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#1 National City plunges amid broad bank fears07-14-2008, 04:00 PM
By JOE MILICIA
Associated Press Writer
CLEVELAND (AP) - Shares of National City Corp. plunged Monday amid broad fears about the health of the nation's regional banks, and the company was forced to issue a statement reassuring investors of its soundness.
The Cleveland-based company said it has experienced no unusual depositor or creditor activity and has more than $12 billion in excess short-term liquidity.
Investors have been worried about the solvency of some banks amid the sharp downturn in the mortgage market. Late Friday the government seized IndyMac Bancorp, marking the second-largest failure of a financial institution in U.S. history.
National City has been among those hit hardest by rising mortgage defaults. It recently raised $7 billion in cash to shore up its capital base. The bank said the recent cash infusion has helped it to maintain a strong capital ratio.
Shares of National City fell to their lowest level in decades before rebounding slightly, and were down 22 percent at $3.45 in mid-afternoon trading.
National City spokeswoman Kristen Baird Adams said the statement was meant to quash speculation that "indicated that there was perhaps some kind of unusual activity at National City today."
The statement "just reiterated a couple of messages about our capital ratios which are important," she said.
National City was among many bank stocks to tumble three days after the government stepped in to save IndyMac.
http://www.breitbart.com/article.php...show_article=1At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
- Join Date
- May 2008
07-15-2008, 11:13 AMAt Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
07-15-2008, 11:19 AM
- Join Date
- May 2005
- Hartford, CT USA
Don't worry! Georgie's coming on just about now and I'm sure he'll tell us that he's been "workin' hard" on the problem.
07-15-2008, 11:54 AM
Bush calls on Congress to pass housing, energy
Jul 15 10:45 AM US/Eastern / By TERENCE HUNT / AP White House Correspondent
WASHINGTON (AP) - President Bush urged lawmakers on Tuesday to move quickly in putting into force legislation designed to help prop up mortgage giants Fannie Mae and Freddie Mac while declaring the nation's financial system to be "basically sound."
He also called on the Democratic-run Congress to follow his example and lift a ban on offshore drilling to help increase domestic oil production.
"I readily concede it won't produce a barrel of oil tomorrow, but it will reverse the psychology," Bush told a White House news conference.
Bush said the two troubled mortgage companies play a central role in the nation's housing-finance system and that government action to help them were not bailouts, since the two would remain shareholder-owned companies.
"I don't think the government ought to be involved in bailing out companies," Bush said.
Amid soaring gas prices, the toughest real estate market in decades, falling home prices and financing that's harder to come by, Bush said: "It's been a difficult time for many American families."
(when in doubt, reiterate the obvious)At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
- Join Date
- May 2008
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