Yes, $8.2 billion in red ink as of the 3rd quarter.
From Market Ticker:
That’s broke. Bankrupt. Kaput. Gone. Poof. Dead. Rotting. A corpse.
Yes, yes, I know, Treasury has their back. But let’s not forget – The FDIC does not have a legal “full faith and credit” guarantee from the US Federal Government and Treasury.
It has a “sense of Congress” resolution, but not a formal, legally-binding guarantee.
Karl Denninger puts it so even a liberal can understand it:
YOUR SO-CALLED “DEPOSIT INSURANCE” AND THE SEVERAL TRILLION IN CITIZEN BANK DEPOSITS ARE BACKED BY THE SAME AMOUNT OF CAPITAL THAT AIG HAD TO BACK THEIR CREDIT DEFAULT SWAPS: BUPKIS.
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