Bank Failure Friday October 29, 2010

[joe_momma]

Hi All - Happy Friday!

I'm running late today - how many banks go down just before the elections?

(I encourage informed voters to make the effort and vote.)

We saw 7 last week - with a board wide skunkage - though hat tip to Babushkalady for the near hit!

Good luck all!

One can follow along at the the FDIC website -
http://www.fdic.gov/bank/individual/failed/banklist.html

PS - It appears that people smoke pot in public in San Francisco - who knew!

(Go Giants!)

[mick silver]

5 or 6 .....................

[1970 silver art]

This will be just a normal bank failure Friday for today for the FDIC. 3-4 bank failures today with Tennessee as the power ball.

[Plastic]

Spilled coffee this morning so I say whoopsie, 9 it is.

[DMac]

I voted whoopsie this week but I would like to cancel my vote. I forgot the world series is still on and elections are next week.

Once elections pass I think all hell will break loose at the FDIC.

[SHTF2010]

ZERO

cause the E-CON-OMY is just hunky dory for the mid-term elections


9+ whoopsie next friday

[Ash_Williams]

Five.

[Apparition]

5-6 bank failures is my guess.

[beefsteak]

1

[joe_momma]

Two with Nevada!

[madfranks]

Up to seven failures now. What does it mean when the acquiring institution is "No Acquirer"?

[1970 silver art]

Up to seven failures now. What does it mean when the acquiring institution is "No Acquirer"?


That was last Friday (October 22). So far, no bank failures reported yet for this Friday (October, 29).

[madfranks]

Up to seven failures now. What does it mean when the acquiring institution is "No Acquirer"?


That was last Friday (October 22). So far, no bank failures reported yet for this Friday (October, 29).




Oops. I'm not in the game tonight; I think I just caught a cold or something and I'm feeling under the weather... thanks for pointing out the error of my ways. :)

[1970 silver art]

Up to seven failures now. What does it mean when the acquiring institution is "No Acquirer"?


That was last Friday (October 22). So far, no bank failures reported yet for this Friday (October, 29).




Oops. I'm not in the game tonight; I think I just caught a cold or something and I'm feeling under the weather... thanks for pointing out the error of my ways. :)


No problem. Do not worry about it. Everybody makes mistakes and I make more than my fair share of mistakes. BTW So far, no bank failures for today. I guess the epic bank failure whoopsie will occur next Friday (November 5, 2010) after the elections are over.

[Kali]

FDIC employees at their annual Halloween potluck dinner.

[joe_momma]

looks like a big nada!

Follow-up to the earlier question on "No Acquirer" - when a bank fails, the FDIC tries to find another bank to take over the corporation - they assume all the assets and liabilities, usually with some form of discount or FDIC guarantee to limit losses on non-performing liabilities.

Occasionally, (with increasing frequency), there are instances where no bank is willing to accept the "assets" of the failed bank - in that case the FDIC assumes all the inventory and sells off the assets piecemeal.

I think this means that nearby banks took one look at the failed bank and realized that this turd wasn't gonna ever smell or taste better. (This also means the FDIC is gonna take a bath on the mark to market value of the "assets" of the bank. Since the FDIC is supported by banks [via fees paid by customers] the citizen is again screwed.

[mick silver]

there not going to tell us how many fail .... it there new dont tell and they want ask