Eight were seized last week. The trendline for Bank Failure Friday is definitely rising.
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FDIC list Calculated Risk: That makes five bank failures today, and two with over $1 billion in assets each. There were 140 bank failures in 2009, 25 in 2008 and 3 in 2007, so that makes 171 for this cycle. 9 have failed so far this year. That’s 140 so far this year. Some banks had uninsured depositors (because they had more in the bank than the insured limit.) Calculated Risk’s unofficial problem bank list has increased to 551, and they have it online in a handy, sortable format. Too bad those uninsured depositors weren’t banks. Because then the federal government would [...] Gosh, whatever happened to all the changiness and transparency that Obama said he’d bring to DC? More to the point, what is FDIC to terrified of divulging? Why are 21 of the 116 failed banks so far this year in Georgia? That’s way out of proportion to their population. The FDIC seized 9 banks today. This as the banksters prepare to pay themselves unprecedentedly high bonuses. Well, destroying the economy while you vacuum money from the working and middle class to yourself is hard work. Plus, most people now think bankers are pond scum. So, they just have to pay themselves extra for all [...] Gosh, bundling up toxic glop worked so well the first time that it only led to an economic crisis. Now the FDIC wants to bundle the glop again, only on a larger scale? Ouch. That makes my brain hurt. Georgian Bank, which wasn’t on the FDIC list of problem banks as of June 30, failed last week. How many more banks are looming in the darkness out there that appear to be healthy but aren’t? What’s scary is that this level of opacity likely extends upwards to the ranks of the too-big-to-fail institutions [...] Gosh, what could go wrong with a risky conflict of interest like FDIC borrowing money from banks so it can prop them up if they fail? So, is FDIC still solvent? |  | ||||
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