More Poems For Disaster

Another Friday and more bank failures, (some big ones last week too)fortunately, our poet master at Calculated Risk has their juices flowing.

Combined losses for just the three banks closed yesterday, may be 1 Billion to the FDIC fund. Remember when that was a lot of money?

Suited Bureaucrats
Waiting for critical mass
Century flames out

by Soylent Green is People

"The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $344 million. ... Century Bank, FSB is the 121st FDIC-insured institution to fail in the nation this year, and the tenth in Florida. The last FDIC-insured institution closed in the state was Flagship National Bank, Bradenton, on November 6, 2009."

Also gone Orion Bank in Naples, Florida which had assets of 2.7 Billion and deposits of about 2.1 billion.

"The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $615 million. ... Orion Bank is the 122nd FDIC-insured institution to fail in the nation this year, and the eleventh in Florida. The last FDIC-insured institution closed in the state was Century Bank, Sarasota, FL, earlier today."

A number of these banks had previously received Tarp infusions which are now gone. While only thee were taken down, this is likely because the FDIC is too overwhelmed and overworked to do more. More cynical types might suspect they are also very reluctant to hit the public with too many big losses at once and are trying to contain the media coverage. It's working.

Losses at the FHA soon will be too big to hide.