From today's USA TODAY:
Mike Griffin, president and COO of Statewide Savings Bank, Jersey City, N.J.: There isn't a person out there today that's talking about running to their bank to get their money because of the hurricane (Hurricane Floyd). There isn't a group out there talking about the safest place for your money is somewhere other than ... in their bank. Even if that bank might be blown away by the hurricane and all of its computer systems may not be there.
Why? Great contingency planning, great backup planning on the part of the banking industry. We have worked for the last five years in the banking industry on the "find it, fix it, test it" programs.
We have 10,300 banks in the United States. The federal regulators have gone in to take a look at and evaluate them. We're proud to say, and very pleased to say, that today, 99.5% of America's banks have been rated the highest possible rating by their federal regulators on their plan toward being prepared for Y2K. Eleven institutions in the country were rated unsatisfactory.
Maney: Can we have a list of those 11, please?
Griffin: That's probably not necessary because even if you are a depositor at any one of those 11 banks, your money is insured by the FDIC (Federal Deposit Insurance Corp.) ...
[FDIC Chairman, Donna Tanoue: "As of September 15, only 27 FDIC-insured financial institutions had Y2K supervisory rating of less than satisfactory. That is twenty seven out of the 10,273 banking and savings institutions that we insure." - LOL, they should get their stories straight.]
Reporter: I don't think there's a universal sense that the banking industry is in jeopardy of collapsing, but there certainly is a feeling on the part of my 80-year-old parents that maybe they should have $500 cash come Jan. 1 for that long weekend to be on the safe side.
Griffin: That's perfectly all right. I wouldn't recommend that you take any more than you normally would for a long weekend [...]
usatoday.com
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A quiz question from the 1929 market collapse & follow-on bank failures ...
What was more causitive for the banks that collapsed?
- withdrawals by small depositors?
- withdrawals by large depositors?
Message 11228758
ANSWER:
Withdrawals by the BIG depositors...they were connected, & warned by the bank owners. The little guys left their money in ...
The individual who conducted research in 1936 was Lauchlin Currie who'd come to the Federal Reserve from Harvard in 1934. Prior to Currie's primary research (unemployed ex-bankers plowing thru records), it simply wasn't known. [...] David Eddy
Message 11288596
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Bank of America's latest SEC 10-Q Y2K disclosure:
"... it is likely that one or more events may disrupt the [Bank of America] Corporation's normal business operations."
Message 11294337
Cheryl
59 Federal days until 2000 |
