Friday Failures

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Six sevenĀ banks were taken down by the FDIC this Friday. Here is the link to the FDIC website so you can read the horror stories at will.

I suspect that this might be the end of the line for this year. Given that the next two Fridays are holidays and the Thursdays preceding them are semi-holidays it’s doubtful they’ll be passing out lumps of coal in those shortened weeks. So that brings the total for the year to 139 140. Frankly, fewer than I expected.

I wouldn’t be surprised to see that number double next year and it could go even higher depending on the economic recovery and more particularly the state of commercial real estate.

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