CNN News reported that 115 banks have been closed by regulators
as of October 30, 2009. A recent failure was a large multi-state
holding company called the FBOP Corporation. Nine banks with 153
offices were bailed out by the FDIC on Friday,October 30, 2009.
Unfortunately, the FDIC is out of money and this FBOP bail-out
will cost another $2.5 billion, says Bud Conrad, research chief and
co-editor of The Casey Report. He says many banks should be closed
but the FDIC is holding off from closing the banks for lack of funds.
As a result, Conrad says,
those sick banks are getting into worse trouble every day. The FDIC
has already guaranteed debts of over $300 billion by the big banks at
low interest rates. The banks are permitted to invest these funds at
higher interest.
One can see the definite trend toward monopoly in the banking
system through the purchase of sick banks by the largest banking
centers. In my opinion, this is just another move toward the
Rothschild World Conservation Bank. Minneapolis-based U.S. Bancorp
(USB) with $265 billion in assets, bought the FBOP banks. USB now has
2,851 banking offices and 5,175 ATM's in 24 states.