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9月21日 The legacy for 138 years Irwin Financial files for bankruptcy liquidationSeptember 21, 2009
Columbus-based Irwin Financial Corp. has filed for Chapter 7 bankruptcy, setting the stage for the liquidation of the remaining
assets of the troubled banking company.
Columbus-based Irwin Financial Corp. has filed for Chapter 7 bankruptcy, setting the stage for the liquidation
of the remaining assets of the troubled banking company. http://www.ibj.com/article/print?articleId=7176 9月19日 Failed bank No. 94th in 2009 Who is the 94th bank in 2009 failed and took over by the regulators? The answer is it is the bank I am working for. After trying hard for several quarters, finally, on 9/18/2009, we were seized by the regulators and then simultaneously sold to another bank FFBC. I didn't know it is coming so fast, I thought we still have another 2 weeks. Around 4:30PM, rumor has it that FDIC people shown up in the headquarter. At that moment, my heart is beating faster for a few minutes and I can tell my hands are cold. I mean, really? today? now? After all, this company has existed for 138 years and we have been in losses for several quarters. Not even another 2 weeks? Apparently, this is true. About 5PM, we got the official word. Then at 5:30PM, when the branch closed for business, we actually see FDIC representative and FFBC representative walking in the door, gather us together and announce to closing and selling. This is unreal. Of all the failure stories I read on WSJ and Bloomberg, now comes the bank I am working for? The more confusing and scary part actually comes next. Technically, I don't work for the bank. I work for the company who controls the bank. Since 5:30PM, for another good 4 hours, we the people who works for the company don't know if we still have a job. Everybody working for the bank knows they have a job, at least for now. But the purchasing agreement doesn't include the parent company. So I was told that to be ready if your job is terminated by Midnight tonight. That's exciting!! I never feel unemployment is so close to me, not yesterday, not in every previous round of laid-offs. I lost many of my colleagues in the last 2 years, including my whole department. So today is finally my date? How ironic is that? I was right for at least one thing: If I lost my job, it is not because I was laidoff, it is because company is shut down. What I didn't expect is it will be today, right now, right there. For god's sake, maybe that's why I shown up in the office today, after working from home for so many days before. I know something is going to happen. Finally, before 12AM, I got the words that we will be temperately employed by the staffing company. But, there is another and final twist. Because my H1b status, they still may terminate me at the moment they find out I am H1b. Now I know why I should have a green card, or put it another way, now I know how good it is to be a Chinese working in China. My country, my world. For the record, here is the statement from FDIC Failed Bank Information Information for Irwin Union Bank and Trust Company, Columbus, IN
Cease and Desist Order On September 16th, 2009, IFC announced that it received Cease and Desist Order with the Federal Reserve. To truly record what was happening, here is the quote from the 8-K filed by IFC: " As previously announced, on September 15, 2009, Irwin Financial Corporation (the “Corporation”) was told by the Federal Reserve Bank of Chicago (the “Chicago Reserve Bank”) and the Indiana Department of Financial Institutions (the “DFI”) that they disagree with the Corporation’s view of the timing of the recognition of certain loan losses at its principal depository institution subsidiary, Irwin Union Bank and Trust Company (“IUBT”). As a result, IUBT has been required to submit to the Federal Deposit Insurance Corporation amended Consolidated Reports of Condition and Income (the “Amended Call Report”) for the three months ended June 30, 2009 consistent with the Chicago Reserve Bank's and the DFI’s view of the timing of these losses. On September 16, 2009, the Corporation’s Audit Committee determined that, until the Amended Call
Report can be completed and the effects of the revisions on the Corporation’s financials can be
assessed, the Quarterly Report on Form 10-Q filed by the Corporation on August 5, 2009, should not
be relied upon." Company said there is "no realistic hope" to meet the requirement. At that day, I thought, maybe 10/2/09, Friday, is the day we will be taken over by FDIC. 9月15日 "Sorry, we are running out of time" Last night, US Open 2009 Final, Federer vs. Del Potro, 5 time champion vs 20-year-old-first-gram-slam-appearance. For a moment or two, I thought Fed was going to crush the young man with his second serve (his serve is not in the game at all), but the glory of Fed Dynasty is ending. Instead of taking the 2-0 lead, Fed lost second set in the tie break and the marvelous young man just played better and better. Legend has it that the 2009 champion is the 20 year old from Argentina. But the highlight of the night is not in the game. During the trophy ceremony, the new champion is kind of shy and his English is certainly not enough to express his excitement and joy. So as tall as he at 6Ft 6, he asked the moderator kindly after he finished the interview in English " Can I speak in Spanish to the fans?" (There are hundreds of Argentina fans in the stadium, more at home watching tv". "SORRY, WE ARE RUNNING OUT OF TIME HERE." Casually and brutally, the moderator declined the request from the champion. We are what? I can't believe what I hear and what I see in the TV. The champion wants to speak and you don't give this young man a chance? Come on, he just defeated the best-in-history Roger Federer who had a 41 consecutive victory and 5 consecutive championship here until tonight. For such a historical moment, you don't let the kid talk in his native language? You should give him anything he wants at this moment, god damn it. So the poor kid had to accept the check of $1.6MM and then he asked again "Can I speak in Spanish?", oh, please, the champion is begging you, old man!! Finally, maybe the moderator finally realized what he had done is a terrible mistake that would be laugh at by all the fans around the world, he said "now, really quick, the champion wants to talk in Spanish to the fans". That's the right thing to do. The night belongs to the champion. For the record, I am a Federer fan. I wish him won the US Open 6 time in a row and his No. 16 Grand Slam title. But he did a poor job tonight, serving below 50% all night, 10+ double fault and missed so many breakpoints he got. As great as Fed, he is getting old, I think. And sport is always about the young upcoming star challenging the legend. So his time has came. God blesses him!! CBS, don't make this kind of mistake again. Next time, if the champion wants to speak in Chinese, let him/her do it! 9月9日 US Open I wanted to go there when I first came to the states, which was 8/18/2003. The dream came true this September, 6 years later. I didn't go when I was living in Boston, which is only 4 hours driving to Flushing. I didn't go when I was living in California either, which is 6.5 hours flying. I finally made it when I am living in Bloomington, a 2 hour flight away. Life is short and you never know when your dream can come true. Enjoy the moment! When can we go to French Open to see the King of Clay playing? We saw him in Cincinnati this year, not his best surface. 7月9日 Bid Two, Lost two, keep bidding I lost Carberry by 40K, I lost Rolling Oak by 7.5K, and I will get the next one. Is it a buyers market or not? Remember Lee Lee passed away Tuesday, and today is her memorial service. Lee is a sweet lady who hosted a welcoming party at her house for us when we first moved to Bloomington. From then on, we met her from time to time at different gatherings, New Year's Party, Spring Party and Department Party. We are definitely the youngest in the group and we are new in town, so naturally, we were nervous to social with all the senior members of the community, desperately trying to remember everybody's name. Lee, with her easy going personality and easy-to-be-rememberred name, keep us at ease and blend us into the group. With her around, the conversations suddently picked up and laughs are lounder. We all like to see her whenever we went to a party. The last time we saw her, she looked a little bit differnt from the normal Lee, still kind but not as sharp and as energetic. We figured maybe she was just tired and also the fault of the icy winter. She told us that her grand daughter is coming the next day with the other grandma. You can tell she love her grandaugter a lot. Soon after, we heard that she was sick and hospitalized. In retrospect, maybe we should send her flowers or visit her. We thought she is going to recover, how couldn't she? Such a lovely lady won't die so young, we thought. But we were wrong, deadly wrong. The memorial service for her is the first one I attended in the states. If I am going to stay long enough in town, this probably won't be the last one I am going to attend. This is a gloom forecast. The parking lot is full, half of the university faculties are here, I think. Lee and her husband have been here for 32 years, and she united a community around her. When I die, some day, how many people will come to my service? I wonder. Stories of Lee were told by friends, family members, daughter and husband. Laugh bursted with tears. We can all recognize the Lee we know, for 1 year or for 30 years, in these stories. I am sad, but I was encourage that we can still laugh, though in tears. In the cemetary, we lined up and spread soid into her grave. The Rabbi told the last piece of story to end the service. Burying your loved one is to show your love, you take care of them when they can't take care of themselves. When the day comes that you can't take care of yourself, in this case, you die, God will bury you and take care of you. I don't know about God, but I do agree that, this is the last care we can deliver to the beloved Lee. Wish her in peace. No 15 and counting RF won French Open and W, without the challenge of Nadal. But Roddick put on a good fight, the best of his career so far. No. 15 and counting, is that the same RF who cried in Australia Open earlier this year like a baby? Amazing talent. 5月23日 Fench Open Starts tomorrow. Can Roger come back and finally win the French Open? He couldn't make it when he was unbeatable, but maybe he can do it when he is so vulnerable. Hopefully we can go to the US Open this year. 5月17日 H1N1 and SARS Which one is worse, H1N1 or SARS? Hopefully it is not going to be as bad as SARS. I was in BJ when SARS reached its peak. Most restaurants were close and most streets were empty. It still feels safe here in Bloomington. Is H1N1 just one of these seasonal flu that comes and goes every spring? http://www.cdc.gov/h1n1flu/update.htm 5月15日 One way to get out of debt: Write a book about how you get into debt If you are deep in debt, how to get out of it? If you are good at writing, you can write about how you get yourself in trouble, in a book (not in a blog), publish it and you make money. This is one hell of a way to dig yourself out of trouble, isn't it? I was amazed when I heard the interview in NPR's All Things Consider about a veteran New York Times economics reporter. He got divorced, so he had to make a $4,000 monthly payment in child support. But he also bought a new house for his new love, so he had to make monthly mortgage payment of $2,700. His total take home salary is about $7,000 (after tax) so eventually he almost went into bankruptcy and his house was foreclosed. How he got approved for the mortgage was another story (please, don't blame on the banks or mortgage companies!), but I hope he is debt-free now with the book coming. If I lost my job, can I write myself out of it? Maybe, it is going to call unemployed: Life with a HLTV mortgage company... Maybe my ex-boss and ex-colleagues will be interested in contributing stories. Today is the last day of the last two person in my previous department. Everybody is gone, either resigned or laid-off. Busted: Life Inside the Great Mortgage Meltdown (Hardcover)http://www.amazon.com/Busted-Inside-Great-Mortgage-Meltdown/dp/0393067947/ref=sr_1_1?ie=UTF8&s=books&qid=1242424043&sr=8-1 4月22日 Alcohol Sales and Realtor Performance Ranking Index In MA, you can't buy alcohol in the super market, you have to across the street, to buy it from the liquid store. In IN, you can buy any alcohol from the super market, and across the street there is still a liquid store. In MA, you can buy liquid on Sunday now, but in IN, you still can't (though you can drink it in a bar or restaurant). Which state has more DUI, adjusted for population? here is some reference http://en.wikipedia.org/wiki/Alcohol_laws_of_the_United_States_by_state, Is there a realtor directory for every city? If so, does it provide performance ranking? Such as who is the best seller agent and who is the best buyer agent? I think there is a market for this type of ranking service, do you? 4月20日 China and Bloomington V said, how about export Bloomington's Oliver Winery production to China? I thought, how about import students, undergraduates who comes from a financially sufficient family and who is willing to and is able to study well, from China to Bloomington? It is Midwest, it is Bloomington, but apparently it is connected to China. Evidences: http://www.indiana.edu/~rccpb/People.htm l , http://www.indiana.edu/~pres/speeches/022208.shtml , http://alumni.indiana.edu/chapters/china/ , http://indylaw.indiana.edu/programs/china/ Maybe I don't need to stay at home if I lost my job, maybe I can do something about Bloomington and China. Little 500 and Breaking Away If you have not been to Bloomington, and if you wonder what the hell it looks like, please buy a DVD (I doubt you can BT it or Emute it, but if you do find it somewhere to download, please let me know) of a movie called Breaking Away, http://www.imdb.com/title/tt0078902/ , which is shot at Bloomington 30 years ago. This town has changed a lot in the last 30 years, at least nobody staring at me in the greocery store just because I am not White, which according to an Asian faculty that's the case 30 years ago, but I can still recognize a lot of scenes, like the Downtown and the IU campus. In my next trip to China, if I am still living in Bloomington, I will buy a few copies for friends and families. If you live in New York City, sure, there are hundreds of movies and TV shows shot there, include but not limited to my favorate Law and Order, and not so favorate Sex and the City. But if you live in Bloomington, Breaking Away is THE movie of the century, probably. Anyway, that's a happy movie, kind of goofy maybe. Little 500 is coming, http://www.iusf.indiana.edu/Events_Programs/Little_500.html, let's see how drunk this town could be. And I am not going to drink a drop of alchohol One observation I have is students in this campus seem younger and happier than those I saw in PKU last month. I don't know why though. In the years I stay in Bloomington, I hope I can host a tail-gate party once, at least. Spring is here, time to blog again. Mar-09 Will Update Later Feb-09 Will Update Later Jan-2009 Will Update Later Dec-2008 Will Update Later Nov-2008 Will Update Later Oct 2008 Will Update Later |
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