by John Galt
August 30, 2009
While I have been plugging away trying to improve things and working like an insane man, the FDIC has been busy, busy, busy. In the last two weeks another big bank has imploded (Guaranty) and the FDIC came out with a report claiming the DIF is healthy even though their own numbers from June 30th would reflect an over $300 million deficit after this past Friday’s 3 closings. Ah well, it’s only our paper funny money that they can print and party on with. Without further ado, the weekly update returns and here is the latest map of bank and credit union failures.
At the pace we are moving with the failures and bids for Corus being extended, all I can suggest is that this will not end well gang.
Be prepared for a wild September as this map runs out of room and FAST.
P.S. – Watch for the bidding wars next week for Corus heading into Labor Day weekend; that should be very interesting with the revised FDIC rules.