And now, here we are, in 2011, five years after the meltdown of 2007, four years after the crash of 2008 and the passage of the TARP bailout that pumped money into their treasuries at taxpayer expense Since then, there has been a steady parade of scandals and the disclosures that have come out since, Every week, more banks close and or consolidate and run into problems with regulators.
Take "my" old bank in the Bronx. It has been through as many changes as I have been, A website on bank histories runs it down:
Dime Savings Bank of New York, The
04/12/1859 NYS Chartered Dime Savings Bank of Brooklyn
09/10/1930 Acquire By Merger Navy Savings Bank
06/30/1970 Name Change To Dime Savings Bank of New York, The
09/30/1979 Acquire By Merger Mechanics Exchange Savings Bank
07/01/1980 Acquire By Merger First Federal S & L Assoc. of Port Washington
08/01/1981 Acquire By Merger Union Savings Bank of New York
06/23/1983 Convert Federal Dime Savings Bank of NY, FSB
01/07/2002 Purchased By Washington Mutual Inc.
01/07/2002 Name Change To Washington Mutual Bank
And then, of course, some years later, Washington Mutual itself, went bust and was bought up for a song by JP Morgan Chase. Here are some of the latest headlines about the bank now known as WAMU,
WaMu agrees on post-bankruptcy control -- report - Reuters
WaMu, Shareholders, Biggest Creditors Said to Settle ... - Bloomberg
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
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