So which bank is it

http://news.bbc.co.uk/2/hi/business/7569903.stm

<snip>
The global financial crisis is set to get worse, with a large US bank likely to collapse in the next few months, a former IMF chief economist has warned.

Kenneth Rogoff's comments came as shares in Fannie Mae and Freddie Mac sank on a report that the home lenders would, in effect, be nationalised.

Despite hopes that the US economy had turned the corner, Mr Rogoff claimed it was "not out of the woods".

"I would even go further to say 'the worst is to come'," he said.

"We're not just going to see mid-sized banks go under in the next few months," said Mr Rogoff, who held the IMF role between 2001 and 2004.

"We're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks."
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My guess is Citibank

let it be US Bank.

Just because they suck.

That's my bank... :(

About 6 or 7 years ago I had an account there. It wasn't my main checking account so I didn't keep a very large balance in it.

I deposited a check from my employer (they also used US Bank) at the bank's ATM. The deposit receipt showed the money clearing immediately.

Over the following week, I used the debit card for a number of small things like coffee and lunches. A week later I got a *HUGE* pile of overdraft notices and fees. A couple hundred dollars worth.

I went into the branch to figure out what happened. The bank had 'lost' the check I deposited. Fortunately, I still had the ATM receipt. Now this wouldn't have been such a problem, but the bank wanted to wait FORTY FIVE DAYS to credit my account! Even though I had proof of deposit and even though my employer's account was charged - i.e. the check must have gone through their system *somewhere*. Finally, after a lot of cajoling on my part, the manager 'did me a favor' and credited my account. And 'did me a favor' and removed the bounced check fees. But it took a lot of arguing and persistence on my part and I wasn't impressed. I waited a month or so - until any possible transactions went through (I didn't use any checks on that account) and closed the account.

Fine, if it ended there.

About a YEAR later I get a letter from them saying that they discovered, in their records, I owed money for those overdraw fees. The one's the bank manager supposedly removed. And fees on top of the fees as well. I'm not kidding - this was a year after I closed the account. I called them, spent WAY too much of my time explaining the situation, to no avail.

About a year after that I tried to open a Credit Union account only to discover the bastards had 'reported' me to Chex Systems for 'account abuse'. Now, don't know if you've ever dealt with them, but they are a brick wall. It mattered not an iota that the whole thing was US Bank's mistake. And given how long it had been, there was no way to prove it. So I ended up having to wait out having my name remove from their 'black list'. Fortunately I already had a bank I liked, but still...

So now, I curse them and pray for their complete and total collapse.

from this to fuck up more things while living in luxury and privilege few understand.

Do they (do you?) believe that the Sheeple will remember who did this in 2010?

Keep the money under the mattress like the ole days? I guess it would be smarter to have gold and silver.

Bernanke will create dollars to keep any large bank afloat and they will keep it as secret as possible. Ever see the movie "Rollover"? They killed to try to keep account 21214 secret in the movie.

Citibank will be the first one to visit Bernanke, IMHO.

Presently, M3 money supply growth is decreasing from a record high. Watch for a big upsurge. That will tell us that something big has happened.

http://www.shadowstats.com/alternate_data

i agree that citibank may be The One.

they probably have A LOT of credit card customers not doing too well.

they're the WORST at issuing cards to people who maybe shouldn't have them.

i REFUSE to have one of their cards- i signed up for a homedepot card when i bought a washing machine...when i realized it was a citi card- it was paid up, closed out, and cut up.

Of those two, most likely Wachovia, Wamu is more likely to be purchased by another bank.

"We're not just going to see mid-sized banks go under in the next few months," said Mr Rogoff, who held the IMF role between 2001 and 2004.

"We're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks."

http://www.cutlercapital.com/Washington_Mutual.asp

They are also heavily invested in the subprime mortgage market.

Additionally, they acquired quite a large number of subprime credit card accounts in 2005 when Providian Bank went under.

Wachovia is the fourth largest.

http://money.cnn.com/2008/07/22/news/companies/wachovia/index.htm?eref=rss_topstories

Thanks for the links

:shrug:

If it's CitiBank, the fallout will be ENORMOUS.

Whose Watching ovah you?

I was speaking with a "medium-sized business owner" 2 weeks ago.
He has had an open line of credit with BoA for ten years, to cover
unexpected expenses, and fill the delay periods between expenses
and payments recieved.

It was always a $60,000 credit limit. Until he needed to access it last
month (to cover a lot of overtime on his payroll) and he was informed
that BoA had downgraded it to a $5,000 limit without notifying him.

NOT because anything had changed with his credit rating; it was because
they just don't have the money.


Now that's strictly anecdotal evidence, to be sure. But I know this guy's business
is for real, and he certainly had no reason to lie to me about this.

Damn!

Did you your friend say that the bank TOLD HIM THAT? Or that was the conclusion he came to?

I can't imagine anyone working for the bank actually using those words. Even if it were true.

I'd say it's pretty scary that there are so many plausible guesses.