The six failed Illinois banks are all controlled by one family and followed a similar business model that created concentrated exposure in each institution. The failure of these banks resulted primarily from losses related to the banks' investment in collateralized debt obligations and other loan losses.

I wonder if

On July 2nd, 2009 quiltingsando says:

7 is a record for one day?

regulatory failure

On July 2nd, 2009 riverrun says:

"... all controlled by one family and followed a similar business model ..."

That would be a regulatory failure. They don't need more power to regulate, they need to use the existing regulatory powers. And the regulators who allowed this should be fired.

The regulators didn't do their jobs, and the FDIC is going to take the hit and make it up with our confiscated taxes.

Regulators also helped cause the problem...

On July 3rd, 2009 mdonato says:

Regulators made a loop hole that AIG exploited to hand pick the regulators of their choice (the Office of Thrift Supervision) who was so small they couldn't have regulated the actions of a company the size of AIG anyway.

The OTS probably could have figured enough out just scratching the surface of AIG to know the whole thing was a house of cards, but apparently they chose not even to do that. Crony capitalism with government enabling.

More regulation....

On July 2nd, 2009 SimpleSam says:

Is NOT the answer. I think we'll find that out when Summers little plan goes crashing down around the Fed's ears. However it's a step up....

There is definitely a balance between regulation and free market somewhere in the principles of Mises paper.

The FDIC backstop is a big

On July 2nd, 2009 riverrun says:

The FDIC backstop is a big part of the problem. If we didn't have that backstop (or a low backstop ~10,000), people would be concerned about the health of the bank and wouldn't go to "whoever pays more interest" without concern of the soundness of the bank.

The socialist backstop encourages banks to run too close to the line. And the regulators didn't do their jobs.

It is..

On July 2nd, 2009 SimpleSam says:

The FDIC acts as like a cushion, when in truth incremental banks should be pretty much capsized and the ones that fail, need to plain fail.

The smaller banks could then institute monetary reform in such an easier way as they wouldn't be mired in the bureaucracy.

Up to six today as of 6:30 pm EST.

On July 2nd, 2009 rhino says:

Just wait until October. This could get very ugly.

WAHOR!!
http://www.dailypaul.com/...

Watch them fly...

On July 2nd, 2009 elrococco says:

out to sea, to park in international waters.

Assert Your Authority

7 banks added today

On July 2nd, 2009 krolik says:

more dust to bite

3added

On July 2nd, 2009 13 says:

4 from last week confirmed and updated. the next to last column is the one you want ....

edit : .... lol so 7 it is =)
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"Those who make peaceful revolution impossible will make violent revolution inevitable."
John F. Kennedy

I counted 3 for the 19th. And the FatLady don`t sing `till

On June 19th, 2009 HYDROMAN says:

midnight.

I don't know whether I read about this or heard it somewhere...

On June 19th, 2009 cactus1010 says:

it was decades ago. Anyway the prediction was that eventually Americans would only have two or three banks left to do business with.

It took decades, but it seems to be happening.

Two or three banks

On July 2nd, 2009 SirThinksAlot says:

Which matches up nicely with the two or three media giants with tentacles in print, movies, entertainment TV and cable news...

Ugh.

National Bank of Commerce, Berkeley, IL (on list failed)

On June 19th, 2009 Bonhomme Richard says:

Years ago I banked with them and they were trustee on our A/B revocable living trusts. When I changed trustee, they told me they had no record of our trusts and apparently threw away copies we gave them.

Reminds me, my new trustee I think was bought by a financial institution that went belly up. Worst case scenario a court will have to appoint a trustee that is still in business. It would be all so easy if one could trust adult children not to blow their inheritance on cars and Disney. That's what my brother and his wife did with a million dollar inheritance from her folks. Now they have the wolf at the door. Regular financial geniuses ! She's a Chicago public school teacher, now you know why our kids are so bright.

The Big Fish

On June 19th, 2009 Gary Patridge says:

eating all the little fish.

40 this year already

On June 19th, 2009 vintagehotdog says:

With one more Friday to go. That's 10 times as many as last year before July. And they say it's (the economy) getting better? Only 25 all of last year. And only 3 in '07!
What a joke.

Read:
1984
Atlas Shrugged
Captains and the Kings
Meltdown