 somebody was asking for this the other day and i don't think we have a banking thread started yet. so let's throw all the articles in here to make it easy for quick reference. |
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Hidden PlacesLife outside of the mainstream |
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Hidden PlacesLife outside of the mainstream |
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Colonial is getting shut down today.
from devon:
Other fun news...
Colonial, Alabama’s second-largest bank, is being closed by regulators today, the person said, becoming the largest U.S. bank failure of 2009 after an expansion into Florida saddled the lender with more than $1.7 billion in soured real-estate loans.
The FDIC usually waits until the close of business Friday; they must have had a slight problem with withdrawals......
I wonder where that leaves the FDIC.. insolvent, perhaps?
--Market Ticker
on that note...
last week i saw over on DP ... that the FDIC was hesitating to get involved with this one because they didn't have enough money to cover its assets??
something like: colonial has 60 billion assets and the FDIC only has 15 billion left???
Pressure (Countdown) Toward Breakdown
http://www.kitco.com/ind/willie/aug132009.html