Yup, even if they have to LIE and OBFUSCATE to do it!
Delivered on a "Friday night - the most common time for governments worldwide to bury bad news"
Yours holds true as well, AmeriKa!
"Bank failures top 100 for year; Other lenders are weakened but still open" by Daniel Wagner, Associatedpress | October 24, 2009
WASHINGTON - The FDIC’s first priority, spokesman Andrew Gray said, is to maintain public confidence in the banking system.
If any bank poses an immediate danger to customers or the broader financial system, regulators close it immediately, bank supervisors said. The issue is murkier for troubled banks that might qualify to close but whose closings might still be postponed or even prevented.
The list of banks in trouble is getting longer. At the end of June, the FDIC had flagged 416 as being at risk of failure, up from 305 at the end of March and 252 at the beginning of the year.
Bank failures have cost the FDIC’s deposit insurance fund an estimated $25 billion this year and are expected to cost $100 billion through 2013. To replenish the fund, the agency wants banks to pay in advance $45 billion in premiums that would have been due over the next three years.
Related: FDIC Hands Taxpayers Another Bill
When a bank fails, the Federal Deposit Insurance Corp. tries to sell the bank’s assets and cover its liabilities, primarily customer deposits. It taps the insurance fund to cover the rest.
The cascade of bank failures this year surpassed 100 yesterday, the most in nearly two decades. And the trouble in the banking system from bad loans and the recession goes even deeper than the number suggests.
But the MOST IMPORTANT THING is TO MAINTAIN the ILLUSION of HEALTH and CONFIDENCE!
The bank failures, 106 in all, are the most in any year since 181 collapsed in 1992, at the end of the savings-and-loan crisis. Yesterday, regulators took over three small banks in Florida and one each in Georgia, Wisconsin, Illinois, and Minnesota.
Waited for a FRIDAY, did they? Where is THEIR BAILOUT LOOT, huh?
Hey, they ain't Goldman or BoA, etc, so fuck 'em!
Dozens, perhaps hundreds, of other banks remain open even though they are as weak as many that have been shuttered. Regulators are seizing banks slowly and selectively - partly to avoid inciting panic and partly because buyers for bad banks are hard to find. Going slow buys time. An economic recovery could save some banks that would otherwise go under. But if the recovery is slow and smaller banks’ finances get even worse, it could wind up costing even more.
That is assuming there is even a recovery! Just because WALL STREET, the MSM, and GOVERNMENT SAY IT does NOT MAKE IT TRUE! In fact, it is MORE LIKELY the OPPOSITE: a BIG, FAT, STINKING LIE!
Btw, NOT good words for a "report" -- especially since you s***-shovelers have been hucking at the top of your lungs for months.
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