Two more South Carolina banks ”” First National Bank of the South of Spartanburg and Woodlands Bank of Bluffton ”” were seized Friday by federal regulators.
Now three state-based banks have failed this year. In April, Beach First of Myrtle Beach became the first South Carolina bank shut down since the 1999 closure of Columbia’s Victory State Bank.
So far this year, 96 banks nationwide have failed ”” nearly the double the pace from 2009.
Meanwhile, regulators’ list of problem banks keeps rising. In South Carolina, 14 banks ”” roughly 15 percent of the state’s total ”” have been ordered by regulators to bolster their balance sheets since 2008, according to records.
They will not rest until there is only one Bank The US Federal Bank controlled by the US Government….
I fairness the state and federal regulators are concerned with solvency. I used to do this for a living with insurance companies and we are concerned with balance sheets of individual corporations and whether they are solvent. If insolvent they need to go into the trash pile.
[bockquote]If insolvent they need to go into the trash pile.[/blockquote] So why then did Obama and his administration bail out the banks instead of letting them go belly up like what should have happened?
3, well that was the problem wasn’t it. Obama short circuited the system. It was a case of politics driving the system rather than the existing regulatory scheme. They should have been placed into receivership or bankruptcy.
Yes Br. Michal….Obama is the problem…he and his administration and all the Democrats in the House, Senate, & Congress. What should have happened did not because they stepped in and bypassed the Constitution of the U.S. They continue to do it daily….They are making our Constitution and Bill of Rights irrelevant.