Hummel: The US Will Default On Its Debt: The flood of debt that the US is taking on in its efforts rescue to economy will combine with huge social insurance obligations--Medicare, MedicaidSocial Security--to create an unsustainable level of public indebtedness, economist Jeffrey Rogers Hummel argues in at length here.
1,000 Banks to Fail In Next Two Years: Bank CEO: The US banking system will lose some 1,000 institutions over the next two years, said John Kanas, whose private equity firm bought BankUnited of Florida in May.
Lefrak: Commercial Real Estate Will Kill 500 Small Banks: The Real Deal passes along this video of Harrison Lefrak predicting 500 bank failures resulting from commercial real estate problems.
Bank collapse to cost Iceland $5bn: Iceland's parliament has approved a $5bn repayment plan to compensate Britain and the Netherlands for money lost after the collapse of an Icelandic internet bank last year.
Stanford finance aide pleads guilty: A former senior aide to Allen Stanford, a US financier who is accused of defrauding investors out of $7bn, has pleaded guilty to three charges of fraud and conspiracy.
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