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| Economy | |
| Eight more US banks fail | |
| 2010-08-23 | |
| The federal financial regulators in the US have shuttered eight more banks, bringing the number of banks failed this year to 118 amid an ongoing financial crisis. The Federal Deposit Insurance Corporation (FDIC ) on Friday seized eight banks including four California-based banks, a community bank in Chicago, and banks in Florida and Virginia. In California, bank takeovers hit Sonoma Valley Bank of Sonoma, Los Padres Bank, Solvang, Butte Community Bank, Chico, and Pacific State Bank, Stockton, while in Chicago ShoreBank, well-known for its social activism was shuttered, the Associated Press reported.
The FDIC estimates the eight banks seized Friday will cost the deposit insurance fund USD 479.4 million. During the financial crisis the US set up a USD 700 billion relief program to bailout its ailing financial centers. The Troubled Asset Relief Program, or TARP, has failed to bring the financial meltdown to an end or even stabilize the US reeling financial system. | |
| Posted by:Fred |
| #5 Woohoo! Recovery summer! |
| Posted by: DMFD 2010-08-23 18:24 |
| #4 Unexpectedly! |
| Posted by: Mike 2010-08-23 09:14 |
| #3 Welcome to Zimbabwe. |
| Posted by: g(r)omgoru 2010-08-23 07:41 |
| #2 The unofficial list of at risk banks is still rising faster than the number of banks on the list being closed. It now stands at 817. |
| Posted by: Anonymoose 2010-08-23 07:39 |
| #1 The FDIC projects fund failure costs for the five-year period 2010-2014 to be approximately $60 billion. http://www.fdic.gov/deposit/insurance/memo3.pdf Footnote 4. |
| Posted by: Mike Ramsey 2010-08-23 02:08 |