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One potentially important statistic to keep in mind: So far this year, the US banks that have failed held more than $1.12 Billion in deposits spread across 12,600 accounts which exceeded FDIC insurance limits. That means that almost 13,000 affluent account holders have received news that a portion of their deposits might be gone due to the failure of the bank they use.

Most of those people will ultimately be made whole by the banks which take receivership, but consider the implications for consumer confidence when 13,000 wealthy households (many that have already witnessed plunging a real estate market, weakening dollar and frozen auction rate funds) experienced the shock of learning that some of their savings may have simply evaporated overnight.

Andrew Barber
Director