Saturday, October 11, 2008

Two more down

Main Street Bank, Northville, Michigan and Meridian Bank, Eldred, IL have been closed by the FDIC.

...And by the way, have you Met Life? Are you happy about that?

UPDATE: Morgan Stanley looks to be taken over by Mitsubishi [Update: 21% stake, guaranteed by Uncle Sam], and The Great Unwind has begun:

Some of the world's biggest hedge funds – SAC Capital, Lone Pine and Tiger Global – all revealed they were sitting on double-digit losses this year. September's falls wiped out any profits made in the rest of the year. Polygon, once a darling of the London hedge fund circuit, last week said it was capping the basic salaries of its managers to £100,000 each. Not bad for the average punter but some way off the tens of millions plundered by these hotshots during the good times. But few will be shedding any tears.

Times really are getting tough.


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