1,000 Banks to Fail in 2 Years : CNBC

The US banking system will lose some 1,000 institutions over the next two years, said John Kanas, whose private equity firm bought BankUnited of Florida in May.

“We’ve already lost 81 this year,” Kanas told CNBC. “The numbers are climbing every day. Many of these institutions nobody’s ever heard of. They're smaller companies.” (See the accompanying video for the complete interview.)

Failed banks tend to be smaller and private, which exacerbates the problem for small business borrowers, said Kanas, who became CEO of BankUnited when his firm bought the bank and is the former chairman and CEO of North Fork bank.

“Government money has propped up the very large institutions as a result of the stimulus package,” he said. “There’s really very little lifeline available for the small institutions that are suffering.”

http://www.cnbc.com/id/32581463

 

Did that guy say if GE would be among those?

 

That would be more than 1 bank failing per day for the next 2 years.

 

Today is FDIC friday, 81 banks closed so far in 2009, FDIC has no money and my guess is that today another 2-3 banks close, just wait till option arms start to reset and commercial real estate starts to fall apart even quicker, there will be hundreds of banks failing.

 

Scary, but true.

 

Most will be wiped out all at once in the "next" Bank Holiday. Death by guillotine is better than a long, drawn out cancer.