Seven banks fail, pushing 2009 tally to 52

Seven banks fail, pushing 2009 tally to 52

money.cnn.com

Seven banks were shut down by authorities Thursday, pushing the tally of failed banks for 2009 to 52, more than doubling the failures in 2008.

The agency said that the six failures stemmed from the banks' investments in collateralized debt obligations and other loan losses.

Last year, 25 banks failed in the United States.

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There is no govt intervention in this case. Why is there no bailout for these banks?

Why would govt want to nationalize Citigroup and others and then not these 52 banks that failed this year?

The FDIC could have found buyers for these failed banks and it could have been good for the depositors and employees of these banks if they were kept operation.

money.cnn.com
(visit the link for the full news article)

[edit on 3-7-2009 by sunny_2008ny]

six out of the seven banks were from illinois. Twelve banks have failed this year in Illinois, the most of any state.