joe_momma
5th August 2010, 10:41 AM
Bank Failure Friday!
Congratulations to joe_momma (your humble host) with 5 and GA last week.
It is the first Friday in August – well over half the year has passed the FDIC exceeding last year’s (admittedly anemic) personal best with 108 banks shuttered so far. Last week saw a solid 5 closures from the FDIC – better than their average.
To paraphrase James Fenimore Cooper – ‘we’ve reached the bottom of the barrel’ . The FDIC cannot find banks willing to accept the troubled assets, even with the FDIC guaranteeing 80% of the book valuation of the loan.
Another disturbing trend is that 5 banks control roughly 60% of the assets, another 100 bring the total to 80% - the remaining 20% is spread the remaining 7,800 smaller banks. The consolidation of the banking industry cannot be good for the consumer.
How many will go down today?
****
There will be a rule change this time round on the Ruprick. We’re getting to many ties from people going with the safe bet of FL/GA. (Kinda like betting that the fat kid will be the last one chosen for the elementary school dodgeball game).
This time round I’ll drop the score of winners who chose the correct number of banks but selected GA or FL by ½ a point – that way, people who go out on a limb with a riskier state choice are rewarded with the
****
Get your picks in by Friday, 5pm EDT. Good luck all
One can follow along at:
http://www.fdic.gov/bank/individual/failed/banklist.html
Congratulations to joe_momma (your humble host) with 5 and GA last week.
It is the first Friday in August – well over half the year has passed the FDIC exceeding last year’s (admittedly anemic) personal best with 108 banks shuttered so far. Last week saw a solid 5 closures from the FDIC – better than their average.
To paraphrase James Fenimore Cooper – ‘we’ve reached the bottom of the barrel’ . The FDIC cannot find banks willing to accept the troubled assets, even with the FDIC guaranteeing 80% of the book valuation of the loan.
Another disturbing trend is that 5 banks control roughly 60% of the assets, another 100 bring the total to 80% - the remaining 20% is spread the remaining 7,800 smaller banks. The consolidation of the banking industry cannot be good for the consumer.
How many will go down today?
****
There will be a rule change this time round on the Ruprick. We’re getting to many ties from people going with the safe bet of FL/GA. (Kinda like betting that the fat kid will be the last one chosen for the elementary school dodgeball game).
This time round I’ll drop the score of winners who chose the correct number of banks but selected GA or FL by ½ a point – that way, people who go out on a limb with a riskier state choice are rewarded with the
****
Get your picks in by Friday, 5pm EDT. Good luck all
One can follow along at:
http://www.fdic.gov/bank/individual/failed/banklist.html