What It’s like to Not Be Goldman Sachs

Colonial BancGroup shut down by federal officials

By MARCY GORDON
The Associated Press
Saturday, August 15, 2009 1:59 PM

WASHINGTON — Real estate lender Colonial BancGroup Inc. has been shut down by federal officials in the biggest U.S. bank failure this year.

The Federal Deposit Insurance Corp., which was appointed receiver of the Montgomery, Ala.-based Colonial and its about $25 billion in assets, said the failed bank’s 346 branches in Alabama, Florida, Georgia, Nevada and Texas will reopen at the normal times starting on Saturday as offices of Winston-Salem, N.C.-based BB&T.

. . . The closures boosted to 77 the number of federally insured banks that have failed in 2009.

–read entire article–

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So, let’s see now. If I have this straight, Goldman made really huge bucks during the housing bubble, packaging fraudulent loans into investment vehicles, pocketing the profit and passing off the fully known and understood risks to others.


Now, Goldman is back with a vengeance–a $4.3 billion quarter. They fairly gloat over the statement that “This business has performed well because the bank has taken on greater levels of risk since the end of last year.” Goldman privatizes profit and socializes risk.

Socialized,” in this case, means the FDIC picking up Goldman’s dirty laundry over at Colonial Bancgroup.

To know how it feels to not be Goldman Sachs, check out any of those who used to be connected with:

1st Centennial Bank
Alliance Bank
Alpha Bank & Trust
Ameribank
America West Bank
American Southern Bank
American Sterling Bank
AmTrade International Bank
ANB Financial, NA
Bank of Alamo
Bank of Clark County
Bank of Ephraim
Bank of Honolulu
Bank of Lincolnwood
Bank of Sierra Blanca
Bank of Wyoming
BankFirst
BankUnited, FSB
Cape Fear Bank
Citizens Community Bank
Citizens National Bank
Colonial Bank
Colorado National Bank
Columbian Bank & Trust
Community Bank
Community Bank of Arizona
Community Bank of Nevada
Community Bank of West Georgia
Community First Bank
Community National Bank of Sarasota County
Connecticut Bank of Commerce
Cooperative Bank
Corn Belt Bank & Trust Co.
County Bank
Dollar Savings Bank
Douglass National Bank
Downey Savings & Loan
Dwelling House Savings and Loan Association
Elizabeth State Bank
En Español
En Español
En Español
En Español
Farmers Bank of Cheneyville
First Alliance Bank & Trust Co.
First Bank of Beverly Hills
First Bank of Idaho
First BankAmericano
First Georgia Community Bank
First Heritage Bank, NA
First Integrity Bank, NA
First National Bank of Anthony
First National Bank of Blanchardville
First National Bank of Danville
First National Bank of Nevada
First Piedmont Bank
First Priority Bank
First State Bank
First State Bank of Altus
First State Bank of Winchester
FirstBank Financial Services
FirstCity Bank
Founders Bank
Franklin Bank, SSB
Freedom Bank
Freedom Bank of Georgia
Great Basin Bank of Nevada
Guaranty National Bank
Hamilton Bank, NA
Haven Trust Bank
Heritage Community Bank
Horizon Bank
Hume Bank
IndyMac Bank
Integrity Bank
Integrity Bank
John Warner Bank
MagnetBank
Main Street Bank
Malta National Bank
Meridian Bank
MetroPacific Bank
Metropolitan Savings Bank
Miami Valley Bank
Michigan Heritage Bank
Millennium State Bank of Texas
Mirae Bank
Mutual Bank
National Bank of Commerce
National State Bank of Metropolis
Neighborhood Community Bank
Net 1st National Bank
NetBank
New Century Bank
New Frontier Bank
NextBank, NA
Oakwood Deposit Bank Co.
Ocala National Bank
of Tallahassee
Omni National Bank
Peoples Community Bank
PFF Bank & Trust
Pinnacle Bank of Oregon
Pulaski Savings Bank
Reliance Bank
Riverside Bank of the Gulf Coast
Rock River Bank
Sanderson State Bank
Security Bank of Bibb County
Security Bank of Gwinnett County
Security Bank of Houston County
Security Bank of Jones County
Security Bank of North Fulton
Security Bank of North Metro
Security Pacific Bank
Security Savings Bank
Sherman County Bank
Silver Falls Bank
Silver State Bank
Silverton Bank, NA
Sinclair National Bank
Southern Community Bank
Southern Pacific Bank
Strategic Capital Bank
Suburban FSB
Superior Bank, FSB
TeamBank, NA
Temecula Valley Bank
Union Bank, National Association
Universal Federal Savings Bank
Vineyard Bank
Washington Mutual Bank
Washington Mutual Bank FSB
Waterford Village Bank
Westsound Bank

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