Oh my...
Hello to the lads of Saxo Bank.
According to an August 12 report from investment bank Saxo Bank, the three bank failures on August 7 decreased the FDIC's Deposit Insurance Fund (DIF) to a measly $648.1 million. Well, five more banks failed last Friday, bringing the total this year to 77. And in the largest bank failure since Washington Mutual, Alabama-based Colonial BancGroup depleted the DIF by $2.8 billion. Community Bank of Nevada also failed, sucking another $781.5 million from the DIF. So according to Saxo Bank's numbers, the FDIC is officially bankrupt...
But in the FED we trust. The government will print more money in order to keep this institution alive. However, more trouble is brewing as the number of non-performing loans is still on the rise.
According to an August 12 report from investment bank Saxo Bank, the three bank failures on August 7 decreased the FDIC's Deposit Insurance Fund (DIF) to a measly $648.1 million. Well, five more banks failed last Friday, bringing the total this year to 77. And in the largest bank failure since Washington Mutual, Alabama-based Colonial BancGroup depleted the DIF by $2.8 billion. Community Bank of Nevada also failed, sucking another $781.5 million from the DIF. So according to Saxo Bank's numbers, the FDIC is officially bankrupt...
But in the FED we trust. The government will print more money in order to keep this institution alive. However, more trouble is brewing as the number of non-performing loans is still on the rise.
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