U.S. Banks Failing At Fastest Pace In 2 Decades

[nadinbrzezinski]

MARCY GORDON, Associated Press

WASHINGTON -- Regulators shut down four more banks Friday, bringing the 2010 total to 143, topping the 140 shuttered last year and the most in a year since the savings-and-loan crisis two decades ago.

The Federal Deposit Insurance Corp. took over K Bank, based in Randallstown, Maryland, with $538.3 million in assets, and Pierce Commercial Bank, based in Tacoma, Washington, with $221.1 million in assets. The FDIC also seized two California banks: Western Commercial Bank in Woodland Hills, with $98.6 million in assets, and First Vietnamese American Bank in Westminster, with assets of $48 million.

M&T Bank, based in Buffalo, N.Y., agreed to assume the deposits and $410.8 million of the assets of K Bank. First California Bank, based in Westlake Village, Calif., is acquiring the assets and deposits of Western Commercial Bank. Heritage Bank, based in Olympia, Wash., is taking the assets and deposits of Pierce Commercial Bank, while Los Angeles-based Grandpoint Bank is assuming the assets and deposits of First Vietnamese American Bank.

http://www.huffingtonpost.com/2010/11/06/us-banks-failing-at-faste_n_779941.html

Now I don't think I got to 'splain this.... but we bail out (BUSH started that shit kiddies and for GOOD reason actually) Citi,

Now TARP should have had a lot of added caveats when Obama took over and we actually made money on the deal... but... citi is too big to fail, but will not loan to joe shmoe, but Bouder Savings and Loans (made the name up) isn't, never mind that they will make loans to Joe.

This is in a nutshell the problem kids.

[bobthedrummer]

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