Friday, January 30, 2009

3 on a Match: FDIC Closes More Banks

Three more banks were closed by the FDIC today, all of which were at the top of our bad banks list. Oddly, the FDIC did not release a loss estimate for MagnetBank.

The trend of high FDIC losses relative to bank assets continues......and the FDIC wants to manage the bad bank !!????!??!???!

They failed at regulating and monitoring banks, modified IndyMac loans are defaulting just as quickly as the original loans, the insurance fund is under $40 billion and they want more responsibility?

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