Georgia is #1; Citigroup is worse than bankrupt
A heartfelt congratulations to the United State of Georgia (from whose namesake “University of” I got my Finance MBA), which today passed California in the battle for Most Failed Banks (9 v 8) in the past year.
In fairness, California did not have a failure until July, while Georgia waited until August.
The two states have been running virtually neck-and-neck, but Georgia’s third failure of this month, and second in two weeks, allowed it to close the month with the overall lead.
In other news, those who are still foolishly holding out the hope that p*ss*ng away several Billion more dollars will make The Big C solvent are invited to meet the reality of their asset mix. Or the staid, less optimistic version here (companion text here).