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| Economy | |
| Six US banks fail in one single day | |
| 2011-04-17 | |
[Iran Press TV] Six banks have been closed in several parts of the United States in one single day, bringing the total number of bank failures to 34 in 2011.
Superior Bank in Alabama's capital, Birmingham, which was closed on Friday with nearly USD 3 billion in assets and USD 2.7 billion in deposits, was the largest bank to be closed in the current year. Washington Mutual Bank, closed in 2008, is the largest bank, with a total of USD 307 billion in assets, to be seized since the beginning of the US financial crisis. In 2010, US authorities shuttered 157 banks with an ownership value of USD 92 billion. The figure followed 140 bank foreclosures with total assets of USD 169 billion in 2009. According to Federal Deposit Insurance Corporation (FDIC) Chairman Sheila Bair, the number of failures is expected to drop through the rest of this year. The growing number of closures has cost the deposit insurance fund billions of dollars since it started four years ago. | |
| Posted by:Fred |
| #9 Miss Barbara - Thank you for the advice - there is a regional here that has a great rep plus one of my wife's uncles was a VP there and until recently was a member of the board. I'll have to start physically taking the payment to the bank every month but it will be worth it to know I wont possibly end up getting only pennies on the dollar. (I know by the book FDIC fully insures every dime in there, but 1) I don't trust Washington to pay up and 2) if BoA goes under a LOT of banks are going with it, and that will spread any payout even further. I ain't takin' any chances.) Mike |
| Posted by: Mike Kozlowski 2011-04-17 20:16 |
| #8 Gorb is correct. I have some confederate paper money and it has no value. They are still finding gold buried in Rome when their economy tanked. The problem with gold is this money is taken out of circulation. |
| Posted by: Dale 2011-04-17 13:09 |
| #7 In the 20's and 30's people put money in Mason jars for good reason. If it were in the form of coins that were made of silver .... |
| Posted by: gorb 2011-04-17 11:24 |
| #6 BOA has my mortgage, Mike, but only because they bought Countrywide (who bought it from someone - it's hard to follow); I wouldn't let them or one of the other bankconglomerates near my actual money. Can't do anything about the mortgage, but I'd definitely look around for a regional bank to move the checking and savings to. Or, if you're eligible, a credit union. |
| Posted by: Barbara Skolaut 2011-04-17 11:22 |
| #5 In the 20's and 30's people put money in Mason jars for good reason. |
| Posted by: Besoeker 2011-04-17 11:05 |
| #4 ...And Friday, BoA - which has my checking, savings, and mortgage - 86'd their CFO and hired one of the most powerful and well connected regulatory lawyers in Washington: http://www.cnbc.com/id/42608309 I am very seriously considering pulling my savings out TOMORROW. Mike |
| Posted by: Mike Kozlowski 2011-04-17 10:45 |
| #3 #2 Hello!; This is a weak subject for myself. I do however run into business people who pass on general information. This week I was told Banks want to loan money now. The problem is that those people who apply are overextended, bad credit risks and so on. |
| Posted by: Dale 2011-04-17 09:21 |
| #2 Not counting the banks force out of business, not so much as investment or financial failures, but because the Feds jack up reserve levels at the same time extorting multi-year advance payments in FDIC insurance. |
| Posted by: Procopius2k 2011-04-17 08:57 |
| #1 Good Morning Moonbeam and all others. What a distraction. Well I don't like that word anymore "expected". That's all you hear nowadays "(FDIC) Chairman Sheila Bair, the number of failures is expected to drop through the rest of this year". Unexpected that is. |
| Posted by: Dale 2011-04-17 05:25 |