Date: Wed, 30 Sep 2009 15:38:41 -0700 (PDT)
From: Phil Ossifur <>
Subject: FDIC demand of $45B signals end of banks as we've known them....
The FDIC acknowledged its insurance fund will be in the red already by tomorrow,
the end of the third quarter. It has said it has set aside bank-loss reserves
of $22-24 billion, and Bair continues to state publicly that the FDIC has
"plenty of cash" for bank failures. But this will obviously go quickly. Even the
FDIC staff estimate, is that the agency will have no such cash left by very
early 2010. A further acceleration of bank failures in the ongoing crash of
commercial real estate securities and derivatives, for one example, would blow
the reserves out much sooner.
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