3 More Bank Failures Bring Tally To 12 in 2010

FDIC reported late Friday -of course they would wait until people go home- that 3 more banks failed. The banks are Immokalee's Florida Community Bank in Florida with $795.5 million in deposits, First National Bank of Georgia in Carrollton  with $757.9 million in deposits and Marshall Bank of Hallock in Minnesota with $54.7 million in deposits. We are on our way at an annual rate to match last year's record 140 bank failures so far in 2010. Greenshoots and recovery sound more and more like a hallucination. Another issue this brings to mind is the century long struggle between the big Wall Street banks that have been all bailed out and the smaller regional institutions. The big Wall Street banks seem to have the upper hand in the struggle and monopolization of the banking industry throughout the country. The moral hazard issues brought on by the "too big to fail" concept come to mind once again.