Private Mars Rocket II

Republic Bank of Chicago, Oak Brook, Illinois, Assumes All of the Deposits of Edgebrook Bank, Chicago, Illinois.

I am employed by Republic Bank, the assuming institution.

Republic Bank of Chicago (my employer) has acquired DuPage National Bank.

But barely keeping my head above water. The week after a takeover is massively hectic. So how about this weather? Wet and cool - an English summer if ever I did see one.

In other news, GM sent me a letter assuring me that the company will survive bankruptcy, and included a coupon for up to $2,000 off if I buy a car by July. Thanks, guys, but the current vehicle isn't paid off yet.

Having ran clean out of profound thoughts...

The TV program 60 Minutes just ran a segment on what happens when a bank fails and is taken over by the FDIC. Having recently been involved in a bank takeover myself, I watched the program with great interest. I thought 60 Minutes did a great job, and accurately portrayed the event. I also recognized a couple of faces of the FDIC crew, and they must be busy.

What I also found interesting, and what I think is the news item of the piece, is FDIC Chairperson Sheila Bair's statement. She was asked by 60 Minutes whether the FDIC could as smoothly handle a Citibank-size failure. As is FDIC policy, she declined to comment on operating banks, but did say that "maybe Congress should prevent banks from getting too big to be allowed to fail."

It's an interesting thought. Since this verges rather close to "blogging about work," always a sore topic, I'll say no more on the subject. But, lest you think Bair's an Obama "socialist," know that she ran for Congress as a Republican, was on Bob Dole's Senate staff, and was appointed to the FDIC by Bush.