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And, yes, I DO take it personally: Add this story to the three in the previous post - somethin's goin' on, I tell ya...
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Friday, June 06, 2008

Add this story to the three in the previous post - somethin's goin' on, I tell ya...

so, here we have a big bank on the brink of failure...
National City Corp, a large U.S. Midwest regional bank, has entered into a memorandum of understanding with federal regulators, effectively putting the bank on probation, the Wall Street Journal said on Friday, without saying where it got the information.

Terms of the confidential agreement with the Office of the Comptroller of the Currency are not known, the newspaper said. The agreement was entered into over the past month or so, the newspaper said.

Neither Cleveland-based National City nor the OCC immediately returned calls seeking comment.

The agreement reflects the growing regulatory pressure that financial institutions face, as they struggle with the fallout from the credit market turmoil.

Memoranda of understanding allow banks to work with federal regulators to address financial problems, without necessarily triggering alarm among depositors. Regulators have been pushing lenders to raise more capital and cut lending risk.

Banking experts estimate that a handful of medium-sized banks have recently entered memoranda of understanding, the newspaper said.

but, wait just a cotton-pickin' minute...

national city has been on the brink of failure for ALMOST A MONTH and they've been COVERING IT UP...!?!?!

and that ain't all...

there's ALSO "a handful of medium-sized banks" poised on the brink of default...?!?!?!?

somethin' big is goin' on... i can smell it...

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