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Seven more US banks collapse on day of Europe's stress tests

Discussion in 'Finance & Banking' started by Tropo, 25th Jul, 2010.

  1. Tropo

    Tropo Well-Known Member

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    More than 100 banks in the US have now collapsed so far this year after another seven were taken over by regulators late on Friday – the same day that seven European banks failed a financial health check.
    With rising bad debts tied to commercial and residential mortgages, the number of US bank failures this year is expected to exceed last year's figure of 140. The largest of the seven US banks just seized by the Federal Deposit Insurance Corporation – which acts as a receiver and protects depositors – was Crescent Bank and Trust Company in Georgia, with more than $1bn in assets. In all, the seven failed banks had total assets of $2bn.... Seven more US banks collapse on day of Europe's stress tests | Business | The Observer
     
  2. merlinnn

    merlinnn Active Member

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    How upbeat can the DJI be when news like this keeps perforating through?:confused: