Article

2009-10-18 Economy

Bank failures drain FDIC insurance - Fund in red for only 2nd time

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Posted by Throluck Glomble2595 2009-10-18 10:04|| || Front Page|| [1 views ] Top

#1 Nearly 100 banks have failed so far this year,

Yesterday it was reported here that 99 California banks failed.

Were there NO other bank failures in the entire nation?
I suspect the figure's both false and low.

Posted by Redneck Jim 2009-10-18 12:42|| 2009-10-18 12:42|| Front Page Top

#2 may be a "branches" vs "banks" thing

Posted by Frank G">Frank G 2009-10-18 12:51|| 2009-10-18 12:51|| Front Page Top

#3 Most of the years failure have been quite small banks. MOST banks (all sizes) would probably be in failure right now if they were honestly accounting for their non-performing loans.

Posted by Glenmore 2009-10-18 13:26|| 2009-10-18 13:26|| Front Page Top

#4 It doesn't help that the FDIC has directed the small banks to fork over 3 years advance insurance payments. It's almost like they want them to fail so that the bigger banks with creative balance sheets will be 'covered'.

Posted by Procopius2k 2009-10-18 13:34|| 2009-10-18 13:34|| Front Page Top

#5 Redneck Jim: No, one bank in California was closed on Friday, which meant 99 banks in the US had closed. Here is the closure list:

http://www.fdic.gov/bank/individual/failed/banklist.html

However, some 1800 banks are still at risk, including the megabanks CITI and Bank of America. Here are some of the worst of the worst that are still outstanding:

http://www.calculatedriskblog.com/2009/08/problem-bank-list-unofficial-aug-21.html

Posted by Anonymoose 2009-10-18 18:53|| 2009-10-18 18:53|| Front Page Top

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