*** Official Bank Run (or not) Thread ***

[Subdivisions]

Considering the failure of IndyMac bank and the defaulted Fannie Mae and Freddie Mac, confidence in banks is very low and so I thought I'd start this thread in order for us to keep up with the secrets the MSM keeps with regard to your money.

To open this up let me ask the following question: Is there currently a run in progress at your bank? If you don't know and are in a position to go check, please do so. In the meantime, here are a couple of red flags:

National City-NCC:

Issued statement in response to market rumors
The company said, "National City is experiencing no unusual depositor or
creditor activity. As of the close of Friday's business, the bank maintained
more than $12 billion of excess short-term liquidity. Further, as a result of
our recent $7 billion capital raise, National City maintains one of the highest
Tier I regulatory capital ratios among large banks."

According to Okeven over at http://www.tickerforum.org/cgi-ticker/akcs-www?post=52332&page=2">TickerForum

"NCC was one of the lenders who portfolio'd 100% single lien ALT-A loans WITHOUT MORTGAGE INSURANCE. Whether or not they purchased insurance on the back-end or simply took 100% of the risk, I do not know."

National City trading has been halted after shares declined 27%.


Washington Mutual:

Has also released a similar statement.


Any anecdotal evidence whether or not these two banks are currently under siege by depositors?


Edited to add: Market indices took a 180° southerly turn on these rumors. Waiting for confirmation that all is well - or not.

[Debau2005]

1. Well crap...

I was about to open a business account with Washington Mutual. I guess I'll leave it where it is...

[Subdivisions]

2. Yeah, might wanna wait until you're sure it's safe. n/t

[vaberella]

3. I just got out myself. Meaning I sold all my stock...

I had it with a powerful bank in NYC, luckily for me it was ONLY European stock and they might close high it seems so I'll make a significant profit. But global markets were going the way of the US because of the US and I couldn't handle seeing more of my family money end up lost. I got out.

We're also getting out of our mutual fund and moving it into other safer investments for this coming anarchy. Basically we're not only in a recession...I get the feeling the Great Depression II is on it's way.

[lse7581011]

4. Unfortunately!

I will be participating in a run on my bank this afternoon. For what it's worth I'm drawing out the cash to pay for my heating oil for this winter. At least I'll know where the money sits!

[vaberella]

6. I'm participating in one as well. The only bank I'm not running on is HSBC...Thank you England.

I'm extremely happy I kept everything I did European. It was safer in the long run.

[Joanne98]

8. That's a good idea. Have you locked in a contract?

It doesn't look like it's going down anytime soon.

[Subdivisions]

5. Regional banks taking it on the chin today.....

Commercial banks face heavy sell-off as analysts search for next IndyMac

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3616092

[kentuck]

7. Everybody is probably thinking about it but...

where do they put their money once they take it out of the banks. By the time they decide, it may be too late??