Last Weeks Bank Closings
Posted By thestatedtruth.com on May 2, 2010
The information on this week’s bank closings is staggering. The FDIC announced seven closings as of April 30, 2010, at 9:00 pm EST.
The seven banks’ combined assets amount to $25.83 billion. They had combined deposits of $19.61 billion.
The FDIC is projecting losses of $7.33 billion in connection with the seven closings. That is its “optimistic†estimate based on its having entered into loss share agreements on $19.76 billion of the failed banks’ assets.
That $7.33 billion amounts to about 37% of deposits. Based on that estimate, the real market value of the seven banks’ assets was about $12.28 billion and had been over-stated, on average, by 110%.
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