Just one bank was added to the FDIC Failed Bank List. Omni National Bank of Atlanta, GA has failed. They had deposits of $796.8 million and will have an estimated cost to the FDIC fund of $290 million. Wow, this looks like another case of the FDIC dropping the ball. The bank is being taken over by SunTrust Bank of Atlanta, GA.
I wonder how the FDIC fund is doing given that they’re pitching in for Geithner’s plan to get rid of toxic assets. It seems almost as if the plan was about trying to get more bailout funds without going through congress. Has anyone else thought of this? Yes, someone did. The interesting thing is that the FDIC will go to congress to ask for more money when their fund runs out. They’ll say they need the money to cover depositors when banks fail. I wonder if anyone in congress will point out that they were throwing money into a black hole.
