What It's like to Not Be Goldman Sachs
Colonial BancGroup shut down by federal officials By MARCY GORDON The Associated Press Saturday, August 15, 2009 1:59 PM WASHINGTON -- Real estate lender Colonial BancGroup Inc. has been shut down by federal officials in the biggest U.S. bank failure this year. The Federal Deposit Insurance Corp., which was appointed receiver of the Montgomery, Ala.-based Colonial and its about $25 billion in assets, said the failed bank's 346 branches in Alabama, Florida, Georgia, Nevada and Texas will reopen at the normal times starting on Saturday as offices of Winston-Salem, N.C.-based BB&T. . . . The closures boosted to 77 the number of federally insured banks that have failed in 2009.
__________________________________________ So, let's see now. If I have this straight, Goldman made really huge bucks during the housing bubble, packaging fraudulent loans into investment vehicles, pocketing the profit and passing off the fully known and understood risks to others.