Bank Run US - Banks at Risk

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October 9th 2008 - KeyBank saw its share of the Puget Sound banking deposit market slip over the past year, as it struggled to keep pace with U.S. Bank, according to the Federal Deposit Insurance Corp.’s just-released market share report.

The report, which measures banks’ deposits by region of the country on one day — June 30, 2008 — ranked KeyBank fourth in the region with 8.3 percent, or about $6 billion in deposits, down from 9.4 percent and $6.3 billion.

As fear gripped Wall Street traders and the Dow Jones plummeted to new lows, shares of Cleveland-based Key Bank Corp. (NYSE:KEY) plunged, losing nearly 30% of their value on Thursday. Key closed the day at 6.42, -2.58 (-28.67%).

October 6th 2008 - In a suprise announcement today, Bank of America reported that it would cut its dividend in half for the quarter and sell up to 10 million shares of its stock on the open market to raise cash.

Shares fell 15% from open to after-hours close as unpaid loans topped 4.3 billion at the nation's largest consumer bank.

BofA further warned of a dismal outlook for the coming months ahead.

Indeed, the evidence is compelling that when decade-long real stock returns are inordinately high by historical standards, returns in subsequent decades are likely to tumble.
- John Bogle

Kenneth Lewis stated, "This is going to continue for some period of time."

September 26th 2008 - With stock value plummeting over 25 percent in a single day, Wachovia shuts its doors due to a lack of liquidity. A silent run on its deposits occured as depositors leeched over 16 billion USD during a 10-day run.

In order to control the bank, the FDIC used special legislative authority to take control and build a package with Citibank.

Tthe so-called silent run on the bank - it's real," said Carlos Evans of Wachovia.

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Indeed, the evidence is compelling that when decade-long real stock returns are inordinately high by historical standards, returns in subsequent decades are likely to tumble.
- John Bogle

Company Logotip

Recent Comments

Banks at Risk - Speculation and News

Indeed, the evidence is compelling that when decade-long real stock returns are inordinately high by historical standards, returns in subsequent decades are likely to tumble. - John Bogle

Indeed, the evidence is compelling that when decade-long real stock returns are inordinately high by historical standards, returns in subsequent decades are likely to tumble.
- John Bogle