Dawson & Fielding Inc: - U.S Banks closure rises to 180.
02/02/2010

“Dawson & Fielding Inc.”: The recession in the US has forced 180 banks to close in 2009.

Online PR News – 02-February-2010 – – Dawson & Fielding Inc: As unemployment rises and the general condition of the US economy remains weak, some 180 banks have been forced to close in 2009.

The FDIC (Federal Deposit Insurance Corporation), the regulator responsible for protecting customers’ deposits has spent billions of dollars of taxpayers’ money seizing and selling failed banks to competitors since the credit crisis began in 2007 and “Dawson & Fielding Inc.” believe that the regulator may be running short of money.

The firm believes that the FDIC may have to return to the Treasury for additional funding as the fallout continues to put smaller regional banks under pressure.

The regulator has placed some 550 banks with $345bn in assets on its at risk list and “Dawson & Fielding Inc.” fears that many of those will more than likely fail in 2010 if the US economy recovers at the expected pace.

Many savers and depositors will be covered by the $250,000 guarantee the FDIC provides but those with more may lose money if the banks fail and “Dawson & Fielding Inc.” has advised its US clients wishing to remain invested in cash to diversify large sums into separate account with different banks.

The firm, however, continues to urge them to diversify away from US dollar cash holdings in favor of precious metals or, if cash is essential, to convert to Canadian dollars or other so-called commodity currencies.