Friday Failures


Late again. The FDIC lopped off the heads of three smallish banks on Friday. Here’s the link to their website so you can review the damage at your leisure.

The agency seems to be getting up to speed pretty quickly. I wouldn’t be surprised to see a relatively large number of seizures in the early part of this year. Certainly the political pressure is going to be focused on getting this out of the way before campaigning for the mid-term elections begins in earnest. Having a lot of local banks biting the dust in the midst of trying to get reelected isn’t generally in the interest of most politicians.

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