Guaranty Bank will fizzle after the Bell. Is the FDIC Bankrupt yet?
By Daniel at 21 August, 2009, 3:46 pm
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Big banks still hold FDIC captive
http://blogs.reuters.com/rolfe-winkler/2009/08/21/big-banks-still-hold-fdic-captive/
“Over the last eight days, her agency has been particularly busy, handling the two largest bank failures of the year. Last Friday it was Colonial Bank, today it will be Guaranty Bank. With $25 billion and $14 billion of assets respectively, Colonial and Guaranty are the sixth- and 10th-largest failures in the history of the FDIC. Still, they pale in size compared to the biggest banks…”
“Yet even Colonial and Guaranty are large enough to give the FDIC indigestion. Its deposit insurance fund had just $13 billion as of March 31. The 56 failures since then will cost it an estimated $16 billion, including nearly $3 billion for Colonial. (That amount excludes Guaranty – the FDIC should provide an estimate for those losses later today…)”
TB
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