a little puffy. God I want that haircut.

Bank of America's Ken Lewis: Kinda frumpy.

Bank of New York Mellon's Robert Kelly: Boring.

State Street's Ronald Logue: Boring.

Morgan Stanley's John Mack: He's OK, but I dunno, seems like a cheap date.

Citigroup's Vikram Pandit: smart guy. His bank is doing the worst of all of 'em, but you'd think from listening to him that he was shittin' in high cotton.

Wells Fargo's John Stumpf: a damned grouch.

Goldman Sach's Lloyd Blankfein: now that guy's a BANKER!

Look, I have nothing but appreciation for what bankers do. I know these guys work all the time and whatnot. and most of the guys that really shoulda had their testicles in the Congressional vice today either left or got bought out (ahem Sandy Weill, John Thain. Ya'll better be thankful it wasn't your nuts stomped by a panel of angry House reps).

But come on guys, you're really gonna let Vikram show you up?

Do better. Prepare. And don't get risky with my money.

How'd the House do? Typical House. "Oh, my constituents are soooooo mad." Just imagine and repeat.

Next: Stimululz