Fri Aug 1, 2008 7:58pm EDT
/www.reuters.com/article/hotStocksNews/idUSN0136691620080801
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How safe is your money?
Thursday, July 31, 2008
Terrah Baker, Staff Writer
Terrah Baker, Staff Writer
Quote from the article:
"Analysts in USA Today and National Public Radio said that profits of federally insured banks and thrifts have plunged to a 26-year low due to institutions setting aside record-high amounts in order to make up for losses caused by faulty mortgages. Finance Week, a nationally acclaimed financial analyst publication, reported that as many as 300 banks could fail over the next three years following the closings of IndyMac. The FDIC has announced plans to rehire 25 retired employees who had previously worked in a division of the company specializing in handling bank seizures in response to the anticipated increase in bank failures, according to USA Today."
300 banks? Grim!
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Well Dubya, whaduhya say about this?
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