US online bank NETBANK shut down

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    Profile photo of Anonymous
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    This friday late the US online bank was shut donw by the federal regulators due to the huge amount of mortgage defaults.

    http://money.cnn.com/2007/09/28/news/companies/netbank/index.htm?postversion=2007092817

    It is very curious to do this at late friday. In order to aboid panic?

    Also the Federal Deposit Insurance Corp only assures the first 100.000$ in deposits that will be in charge of ING bank. (You can go to http://www.netbank.com and you will see the welcome message of ING, of those deposits insured of course).

    We also can read this in the article of Money CNN:

    “NetBank had $109 million in deposit accounts that exceeded the FDIC limit. Those customers will become creditors in NetBank’s receivership, the FDIC said. The FDIC has a toll-free number for customers affected by the failure:1-888-256-6932.”

    What will happend next week? Total ignorance by the media or another week of panic?

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