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28 May 2017 04:55 (South Africa)

Number of failed banks in US nears 100 this year

  • Branko Brkic
    branko3048 a ray
    Branko Brkic

    Brkic is the founder and editor of The Daily Maverick.

    He has edited magazines on business and politics, technology, and wildlife. He has also published fiction and non-fiction books, most of them in Serbian. Though he has never pretended to be a reporter, his wide knowledge of politics (especially in America), combined with his experiences in a disintegrating Yugoslavia, gives him an unusual outlook on events in South Africa.

    Despite the vowel-poor surname, he tells anyone who asks that he hails from Hyde Park, Johannesburg, having spent most of his adult life in South Africa.

    Recent columns:

Washington_Mutual_Bank

The New York Times reports that, after the Lehman Brothers bankruptcy and the subsequent joint action to spend $700 billion to save the institutions deemed too big to fail, many small banks were left to die by the Federal Deposit Insurance Corporation and their assets given to stronger players. The number of failed banks now stands at 98. Some experts predict that as many as 1,000 banks may have to be closed in this cycle of collapses. However, as long as the big players are still in game, the smaller banks can die: more than 8,000 of them jointly hold only 15% of the banking industry’s $13.3 billion in assets.

  • Branko Brkic
    branko3048 a ray
    Branko Brkic

    Brkic is the founder and editor of The Daily Maverick.

    He has edited magazines on business and politics, technology, and wildlife. He has also published fiction and non-fiction books, most of them in Serbian. Though he has never pretended to be a reporter, his wide knowledge of politics (especially in America), combined with his experiences in a disintegrating Yugoslavia, gives him an unusual outlook on events in South Africa.

    Despite the vowel-poor surname, he tells anyone who asks that he hails from Hyde Park, Johannesburg, having spent most of his adult life in South Africa.

    Recent columns:

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