Jan 31
Fleet Bank is heavily invested in Argentina—where the economy has collapsed, and Fleet is having to restrict customers to withdrawing less than $1000 a month.
Meanwhile, Fleet has taken a hit of $1.8 billion to cover the money it’s lost in South America, with an overall loss of $507m in 4Q2001. That’s half a billion dollars worse than they predicted. Profits for the full year were down 75%.
Still, your account is FDIC insured, so if the bank goes belly-up the federal government will bail you out. Eventually.
Tagged: Argentina, bank, banking, FDIC, federal government, finance, Fleet, Fleet bank, South America