Oh Sheila! Down Goes the FDIC
Banks in the U.S. that failed in the past two years were in far worse shape than those that died during the industry's last crisis, an issue for the Federal Deposit Insurance Corp. that is tapped to make depositors whole.
At three of the five banks that failed Friday, increasing the total to 77 so far this year, the financial hit to the agency's deposit-insurance fund is expected by the FDIC to be about 50% of their assets.
This goes out to you, Sheila Bair. Hang in there, girl.
The carnage continues over at Bank Fail Friday.