FDIC Friday

Yesterday was FDIC Friday.  That’s a term I read in some comments on MarketWatch.com last year and it stuck with me.

It came about because the FDIC has taken to shutting banks down on Friday evenings just after the stock market closes.  That gives the stock market a couple of days to forget how bad things are, and everyone is fat, dumb, and happy come Monday morning.

Here’s the story on CNN about the two banks that were shut down yesterday.  There were the National Bank of Commerce in Berkeley, Il., and Bank of Clark County in Vancouver, WA.

This happened to be the first time the FDIC shut down any banks this year.  It won’t be the last.  Looks like I’ll have to update my page that lists bailouts and bank closings.

gk

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