by John Darer CLU ChFC CSSC RSP
The tally for bank failures is just short of 100 as three more went down over the weekend. The branches of all three are set to reopen under an assuming bank name
The FDIC currently expects the cost of bank failures to grow to about $100 billion over the next four years, an increase of over 42% from an estimate of $70 billion made earlier in the year. Most of the $100 billion in costs are expected to come from current and anticipated failures in 2009-2010. The so called "confidential" list of problem banks increased 36% from Q1 to Q2 2009.
On September 29, 2009, the FDIC board took the unprecedented step of proposing to have banks in the United States prepay $45 billion, or three years' worth, of insurance premiums.
Touch wood, in 2009 there have been no structured settlement annuity issuers taken over by a state insurance department.
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