The Financial Crisis

[FreeMarketEconomy]

Hundreds of financial institutions are having difficulty in this market! Banks around the world are also having difficultly!


Everyone knows the big names in the US that had difficulty in this market:

Countrywide Financial Corporation
Bear Stearns
Fannie Mae
Freddie Mac
Lehman Brothers
Merrill Lynch
American International Group
Washington Mutual
Wachovia


Some Banks that failed in the US since September 2007:

NetBank, Alpharetta, GA
Miami Valley Bank, Lakeview, OH
Douglass National Bank, Kansas City, MO
Hume Bank, Hume, MO
ANB Financial, NA, Bentonville, AR
First Integrity Bank, NA, Staples, MN
IndyMac Bank, Pasadena, CA
First National Bank of Nevada, Reno, NV
First Heritage Bank, NA, Newport Beach, CA
First Priority Bank, Bradenton, FL
The Columbian Bank and Trust, Topeka, KS
Integrity Bank, Alpharetta, GA
Silver State Bank, Henderson, NV
Ameribank, Northfork, WV
Washington Mutual Bank, Henderson, NV
Washington Mutual Bank FSB, Park City, UT


Some bankruptcy filings:

New Century Financial
American Home Mortgage
Sentinel Management Group
Ameriquest
NetBank
Terra Securities
American Freedom Mortgage, Inc.

 

[mudhoney]

We should all learn from this. Not attempt to reinforce the failures by injecting more money into the system. From this day on, people should be cautious when government intervenes in an industry. The old way of thinking that making high risk investments, and propping up things beyond supply and demand of the market, should be met with no support for those who expected to be bailed out in the end.

 

[wizardwatson]

Thank you for compiling this list of insolvent firms deserving of their fate.