Monday, March 23, 2009

Fed up

It keeps getting more real.

This headline that came across my RSS reader the other day hit home in a couple of ways:
Feds seize two big KC area financial institutions

Federal regulators seized two large Kansas City area financial institutions Friday to protect depositors’ accounts.

U.S. Central Credit Union, a $34 billion institution based in Lenexa, was placed into a federally controlled conservatorship.

Separately, TeamBank was seized and its branches, including five in the Kansas City area, will reopen today as part of Great Southern Bank, which has a branch in Lee’s Summit.
I have a lot of friends who have lost their jobs during this economy. More than I can count on all my fingers and toes (that's more than 24).

But this is the first instance that I know of where the Federal government is taking over area banks. So until this article, most of the upheaval in the banking sector was all happening in New York and Washington, and maybe North Carolina.

But now it's happen in KC. In our neck of the woods. Hell, there's a TeamBank location just down the street from my house. Correction, there WAS a TeamBank location there.

And just to make it a touch more personal, I have a relatively close family member who was a mid-level executive at TeamBank.

I haven't learned yet whether he's keeping his job or not. The article notes that the branches are opening under a new name this week. One would think that it would be difficult to fire everyone and still open all the branches the following week.

So good luck to you out there. Whether you're looking for a new job or your just trying to keep the one you have. Here's hoping this recession ends soon.

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  1. It doesn't look too good, no one has a clue on what to do, the best course of action now is to figure out a way to cash in on the bailout.

  2. A few weeks ago 60 Min had a really good story about the Fed and what happens when they take over a bank. I bet you could find it on Hulu or at You should watch it.

    Surprisingly most people DON"T lose there jobs when the Fed takes over a bank

  3. I think you're on the right track, though. Keep hoping and rooting for Obama to fail.

    That'll work!

  4. These banks were taken over by the Comptroller of Currenency, they were not members of the Federal Reserve.


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