US banks fearing default stock up on cash
Source: Financial Times
US banks were stocking cash machines with extra funds, investors dumping Treasury bills and US equity indices sinking on Thursday in a sign of mounting unease that Washington risks defaulting on its debt later this month.
... Meanwhile, two of the country’s 10 biggest banks said they were putting into place a “playbook” used in August 2011 when the government last came close to breaching the debt ceiling.
One senior executive said his bank was delivering 20-30 per cent more cash than usual in case panicked customers tried to withdraw funds en masse.
The move to source extra cash is a precaution to deal with an unnecessary upturn in demand, banks said. The Federal Deposit Insurance Corporation insures deposits up to $250,000.
Read more: http://www.ft.com/cms/s/0/11d59fa8-2c38-11e3-acf4-00144feab7de.html
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are fucking worried. They need to talk to the frankenstien that they FUCKING created. My Fucking heart bleeds red, white and blue for them. Maybe THE kOCH BROTHERS CAN BAIL THEM OUT. Not again mister President! Time to hold their feet to the coals!
