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AmTrust parent files for bankruptcy

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posted on Dec, 2 2009 @ 01:19 PM
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AmTrust parent files for bankruptcy


www.cleveland.com

AmTrust Bank, one of the 100 biggest banks in America, may be close to insolvency, with its parent company .ing to court in an unusual move seeking bankruptcy protection.

The filing late Monday by holding company AmTrust Financial Corp. is likely a last-ditch effort to protect the wealth of the company's majority owners, the Goldberg family, banking experts said.

"The deposits remain insured," said David Barr, spokesman for the Federal Deposit Insurance Corp. "That's the key for customers."
(visit the link for the full news article)




posted on Dec, 2 2009 @ 01:19 PM
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I assume that no one wants to buy them since they are filling for bankruptcy. I'll also have to assume that this is going to hit the FDIC pretty hard since they are already in the red.

I wonder what kind of effect the bankruptcy of this top 100 bank will have on everything. It doesn't sound good.

www.cleveland.com
(visit the link for the full news article)



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