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THOUGHT FOR THE DAY!

"I am strongly in favor of using poisoned gas against uncivilized tribes. The moral effect should be good...and it would spread a lively terror.... "-- Winston Churchill commenting on the British use of poison gas against the Iraqis after World War I

 

Credit Crunch Cancer Metastasizing

Two prime examples: Integrity Bank of Alpharetta, Ga., which just failed Friday with nearly a billion in deposits ... plus an even larger bank in trouble: BankUnited Financial Corp.

BankUnited is Florida's largest bank with 85 branches in 13 counties and with total assets of $14.2 billion.

In the first three quarters of last year, it reaped a profit of $23.2 million. The first three quarters of 2008? $200 million in losses!

Why? Because a whopping 58% of the bank's "assets" are option ARMs.

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Posted on Sep 03, 2008 at 12:50
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