THOUGHT FOR THE DAY!

"The United States does not have an automatic call on our resources. There is no mind-set that puts this country first."-- Cyrill Stewert, Chief Financial Officer of Colgate-Palmolive Corporation

 

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.

Comments