Posted on 01/23/2010 8:26:34 AM PST by Kartographer
Regulators seized five banks in Florida, Missouri, New Mexico, Oregon and Washington, lifting the total number of failures this year to nine as financial institutions struggle with loan defaults and a weak economy.
Two of the five institutions had assets of more than $1 billion. The Florida bank, in Miami, was sold to an investment group that includes former North Fork Bancorp Chief Financial Officer Dan Healy. The deposits and assets of the New Mexico bank went to Texas billionaire Andrew Beal.
The Federal Deposit Insurance Corp. estimated the Friday closings will cost the agency's cash-strapped deposit-insurance fund a total of $531.7 million.
(Excerpt) Read more at online.wsj.com ...
First, this is LESS than expected.
Second, notice the biggies like BofA, Wells, Chase, Citi are protected against failing. ALL are insolvent, but Obama/Bernanke/Geithner protect their massive bonus earning officers while feeding them billions of taxpayer dollars.
Some at Mercatus Center has a study showing that the top four are insolvent and should be forced into bankruptcy and broken up.
Only 200 are predicted to collapse this year...191 more to go...that’s an average of ~4 per week for the rest of the year.
during the great depression, mega banks didn’t really exist. so when banks closed.. it’d be the same as a branch closing today, since it removes the banking capability for the area served.
so the question is... how many branch closings have we seen?
(i think we’ll never get that data)
Five Banks Fail; Year’s Total at 9
Obama logic:To big to fail to little to care about.
As I said on my website:
For those of you keeping score, that makes 147 banks that have failed since Our Dark Overlord took power only one year ago. Contrast that with only 57 banks that failed during Bush’s entire eight years in office and you will appreciate the significance of this leading economic indicator.
Cheers
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