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Showing results for Federal Deposit Insurance Corporation, as Receiver for Colonial Bank v. The Colonial BancGroup, Inc.

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Francine McKenna
Weakening the oversight of US auditing is a very bad idea
...In 2018, a federal judge said PwC’s auditing of Colonial Bank was so negligent that it missed a massive fraud and should pay $625m to the Federal Deposit Insurance Corporation, which stepped in to protect...
February 17, 2020
US & Canadian companies
PwC sued for $5.5bn over mortgage underwriter TBW’s collapse
...Colonial’s failure in August 2009, shortly after TBW, cost the Federal Deposit Insurance Corporation about $3bn....
August 14, 2016
FT Live
Bank of the Year Awards 2024
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Wednesday, 4 DecemberLondon, UK
US & Canadian companies
PwC ordered to pay $625m over Colonial Bank collapse
...A court on Monday ordered that PwC pay a US regulator, the Federal Deposit Insurance Corporation, for failing to do enough to uncover a fraud involving non-existent mortgages that triggered the failure of...
July 2, 2018
US & Canadian companies
PwC ‘fell short’ on averting one of the biggest US bank collapses
...When Colonial collapsed in August 2009, there was a $2.8bn cost for the Federal Deposit Insurance Corporation, which sued PwC....
January 1, 2018
Accountancy
Auditing watchdogs should remind the Big Four of their public duty
...On Monday night, a US federal judge ordered PwC to pay a record $625m in damages to the Federal Deposit Insurance Corporation for the firm’s failure to detect the criminal fraud that led to the insolvency...
July 3, 2018
US & Canadian companies
Deloitte in $150m settlement over mortgage broker collapse
...When Colonial failed a few days after TBW, there was a $2.8bn cost for the Federal Deposit Insurance Corporation, which sued PwC....
March 1, 2018
FT Live
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Thursday, 25 AprilDigital Conference
The Top LineBrooke Masters
PwC’s failure to spot Colonial fraud spells trouble for auditors
...She will now hold a second trial to determine how much PwC owes to the Federal Deposit Insurance Corporation, which spent $2.8bn when it stepped in to protect depositors after Colonial’s 2009 collapse....
January 5, 2018
US & Canadian companies
PwC settles $5.5bn fraud detection lawsuit
...A separate lawsuit filed against PwC by the Federal Deposit Insurance Corporation, the regulator, and Colonial’s bankruptcy trustee is pending in Alabama federal court....
August 26, 2016
News in-depthUS & Canadian companies
Five things to look out for in the US bank earnings
...This week, for example, the Supreme Court ruled that the Federal Deposit Insurance Corporation could sue banks, including Credit Suisse, Deutsche Bank, Royal Bank of Scotland and Wells Fargo, for selling...
January 12, 2017
News in-depthWeek in Review
Week in Review, August 20
...There were billions of dollars of losses for the Federal Deposit Insurance Corporation when Colonial went bust in 2009....
August 19, 2016
FTfmJohn Dizard
The US’s Puerto Rican brain freeze is finally thawing
...You (and your lawyer) would call this thing an official receiver for the commonwealth....
December 11, 2015
US banks
Banks should rediscover the art of caution
...With the Depression came the Federal Deposit Insurance Corporation and the abolition of the double-liability laws. Rugged individualism made way for a kind of financial collectivism....
December 13, 2012
US & Canadian companies
Colonial BancGroup caught up in probe
...The bank is operating under public regulatory orders with the Federal Deposit Insurance Corporation, the Alabama state banking department and the Federal Reserve to increase its capital ratios by the end...
August 4, 2009
FT AlphavilleStacy-Marie Ishmael
“Just because the conventional economists are drinking the Kool-Aid doesn’t mean you have to”
...And, don’t look now, but three-month dollar Libor rates are back on the rise in the aftermath of the seizure of Colonial BancGroup (bringing the number of failed banks this year to 77 … hello, the credit...
August 18, 2009
US & Canadian companies
Pension funds back buy-out fight over bank deals
...In a letter to the Federal Deposit Insurance Corporation, which is to decide on the rules in the next few weeks, the state pension funds say the measures would have “a chilling effect on private capital...
August 19, 2009
FT Live
Global Insurance Summit
Strengthening resilience, capital and innovation as systemic risks evolve
Thursday, 13 JuneLondon, UK
US & Canadian companies
US regulators close Colonial
...Colonial’s 346 branches will reopen on Saturday under the BB&T banner, said the Federal Deposit Insurance Corporation, which was named receiver of the bank after it was closed by the Alabama State Banking...
August 14, 2009
FT AlphavilleStacy-Marie Ishmael
Annals of unintended consequences, FDIC and FAS 166/7 edition
...On August 11, 2000, the FDIC issued “Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With...
October 5, 2009
LexBanks
US bank failures
...Its sale also included the first “clawback”, allowing the Federal Deposit Insurance Corporation to share in a buyer’s potential gains....
August 19, 2009
FT AlphavilleGwen Robinson
Bove braced for (many) more bank failures
...Furthermore, according to the banking analyst’s latest note, reported by Reuters on Monday, the industry’s payments to keep the Federal Deposit Insurance Corp afloat could eat up 25 per cent of pretax income...
August 24, 2009
US & Canadian companies
Deadline looms for Guaranty bids
...The Federal Deposit Insurance Corporation is helping to manage the attempted sale of Guaranty, which last month said it was likely to join the lengthening list of banks that have failed this year....
August 16, 2009
US & Canadian companies
Spain’s BBVA leads the race for Guaranty
...BBVA was thought to have been offered loss-sharing protection from the Federal Deposit Insurance Corporation as part of the deal, said people who were involved in the process....
August 19, 2009
US & Canadian companies
FDIC clawback reflects US strategy shift
...The Federal Deposit Insurance Corporation, the insurer of US bank deposits, sealed its first such “clawback” arrangement on Friday as part of its deal to sell $21.8bn of assets in Colonial, a bank seized...
August 18, 2009
US & Canadian companies
Spain’s BBVA acquires Guaranty
...BBVA, the Spanish bank, on Friday succeeded in its acquisition of Guaranty Financial, a struggling Texas bank with $13.5bn in assets, the Federal Deposit Insurance Corporation said....
August 22, 2009
FT AlphavilleStacy-Marie Ishmael
BankUnited fails, long live BankUnited
...facilitated by the Federal Deposit Insurance Corporation (FDIC)....
May 21, 2009
Asia-Pacific equities
US and Asia stocks plunge
...Citigroup agreed to buy most of its assets and liabilities in a deal brokered by the Federal Deposit Insurance Corporation....
September 30, 2008

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