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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Real Man who wrote (384357)4/19/2009 12:41:39 PM
From: Giordano Bruno  Read Replies (1) of 436258
 
And So It Begins? Biggest Florida Bank Given 20 Days To Find Buyer Or Risk Shut Down

Posted by Tyler Durden at 9:56 PM
The biggest financial institution in Florida, $14 billion BankUnited of Coral Gables, was told by its regulator, the Office of Thrift Supervision, to find a buyer who would raise its depleted capital to acceptable levels or risk a government takeover. In an ominously sounding "prompt corrective action directive", the OTS has essentially given the bank a 20 day ultimatum. If Florida's biggest bank is on the hook, at a potential maximum taxpayer cost of $14 billion, maybe the stress test will not be just the fluff everyone is now expecting it to be. Then again, Citi, with its $3 trillion in assets, being told to find a buyer in under three weeks, may not be the most amusing notion for Vikram Pandit and Sheila Bair.

zerohedge.blogspot.com
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