joe_momma
19th November 2010, 07:19 AM
Happy Dang Friday!
(This is as good as my Sarah Palin imitation will ever get - and no, I won't be quitting my day job!)
Last week saw mediocrity abound - with a miserly 3 banks shuttered.
Beefsteak takes the coveted 1st place with his insightful call of Georgia.
There was a 4 way tie for second - Brewtech, Hugginator, MNEagle and joe_momma.
A few comments -
- 146 Banks have been shut down since the beginning of the year
- Many of the banks have overstated assets by 80% (book value of $1.80 was at best $1.00 at closure)
- Sheila Bair (FDIC) has come out and said she's opposed to"fair value" accounting - forcing banks to value assets at current prices
- There is a growing backlog of >400 banks that are insolvent - the FDIC is not keeping up with the incoming flow (think "Lucille Ball working in the chocolate factory")
Many hat tips and thanks to more knowledgeable persons:
Harvey Organ - tracks COMEX and bank stunts http://harveyorgan.blogspot.com/
Jim Sinclair - covering FDIC closures http://jsmineset.com/2010/11/18/a-closer-look-at-fdic-bank-closures/
Zerohedge (one of the best nichewit sites) - http://www.zerohedge.com/
Bag on Sheila - http://www.cnbc.com/id/40235333
Please have your guesses (and tie-breaking Rupricks) in by 5 pm EST today!
Good luck all!
Of course you can follow along today at the FDIC website
http://www.fdic.gov/bank/individual/failed/banklist.html
(This is as good as my Sarah Palin imitation will ever get - and no, I won't be quitting my day job!)
Last week saw mediocrity abound - with a miserly 3 banks shuttered.
Beefsteak takes the coveted 1st place with his insightful call of Georgia.
There was a 4 way tie for second - Brewtech, Hugginator, MNEagle and joe_momma.
A few comments -
- 146 Banks have been shut down since the beginning of the year
- Many of the banks have overstated assets by 80% (book value of $1.80 was at best $1.00 at closure)
- Sheila Bair (FDIC) has come out and said she's opposed to"fair value" accounting - forcing banks to value assets at current prices
- There is a growing backlog of >400 banks that are insolvent - the FDIC is not keeping up with the incoming flow (think "Lucille Ball working in the chocolate factory")
Many hat tips and thanks to more knowledgeable persons:
Harvey Organ - tracks COMEX and bank stunts http://harveyorgan.blogspot.com/
Jim Sinclair - covering FDIC closures http://jsmineset.com/2010/11/18/a-closer-look-at-fdic-bank-closures/
Zerohedge (one of the best nichewit sites) - http://www.zerohedge.com/
Bag on Sheila - http://www.cnbc.com/id/40235333
Please have your guesses (and tie-breaking Rupricks) in by 5 pm EST today!
Good luck all!
Of course you can follow along today at the FDIC website
http://www.fdic.gov/bank/individual/failed/banklist.html