U.S. Seizes Colonial BancGroup and Sells It to BB&T
This is one of the largest failures in the past couple of years. It is pretty apparent that we are far from out of the woods. I am not sure that we will retest our March lows, but things are not exactly rosy.
- Commercial real estate crunch is likely.
- More failed financials likely (AIG ?)
- Jobless recovery has been propped by government money. That will run out, in time.
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On Friday, Colonial BancGroup, a large lender that rode the excesses of the nation’s real estate boom, was seized by federal regulators, making it the largest bank failure of 2009 and one of the most costly since the collapse of IndyMac Bancorp last year.
via U.S. Seizes Colonial BancGroup and Sells It to BB&T – NYTimes.com.
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