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Add 10 More Banks to Failed List in October

Detective Krum

Detective Krum

Ten more banks were closed on Friday October 30, 2009.

October 2009 saw 20 banks fail. That makes the total failed banks for 2009 – 116.  Consider, 27 banks failed from the year 2000 through 2007  making an average of 3.9 bank failures per year. When TARP was passed by Congress and arm twisting began in Congress to pass massive bank bailout money to selected banks, bank failures skyrocketed in 2008 and 2009.

Was the bank bailout money designed to squeeze out smaller banks by bailing out  bigger banks whose CEO just happened to be politically connected?  Large bank stock is inching upwards and profits to upper-management through bonuses is becoming a trend. Consider 26 banks failed in 2008 and now 116 in 2009. Makes you wonder if the large banks were allowed to fail, maybe the smaller banks would not have failed, doesn’t it?

Add the following banks to the list of bank failures for 2009:

North Houston Bank Houston TX
Madisonville State Bank Madisonville TX
Citizens National Bank Teague TX
Park National Bank Chicago IL
Pacific National Bank San Francisco CA
California National Bank Los Angeles CA
San Diego National Bank San Diego CA
Community Bank of Lemont Lemont IL
Bank USA, N.A. Phoenix AZ
First DuPage Bank Westmont IL

If you have investment products, in a bank, your investments are not insured by FDIC according to FDIC.  As usual, FDIC waits until Friday to close ten more banks.  One might ask, in whose best interest is it to wait until late on a Friday to close a bank?

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October 31, 2009 - Posted by | 1 | , ,

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