BANK BUST FRIDAY !!!

[marmar]

Bank Closing Information - August 20, 2010

ShoreBank, Chicago, IL
Imperial Savings & Loan Association, Martinsville , VA
Independent National Bank, Ocala, FL
Community National Bank at Bartow, Bartow, FL


www.fdic.gov

[SpiralHawk]

1. "Whooopeee! - Neil 'Bankster' Bush (R - Chickenhawk)

"If you are a well connected republicon fatcat, there is always a Silverado lining to these bank busts.

"Make the pie higher (for republicon fatcats), and be sure we get more more more tax cuts. Smirk."

- Neil 'Bankster' Bush (R - Chickenhawk)

[marmar]

2. Neil Bush? I'd almost forgotten that member of the world's most illustrious crime family.....

nt

[SpiralHawk]

3. Marvelous Marvin Bush (R - Chickenhawk) keeps an occultly low profile, too

and for damn good reason...

[dixiegrrrrl]

4. How many does that make so far this year?

[marmar]

5. I believe 118

[theothersnippywshrub]

6. The low number of bank failures is odd. This economy should be leading to Reaganesque numbers.

But it's not even close. The Bush bank bailout probably is the difference.

[dixiegrrrrl]

8. Part of the problem is FDIC has to find a solvent bank to take over a busted one.

And has to buy out the failed banks uncovered debts, when FDIC has not had the money to do so.
tho there is question of why FDIC is paying full value to worthless "assets" ie "non-performing loans".

Yet another reason is that if, under the rules, banks were closed when they were supposed to be,
at first sign of not meeting capital ratios, thousands of banks would have to close.
The government is too invested in hiding that truth.

There are several web sites that list high risk banks. I just changed over puters and do not have current list of sites on this one. But the lists are long, believe me.
Since 2007 307 banks have gone under.

Here is one site:

http://bankimplode.com/

[RB TexLa]

7. Shorebank is a partial bust. Urban Partnership Bank is pretty much just a new name for them

It's under just the same but feels more like a reorganization.