31 January 2002

Fleet bank about to get what it deserves?

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.

© mathew 2017