When bad banks buy worse banks
The FDIC has sold several failed banks to institutions that are also losing money. Should this be a cause for concern?
Nine banks have failed so far this year. That's not good news, particularly since 25 failed last year.
Fortunately, customers of these banks have had little to worry about. In most cases, the FDIC immediately found a buyer for the failed banks, so depositors simply found a new name on their bank the Monday after the takeover.
What's more, the FDIC now insures up to $250,000 in individual accounts.
But none of that means ...
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