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Banking Crisis

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NEWS
March 13, 1991 | By Steve Stecklow, Inquirer Staff Writer
Meet some of the victims of Rhode Island's banking crisis: There's the family that lost both the house it was selling, and the one it was buying; the father of three, who lost his job and access to his $29,000 retirement fund; the woman from North Providence who was able to bury her mother only after the governor signed an executive order so she could withdraw enough money to pay for it. There's the hard-working couple, George and Patricia Sackal,...
NEWS
October 27, 1992 | BY JESSE L. JACKSON
It is the December surprise. A multi-billion-dollar tab that will be presented to taxpayers - after the election is over. No presidential candidate has paid much public attention to it. Neither party platform mentions it. The press generally ignores it. Finally, in the last presidential debate, Reuter's Gene Gibbons mentioned the unmentionable: Is there a commercial bank crisis and, if so, how bad is it? Suddenly, what had been show time threatened to turn serious. The question probed both the banking debacle and the bipartisan political collusion to avoid responsibility for it. The banking crisis is an open secret in Washington.
BUSINESS
June 23, 1990 | By Linda S. Wallace, Inquirer Staff Writer
Despite its efforts, Texas still ranks first in a number of categories it would just as soon not be in at all. For the past four years, the state has led the nation in the number of bank failures. Last year, 133 commercial banks in the state failed - and 62 have failed so far this year, almost one-half of the failures nationwide. That is why Rep. Henry B. Gonzalez (D., Texas), chairman of the House committee probing bank failures, came to his home state yesterday to hold two days of hearings and talk dollars and sense.
BUSINESS
July 3, 1992 | By Andrew Cassel, INQUIRER STAFF WRITER
Pennsylvania officials were haunted by fears of a statewide banking crisis similar to Rhode Island's in the months before they shut down two small private banks in April, the state's secretary of banking testified yesterday. Sarah W. Hargrove told a Berks County court that state officials, including Gov. Casey, worried that the failure of either Marian or Tobias Knoblauch Private Bank could precipitate a banking crisis that could ultimately cost Pennsylvania as much as $300 million, while severely damaging confidence in all the state's financial institutions.
NEWS
August 19, 1991 | BY JAY G. BARIS, From the New York Times
The government is now the biggest banker in America, thanks to the rash of failed savings and loans. And without drastic measures the looming banking crisis will make it even bigger. After almost two years in business, the Resolution Trust Corp. has seized more than 575 failed savings and loans. When the corporation finishes taking over failed thrifts, it faces the daunting task of cleaning up the slew of bank failures sure to follow. At this rate, eventually there will be only one giant bank - run by the government - an institution ill-equipped to run the country, much less a bank.
NEWS
July 17, 1991 | ROBERT J. EGAN, From the New York Times
Are you wondering why we have a banking crisis? Consider a game called "Beat the Bank. " If you borrow millions for real-estate development or investment and the project loses money, you don't owe the lender anything and the lender may well pay you. Here's how the game works. When you default, actively involve the bank in the project's problems, soliciting the bank's financial expertise. Tell the bank the best solution involves partial forgiveness of debt, a reduced interest rate and lending you more money.
NEWS
April 2, 1992 | By Robert A. Rankin, INQUIRER WASHINGTON BUREAU
The Bush administration appears to be delaying moves to shut down large failing banks until after November's elections for political reasons, the director of the Congressional Budget Office said yesterday. The delay could drive up costs of the bank failures by tens of billions of dollars, CBO director Robert D. Reischauer told the Senate Banking Committee. The slowdown in closures probably also is rooted partly in fear that shutting down big-name banks might shock consumers and financial markets badly enough to abort the budding economic recovery, Reischauer said.
BUSINESS
March 15, 1991 | By Steve Stecklow, Inquirer Staff Writer
In the first of several investigations into Rhode Island's banking crisis, a special commission yesterday blamed a state regulatory system that ignored ominous signals for years and deceived depositors into thinking that their money was safe. "If you're trying to find a villain here, the villain is the system," said Brown University president Vartan Gregorian, who had been asked by Gov. Bruce Sundlun to lead an independent examination of the affair. In a harshly worded report, the commission said state regulators failed to oversee the Rhode Island Share and Deposit Indemnity Corp.
BUSINESS
April 22, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
In 40 years running Talluto's Authentic Italian Food Inc. - stores on Ninth Street in South Philly, and in Norristown and Ridley Park, and a Folcroft plant that makes Italian meals for ShopRite and Acme and other markets - Joe Talluto's family has survived a lot of banks. " First Pennsylvania, PNB, Continental, PNC, Progress, Citizens ," Talluto recites. Most vanished in mergers. At Citizens, his initial loan officer "was good, but he disappeared. " So Talluto moved to little DNB First (the former Downingtown National Bank)
BUSINESS
March 7, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
At its peak in the mid-2000s, Vernon Hill's Commerce Bank was adding its boxy, sunlit branches up and down the East Coast at the rate of one a week. On Saturday, Hill was back, in Cherry Hill, near his Moorestown mansion, opening a new glass-walled Republic Bank branch that looks like the next generation of Commerce - or Metro Bank Plc , his fast-growing operation in England. Seven years after he stepped down as Commerce CEO amid a dispute with regulators - and six years after Canada's Toronto-Dominion Bank paid $8.5 billion for Marlton-based Commerce and its 460 branches and $48 billion in loans and other assets, then scrapped the big red C signs and replaced them with white-on-green TD placards - Hill sees new opportunity in his old front yard.
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BUSINESS
April 22, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
In 40 years running Talluto's Authentic Italian Food Inc. - stores on Ninth Street in South Philly, and in Norristown and Ridley Park, and a Folcroft plant that makes Italian meals for ShopRite and Acme and other markets - Joe Talluto's family has survived a lot of banks. " First Pennsylvania, PNB, Continental, PNC, Progress, Citizens ," Talluto recites. Most vanished in mergers. At Citizens, his initial loan officer "was good, but he disappeared. " So Talluto moved to little DNB First (the former Downingtown National Bank)
BUSINESS
March 7, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
At its peak in the mid-2000s, Vernon Hill's Commerce Bank was adding its boxy, sunlit branches up and down the East Coast at the rate of one a week. On Saturday, Hill was back, in Cherry Hill, near his Moorestown mansion, opening a new glass-walled Republic Bank branch that looks like the next generation of Commerce - or Metro Bank Plc , his fast-growing operation in England. Seven years after he stepped down as Commerce CEO amid a dispute with regulators - and six years after Canada's Toronto-Dominion Bank paid $8.5 billion for Marlton-based Commerce and its 460 branches and $48 billion in loans and other assets, then scrapped the big red C signs and replaced them with white-on-green TD placards - Hill sees new opportunity in his old front yard.
NEWS
July 16, 2012 | Letters to the Daily News Editor
RE: "LITTLE GIRL was shot: why will no one talk?" (July 12) I don't like living in places where life is mocked and made perilous by street thugs who glorify violence and death, where the only lesson they learned from the world is "kill. " If people aren't engaged in Philadelphia's favorite pastime of murdering each other, they're walking around entitled to ostensibly everything, their right hands extended with palms upward. As honest, hardworking and productive citizens, we deserve far better than having to abide in a city whose only fruits during the last four years are frustration and despair.
NEWS
May 20, 2012 | By Jonathan Weil
During JPMorgan Chase & Co.'s quarterly earnings conference call last month, Chief Financial Officer Douglas Braunstein seemed to assure listeners that they shouldn't worry, because regulators knew everything the company was doing. "We are very comfortable with our positions as they are held today, and I would add that all of those positions are fully transparent to the regulators," Braunstein said on April 13. "They review them, have access to them at any point in time," and "get the information on those positions on a regular and recurring basis as part of our normalized reporting.
NEWS
March 11, 2009 | By David M. Smick
Barack Obama's economic advisers face a nasty dilemma: There are no solutions to the banking crisis without extraordinary political and financial risks. Thus, they have adopted a three-pronged approach - delay, delay, delay - in the hope that somebody comes up with a breakthrough. Here's the problem: Today's true market value of the U.S. banks' toxic assets (that ugly stuff that needs to be removed from bank balance sheets before the economy can recover) amounts to between 5 and 30 cents on the dollar.
BUSINESS
February 19, 2009 | By Jeff Gelles INQUIRER STAFF WRITER
To some, its mere utterance breaks an important American taboo. Others may find it more scary than offensive. But suddenly, nationalization is front-and-center in the debate over the U.S. financial crisis. A growing number of economists, finance experts, and public officials have begun to openly discuss something that until a few months ago would have been politically unspeakable: the idea that to fix the mess, the United States might have to nationalize some key money-center banks, as Sweden did to solve its own banking crisis in the 1990s.
NEWS
October 27, 1992 | BY JESSE L. JACKSON
It is the December surprise. A multi-billion-dollar tab that will be presented to taxpayers - after the election is over. No presidential candidate has paid much public attention to it. Neither party platform mentions it. The press generally ignores it. Finally, in the last presidential debate, Reuter's Gene Gibbons mentioned the unmentionable: Is there a commercial bank crisis and, if so, how bad is it? Suddenly, what had been show time threatened to turn serious. The question probed both the banking debacle and the bipartisan political collusion to avoid responsibility for it. The banking crisis is an open secret in Washington.
BUSINESS
October 21, 1992 | By Andrew Cassel, INQUIRER STAFF WRITER
What banking crisis? Advocates of the sky-is-falling scenario in the nation's financial sector got little support yesterday, as more major commercial banks reported fat profits for the third quarter of 1992. Pennsylvania's three largest banking institutions - PNC Financial Corp., Mellon Bank Corp. and CoreStates Financial Corp. - each reported earnings at or above the levels analysts had predicted for them. PNC, the Pittsburgh-based parent of Philadelphia's Provident National Bank, said it earned $135 million, up 26 percent from last year.
BUSINESS
July 3, 1992 | By Andrew Cassel, INQUIRER STAFF WRITER
Pennsylvania officials were haunted by fears of a statewide banking crisis similar to Rhode Island's in the months before they shut down two small private banks in April, the state's secretary of banking testified yesterday. Sarah W. Hargrove told a Berks County court that state officials, including Gov. Casey, worried that the failure of either Marian or Tobias Knoblauch Private Bank could precipitate a banking crisis that could ultimately cost Pennsylvania as much as $300 million, while severely damaging confidence in all the state's financial institutions.
NEWS
April 2, 1992 | By Robert A. Rankin, INQUIRER WASHINGTON BUREAU
The Bush administration appears to be delaying moves to shut down large failing banks until after November's elections for political reasons, the director of the Congressional Budget Office said yesterday. The delay could drive up costs of the bank failures by tens of billions of dollars, CBO director Robert D. Reischauer told the Senate Banking Committee. The slowdown in closures probably also is rooted partly in fear that shutting down big-name banks might shock consumers and financial markets badly enough to abort the budding economic recovery, Reischauer said.
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