Now is not a good time to be a bank!
81 Banks have failed so far this year and it’s not going to get better any time soon it appears.
FDIC Funds Fall 20 Percent in Second Quarter
FDIC says it doesn’t need to barrow, for now!
1,000 Banks to Fail In Next Two Years: Bank CEO
“The number of institutions on the government’s so-called “problem bank” list surpassed 400 in the latest quarter, climbing to its highest level in 15 years, according to a government report published Thursday.”
With the FDIC estimating 70 billion will be required to rescue banks through 2013 one must wonder where the difference will be made up since as of now the FDIC is down to approx. 10 billion.
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