Banks Take Hits from Lehman Bust

IndyMac Bank Run

I found a list of banks that have taken hits as a result of Lehman going bust. They have been weakened financially because of this. Here are some highlights:

ING Direct: $282 million (gross)
Wachovia: $494 million including some money markets
Wells Fargo: $249 million
Ameriprise Financial: $157 million including some money markets
Metropolitan Bank & Trust Co: $20.4 million

See the full list here.

If you have money in any of these institutions please protect yourself, especially with Wachovia and Wells Fargo. Be prepared to withdraw all your funds, transferring to a bank without ANY derivitives exposure. (I closed out all my WF accounts two years ago for this very reason.)

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