http://finance.yahoo.com/news/Regulators-shut-banks-in-apf-1868747589.html?x=0&.v=2
Regulators shut down banks in 5 states
Regulators shutter banks in Calif., Fla., Ga., Minn., Wash., totaling 15 bank failures in 2010
By Marcy Gordon, AP Business Writer , On Friday January 29, 2010, 10:48 pm EST
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WASHINGTON (AP) — Regulators shut down a big bank in California on Friday, along with two banks in Georgia and one each in Florida, Minnesota and Washington. That brought to 15 the number of bank failures so far in 2010 atop the 140 shuttered last year in the punishing economic climate.
The failure of Los Angeles-based First Regional Bank, with nearly $2.2 billion in assets and $1.9 billion in deposits, is expected to cost the federal deposit insurance fund $825.5 million.
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And, where, pray tell, does the FDIC get “its” money?
Yes, the taxpayer.
Either directly or indirectly.
Neither the gooferment, nor any corporation, have ANY money that doesn’t originate from a real person.
Some of the FDIC money is extracted from the banks that it “insures”, but that is extracted by the surviving banks from its customers which are, presumably, taxpayers.
Now, with the supposed “insurance” fund broke, it gets “its” money from the Treasury which means we borrow it from China!
Argh!
Hopefully, the AP writer will learn that 825.5 comes from the poor taxpayer.
And, we wonder why we are in a depression?
Economic illiteracy!
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Reinke Faces Life 